Cyber risk management firm DynaRisk has announced a $4.7m (£3.5m) funding round to fuel its international expansion.
Founded in 2016 by Andrew Martin, a former banking sector cybersecurity expert and self-taught hacker, DynaRisk provides insurers with the tools and data required to offer cyber insurance.
Businesses have been under increased threat from cyber attackers, increasing demand for cyber insurance and digital risk management.
Recognising this, the London-based group is looking to expand its operations across Europe, Asia and North America.
“Brokers, MGAs and (re)insurers are rushing to tap the fast growing cyber insurance market as cyber risk is now one of the most pressing challenges for consumers and SMEs globally,” said Martin.
“While working with global banks, I saw how larger corporations were using expensive and complex enterprise-level software and services and wanted to put these in the hands of more people.
“DynaRisk bridges that gap for the insurance sector, helping them protect their policyholders with industry-leading threat intelligence backed risk management and underwriting software, along with cyber incident response services.”
The investment round was led by YFM Equity Partners.
“DynaRisk has built impressive platforms and a client base in one of the fastest-growing segments of the insurance market,” said Matt Gordon-Smith, investment director at YFM Equity Partners.
“With cyber threats escalating and insurers and brokers under pressure to add more value to their policyholders, DynaRisk’s embedded intelligence platforms and services are ideally positioned.”