Cyber insurance startup At-Bay has raised $13m to speed up development of its proactive cyber security monitoring service and roll out its insurance products.
Keith Rabois of Khosla Ventures, Yoni Cheifetz of Lightspeed, and Shlomo Kramer co-led the Series A funding round, which brings At-Bay's total funding to $19m.
According to P&S Market Research, the estimated market for cyber insurance is anticipated to reach about $17bn by 2023.
Khosla Ventures general investment partner Keith Rabois said: "Cyber insurance is one of the fastest growing and complex markets, yet the incumbents are still currently relying on standardized checklists and irrelevant actuarial data to model risk.
“At-Bay is focusing on customized and real-time risk modeling and risk reduction for its customers which unlocks superior pricing and coverage options for them.”
At-Bay was established in 2016 with a goal to use cyber security expertise to offer insurance products and services that allow companies to innovate despite the cyber risk threat.
The company's policies are supported by the Hartford Steam Boiler Inspection and Insurance Company (HSB) a part of insurance giant Munich Re.
At-Bay claims to partner with sophisticated brokers to offer security and financial exposure insights to their customers and design a proactive, comprehensive risk management program.
The company’s Security Score and Data Breach Cost Calculator are two new important features in their portfolio of risk assessment products. The Security Score provides customers with tools to automatically scan their technology, benchmark their security and understand their top vulnerabilities.
The Data Breach Cost Calculator allows risk manages in modeling loss scenarios and understand potential financial exposure.
At-Bay CEO and Founder Rotem Iram said: “Insurance has a key role to play in managing cyber risk, which requires a shift from traditional snapshot underwriting to a year-round risk management partnership. Leveraging the deep security expertise of our team, we deliver risk insights and control services to our customers throughout the year.”
Shlomo Kramer, Check Point and Imperva’s former founder and CEO, as well as Cato Networks CEO will join the board of At-Bay.
Image: The team of At-Bay at Mountain View, California. Photo: Courtesy of Business Wire.