(Tel Aviv. Photo credit: Republica.)
Sayata Labs (Tel Aviv), a small to medium-sized business (SMB) market-focused cyber risk assessment solution vendor, has announced that it has emerged from a stealth period with $6.5 million in seed funding. The startup describes its offering as using 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 reports that it is already partnering with AXA (Paris) to enhance the firm’s cyber risk capabilities. Elron (Tel Aviv), an Israeli early stage venture capital firm specializing in cyber, led the seed round. Satya says that the funds will be used to accelerate its global operations in the growing cyber insurance market.
Sayata’s solution aims to provide 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 which the vendor says is out of reach for SMB underwriting. Powered by AI-based algorithms, the solution provides insurers and SMBs with data-driven insights that are specifically related to actual cyber losses. A quick scan accurately ascertains levels of cyber-threat exposure and preparedness which the vendor claims is unmatched in the industry.
“This investment is a vote of confidence in Sayata’s approach to assessing cyber risk and our technology,” comments Asaf Lifshitz, Co-Founder and CEO, 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 Chief Innovation Officer. “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,” comments Zohar Rozenberg, VP of Cyber Investments, 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.”
Priced for the SMB Underwriting Budget
Sayata’s solution was built with input from leading cyber security technologists and veterans of the global insurance industry, and 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, a company statement says. “The comprehensive solution is quick to run and priced to fit within the SMB underwriting budget,” the statement says.