Insurance company At-Bay, which specializes in digital risk, has closed a $185 million Series D financing round, the firm announced in a Tuesday (July 27) press release.
“We are seeing a shift in commercial insurance with regard to cyber risk, and At-Bay is leading the way,” At-Bay Co-Founder and CEO Rotem Iram said in the release. “While legacy insurers are pulling back on coverage and raising rates in the face of challenges like ransomware, At-Bay is doubling down with a modern approach to risk management that helps businesses improve their security and avoid loss before it happens.”
This is the third such round for the San Francisco-based company in the last 18 months. The company can now lay claim to $272 million in overall funding. The latest funding brings its valuation to $1.35 billion.
The new funding will be used to help At-Bay invest in more innovation and also expand into new markets, while also adding more employees and improving security for the businesses it insures.
“The cyber insurance industry is currently facing an unprecedented ransomware crisis” said At-Bay Co-Founder and Chief Risk Officer Roman Itskovich. “At-Bay has been actively working since inception to be able adapt and manage these types of risks. Our combination of technical underwriting and active risk monitoring is what keeps us ahead of the curve.”
Cybersecurity has been a hot issue as of late with the pandemic and the number of criminals rushing to take advantage of the strife and confusion brought on by the crisis. PYMNTS wrote recently of the way insurers are dealing with the problem, in a $3 billion industry for protecting companies from hackers.
Recently, though, there have been more risks and higher costs putting strain on the industry. This has led to tighter standards among companies. And because coverage is becoming scarcer, that may leave some companies at more risk of fraud.
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