Sayata Labs, a provider of enterprise-grade cyber insurance risk assessment solutions for SMBs, has emerged from stealth with $6.5 million in seed funding.
The company uses advanced cybersecurity and data science expertise to provide insurers with the ability to quickly and accurately assess cyber risk, as well as provide existing and potential insureds with actionable mitigation recommendations that significantly improve their cyber risk posture. Sayata is already partnering with AXA, a global insurance leader, to enhance the firms’ cyber risk capabilities. Elron, an Israeli early stage venture capital firm specializing in cyber, led the round. The funds will be used to accelerate Sayata’s global operations in the burgeoning cyber insurance market.
Sayata provides insurers and brokers with extensive cyber risk visibility by analyzing a range of data sources that are directly linked to the vast majority of cyber breaches – a capability currently non-existent for SMB underwriting, the company said. Powered by AI-based algorithms, the solution provides insurers and SMBs with data-driven insights that are specifically related to actual cyber losses. The quick scan accurately ascertains levels of cyber-threat exposure and preparedness.
“This investment is a vote of confidence in Sayata’s approach to assessing cyber risk and our technology,” said Asaf Lifshitz, cofounder and CEO of Sayata Labs. “Sayata is pioneering a new approach to cyber insurance underwriting with an enterprise-grade solution and technology never before available to the SMB market. Our proprietary solution thoroughly assesses a company’s risk exposure, providing unmatched visibility to facilitate superior risk selection and modeling so insurance carriers can grow their SMB portfolio profitably and with confidence.”
“Protecting our clients against cyber risks is one of our top priorities, which is why AXA partners with trusted, best-in-class solution providers,” said Guillaume Borie, CEO of AXA Next, and AXA Group CIO. “With Sayata, we can both improve our risk selection, as well as advance our clients’ cybersecurity protection, which helps us partner with our clients effectively.”
“We view Sayata’s technology as a real game changer for cyber insurers underwriting SMBs.” said Zohar Rozenberg, VP of cyber investments at Elron. “Currently, insurers are underwriting these policies with little visibility or insight into the risk. Sayata is changing this reality by simultaneously raising the overall cyber security standard for SMBs and insurers by providing both parties with a far greater understanding of cyber security posture. This enables both insurers and insureds to significantly reduce their risk. As a cyber security focused investor, Sayata is the best solution we have seen for the fast-growing cyber insurance industry.”
Benefiting from the experience of leading cyber security technologists alongside veterans of the global insurance industry, Sayata’s solution is specifically designed to be scalable and intuitive, providing insurers with essential cyber security benchmarks that enable them to grow their business portfolio while minimizing risk and maintaining profitability. The comprehensive solution is quick to run and priced to fit within the SMB underwriting budget.