ActZero partners with Zeguro to create product for SMEs
ActZero’s new product is a managed detection and response service that provides 24/7, real time monitoring, protection and response support. The programme enables SMEs to combat threats and prevent intrusions through the platform’s combination of threat-hunting expertise, artificial intelligence and machine learning.
Zeguro is a customer-centric cyber insurance platform that helps SMEs mitigate risk and loss. They make micro-insurance part of the security framework for SMEs.
Zeguro customers can also save on their cyber insurance when they become customers of ActZero, obtaining cost-effective cover for loss of income resulting from a breach, fraudulent payments, ransomware and regulatory fines.
The move follows ActZero’s recent launch of its summit partnership programme last month that will accelerate the democratisation of security for small and mid-size businesses.
Cybersecurity in the insurtech space
The rise of ransomware in the insurtech space, has caused mounting concern among insurance leaders, particularly after the recent Axa ransomware attack that saw several terabytes of data stolen from the insurance giant in the leak.
Insurance companies hold vast amounts of sensitive data on their customers, which makes them a target for hackers seeking sellable data. And while businesses are seeking better security products in addition to insurance, more work needs to be done to fortify the sector.
According to reports, cyber insurers have advocated for their clients to take advantage of detection and response capabilities, which dramatically reduces the risk of impact from cyber threats. The partnership between ActZero and Zegura will enable companies to pursue risk management strategies across both areas.
Speaking about the collaboration, ActZero’s COO Chris Finan explained, “In today’s evolving threat landscape, companies need tightly integrated risk management solutions more than ever.”
He continued, “We’re excited to partner with the Zeguro team to align incentives by bringing together risk mitigation with risk transfer. For too long, small and mid-size businesses have had fewer resources, and yet it’s clear that they still need to combat the same advanced threats.”
Finan added, “This partnership enables them to go a step further to protect themselves.”
Cybersecurity threats to insurtechs
- In a recent study by Pricewaterhouse Cooper, data revealed 96% of business leaders have accelerated their digitisation as a result of COVID-19.
- The International Data Corporation (IDC) predicts global spending on cybersecurity will hit $174.7bn by 2024, and funding for non US-based cybersecurity companies will rise by 20% in 2021.
- Another study by Analysys Mason reveals that mobile device security will peak in terms of cyber attacks, with the security industry reaching $13bn by 2025 in that sector alone.
- Cyber insurance has become one of the fastest-growing sectors of insurance over the past two years as increased awareness in terms of potential losses has been laid bare.
- In 2020, Gartner revealed an estimated $123.8bn was spent on preventing cyber security attacks worldwide.
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8