- In a world where ransomware attacks cost more than USD 7.5 billion a year and where a new cyberattack happens every 39 seconds, businesses are always at risk from threats they can’t see.
- More than 80% of cyber insurance applications are being turned down today, underwriting standards are getting stricter, and organizations need to be able to measure the true digital risk and severity that exists within them.
SecondSight came out of stealth mode today with the launch of the insurance industry’s first AI-driven platform for “inside-out” underwriting and an oversubscribed USD 3 million seed round of financing. The round was led by Tim Crown (co-founder of Insight Enterprises) with participation from Indiana Ventures, Cook Ventures, and Flywheel Fund, among other investors.
SecondSight is the first AI-driven platform that brings telematics to digital risk. This makes it a complete solution for what the market needs right now. With its customer base growing quickly, SecondSight believes the new funding will speed up market adoption and impact the cyber insurance industry.
In a world where ransomware attacks cost more than USD 7.5 billion a year and where a new cyberattack happens every 39 seconds, businesses are always at risk from threats they can’t see. As digital risks increase, so does their complexity. This makes it harder to get cyber insurance to protect against these risks. Most businesses in North America are uninsured or underinsured compared to the skyrocketing growth of ransomware attacks and other cyber threats.
More than 80% of cyber insurance applications are being turned down today, underwriting standards are getting stricter, and organizations need to be able to measure the true digital risk and severity that exists within them.
Reuben Vandeventer, CEO and founder of SecondSight, said, “The cyber insurance gap is growing, and the underwriting process for cyber insurance is getting increasingly more technical and time-consuming as requirements for getting coverage increase in complexity.” He added, “SecondSight was created to help businesses make sense of their digital assets — and find the true digital risk and value in them. Before SecondSight, the marketplace had a million different viewpoints on cybersecurity and digital risk. SecondSight recognizes that cybersecurity and true digital risk are really about assets and liabilities. Digital risk is only meaningful and actionable for business stakeholders when it’s connected to the bottom line. We founded SecondSight to offer a fundamentally different approach to underwriting that connects the entire digital risk ecosystem while offering a powerful autonomous system.”
With SecondSight’s platform for “inside-out” underwriting, businesses and cyber insurance companies can see the real digital risk for the first time. This lets cyber insurance providers measure the severity of the risk based on a company’s digital assets and liabilities.
SecondSight’s platform automatically finds, sorts, and analyzes an organization’s entire landscape of digital assets, as well as the unique risk profile of each digital asset across thousands of risk factors and the real business costs that would be incurred if a digital asset was compromised.
SecondSight goes further and more in-depth than external risk control audits to create an inventory, classify all digital assets, analyze thousands of risk factors, and figure out the dollar impact. In just a few days, businesses can get a clear picture of their digital assets and liabilities and a clear idea of how much risk there is and where it is. What usually takes the industry weeks to put together, SecondSight can do that in just a few days. This is much faster than the average rate of the industry.
“At a time when cyber losses are growing at 50 percent per year, but less than one percent of the global cyber losses are insured, SecondSight has built an industry-first solution that is poised to transform digital risk management and cyber insurance for the entire digital risk ecosystem in ways that have not been possible before,” added Vandeventer. “From businesses to cyber insurance providers, SecondSight enables a 360 degree picture of digital assets and unprecedented visibility into true digital risk.”