Latest news with #DynaRisk
Yahoo
2 days ago
- Business
- Yahoo
DynaRisk secures funding to advance cyber insurance solutions
DynaRisk, a UK-based cyber risk management company, has raised $4.7m (£3.52m) in a funding round led by YFM Equity Partners to support its product innovation and facilitate international growth. The YFM deal team included Matt Gordon-Smith, Alex Neale and David Wrench, with advisory support from Broadfield Law (legal), HMT (financial), RPL (commercial), Leckie Kershaw (technology), Fortius (go-to-market) and Catalysis (organisational). DynaRisk said it intends to use the new funding to expand its operations across Europe, the Middle East and Africa (EMEA), North America and Asia-Pacific. The company also announced the appointment of Phil Zeidler to its board, who has experience in establishing and managing successful insurtech ventures. Gordon-Smith, YFM Equity Partners investment director, said: 'We are delighted to back Andrew and his team as they grow their international footprint and continue to lead innovation in cyber risk management.' Founded in 2016 by Andrew Martin, DynaRisk focuses on providing accessible cybersecurity solutions underpinned by advanced threat intelligence, targeting individuals, families and small to medium-sized enterprises (SMEs). DynaRisk collaborates with reinsurers, brokers and managing general agents (MGAs) to equip individuals and businesses with essential online protection tools. Its offerings include a range of threat intelligence-driven software-as-a-service products, portfolio-level monitoring and helpline services. The company integrates its cyber risk solutions into insurance products, providing services such as vulnerability scanning, dark web monitoring, cybersecurity scoring, training and tailored remediation guidance. DynaRisk CEO Andrew Martin said: 'Brokers, MGAs and reinsurers 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. '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.' Currently, DynaRisk serves more than 25 insurance clients globally, protecting approximately 2.4 million consumers and 800,000 SMEs. Recent partnerships include Beazley's Turnkey Reinsurance team, Arthur J. Gallagher, REEOIC and SCOR, joining established clients such as Chubb, SPB UK & Ireland, Aspire Insurance Advisers, Ridge Canada and BOXX Insurance. PwC served as the lead financial advisor to DynaRisk. "DynaRisk secures funding to advance cyber insurance solutions" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Finextra
3 days ago
- Business
- Finextra
DynaRisk raises $4.7m to shape the future of cyber insurance
London-based cyber risk management firm DynaRisk has today announced a $4.7million funding round led by YFM Equity Partners (YFM) to accelerate product innovation and fuel international expansion. 0 DynaRisk was founded in 2016 by ex-banking cybersecurity specialist - and self-taught hacker - Andrew Martin, who recognised that the insurance industry needed more tools and data to help them tap the fast growing cyber insurance and cyber assistance market. The market lacked simplified and accessible cybersecurity solutions backed by advanced threat intelligence for individuals, families and SMEs. As demand for cyber insurance and digital risk mitigation intensifies, this round of funding will help DynaRisk expand its operations across EMEA, North America and Asia-Pacific, scaling its commercial and technical operations. Commenting on the investment, Andrew Martin, CEO of DynaRisk, said: '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. 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. YFM quickly understood our vision and their support will be critical as we scale globally and continue to evolve our platform to meet growing demand.' Meanwhile, the business has appointed to its board serial entrepreneur Phil Zeidler, who has a proven track record in setting up and running successful InsurTech businesses. Today, DynaRisk works with (re)insurers, brokers and MGAs to help them empower individuals and businesses with the tools they need to protect themselves online, with a suite of threat intelligence driven SaaS products, portfolio-level monitoring and helpline services. It does this by embedding its cyber risk solutions into insurance offerings, with its software providing vulnerability scanning, dark web monitoring, cybersecurity scores, training and education, and tailored remediation guidance. DynaRisk's solutions allow brokers, underwriters and claims teams to grow premiums, enrich underwriting, boost policyholder engagement, and help reduce claims and loss ratios by helping to prevent cyber-attacks. Matt Gordon-Smith, Investment Director at YFM Equity Partners, added: 'DynaRisk has built impressive platforms and a client base in one of the fastest-growing segments of the insurance market. 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. We are delighted to back Andrew and his team as they grow their international footprint and continue to lead innovation in cyber risk management.' DynaRisk currently supports more than 25 insurance customers worldwide, covering approximately 2.4 million consumers and 800,000 SMEs. Recent client wins include Beazley's Turnkey Reinsurance team, Arthur J. Gallagher, REEOIC and SCOR, who join existing insurance firms including Chubb, SPB UK & Ireland, Aspire Insurance Advisers, Ridge Canada and BOXX Insurance Inc., reflecting the rising demand for scalable cyber risk solutions as embedded insurance grows globally. The YFM deal team comprised Matt Gordon-Smith, Alex Neale and David Wrench. YFM Advisers on the deal included Broadfield Law (Legal), HMT (Financial), RPL (Commercial) Leckie Kershaw (Technology), Fortius (GTM) and Catalysis (Organisational). PwC acted as lead financial advisor to Dynarisk.
