1Fort raises $2m to automate and simplify cyber insurance

1Fort, gets strong backing to accelerate the evolution of its solution, simplifying the cyber insurance procurement process for middle to large businesses.

1Fort, a cyber insurance automation platform, has announced it has completed a successful US$2 million pre-seed round of financing. Major investors included Village Global8-Bit CapitalOperator PartnersCharacterCompany VenturesBrokerTech Ventures, along with other venture firms and angel investors.

With the rise in cyber attacks, insurers have started requiring stringent security controls from businesses seeking cyber insurance as a way to mitigate loss ratios. However, the complexity and resources required to implement these security controls pose challenges for businesses, and brokers often struggle to guide their clients through the process.

Challenges with cyber insurance

1Fort says it addresses these challenges by providing an easy-to-use platform that enables middle to large businesses to efficiently meet security control requirements for cyber insurance. By connecting via API to the tools used by businesses, 1Fort provides teams real-time visibility into their inside-out security posture and helps them remediate the gaps to become insurable and secure better coverage terms and pricing. Businesses using 1Fort are able to reduce the time it takes to obtain coverage from months to weeks, while also elevating their cyber resilience by proactively fixing security vulnerabilities.

Anthony Marshi, Co-Founder and CEO of 1Fort says: "All businesses deserve easy access to a financial safety net from cyber attacks.

"We're honored to have the support of leading brokerages, investors and strategic advisors as we aim to democratise cyber resilience."

1Fort is offered to businesses through its partnerships with retail brokers, enabling them to better support their clients through the security control requirements and place cyber deals more efficiently.

"For our clients, cyber risk is a constantly moving target," stated Monica Minkel, VP of Enterprise Risk at Holmes Murphy. "1Fort saves me time because it helps my clients hit the mark and get their cyber insurance coverage in place faster and at a lower cost, while providing great guidance on reducing cyber risk exposures."

Broker ventures

1Fort recently participated in the BrokerTech Ventures (BTV) accelerator, a group representing 13 of the largest independently owned insurance brokerages and 14 of the largest insurance companies in North America, with a combined multi-billion dollars in annual distribution capacity. Partnering with BTV has enabled 1Fort to expand its collaboration with top brokerages and further demonstrate the impact of its solutions.

This funding represents a significant milestone for 1Fort as it aims to transform the cyber insurance landscape by bridging the gap between cybersecurity and insurance. The investment will be used to further product development, make key hires and strengthen relationships with brokers.

"The biggest opportunity in the cyber insurance market today is getting businesses through the complex process of implementing security controls required by insurance providers," says Anne Dwane, Co-Founder and Partner at Village Global. "The 1Fort team is building a solution that brings cutting-edge technology to automate the cyber insurance readiness process. We're excited to back the team as they move forward on this journey."

Share

Featured Articles

Tech & AI LIVE: Key Events that are Vital for Cybersecurity

Connecting the world’s technology and AI leaders, Tech & AI LIVE returns in 2024, find out more on what’s to come in 2024

MWC Barcelona 2024: The Future is Connectivity

Discover the latest in global technology and connectivity at MWC Barcelona 2024, where industry giants converge to discuss 5G, AI and more industry trends

AI-Based Phishing Scams Are On The Rise This Valentine’s Day

Research from Egress Threat Intelligence, Avast, Cequence Security & KnowBe4 outlines how AI is being used in dating app phishing scams on Valentine’s Day

Speaker Lineup Announced for Tech Show London 2024

Technology & AI

Darktrace predicts AI deepfakes and cloud vulnerabilities

Cloud Security

Secure 2024: AI’s impact on cybersecurity with Integrity360

Technology & AI