Our Blueprint For Overcoming Ransomware Comes With A Series D Milestone
Ransomware is challenging the cyber insurance industry, and by and large, the response has been disappointing: Dramatic rate increases, ransomware sub-limits, and reduced coverage leave small businesses with massive exposure to serious financial risk from cyber attacks.
We designed At-Bay to address the dynamic nature of cyber risk. By combining technical underwriting with active risk monitoring, At-Bay has outperformed the rest of the cyber insurance industry by a significant margin:
At-Bay insureds experience 7x fewer ransomware incidents compared to the industry average.
I can’t overstate what this achievement means to us. It’s a validation of the ideas upon which At-Bay was founded. Furthermore, it is a way out of the spiraling hard market. A blueprint that enables broad cyber coverage at affordable rates.
Today, we published a new report, “Overcoming Ransomware: A Blueprint for Thriving in a Digital World,” that explores the dynamic nature of cyber risk and how At-Bay is solving it through active risk monitoring. Highlights of the report include:
- Identifying two of the most common ransomware attack vectors
- Uncovering the missing 80% of Remote Desktop Protocol risk
- Expediting software patching for portfolio businesses by 5x
I couldn’t be more proud of the work the At-Bay team does every day to help keep businesses secure, nor could I be more thankful to our wholesale broker partners for their continued support.
At-Bay Reaches Unicorn Status With $185M Series D
Today, we announced a $185 million Series D funding round, led by Icon Ventures and Lightspeed Venture Partners, that values At-Bay at $1.35 billion.
We are grateful to receive the continued support of our other existing investors Qumra Capital, Shlomo Kramer, Khosla Ventures, M12, Acrew Capital, and the HSB fund of Munich Re Ventures. We are also happy to welcome new investors Glilot+, Latitude, and Parquet Capital, as well as Preeti Rathi, General Partner at Icon Ventures, to At-Bay’s Board of Directors.
With the new funding, we will continue to meet the demand of our growing customer base, develop additional products, and expand into new markets, all while doubling down on what has brought At-Bay this far. We are on an ambitious journey to build the future of specialty insurance and to empower businesses to thrive in a digital world.
In February 2020, I wrote a blog post much like this one announcing our Series B. In it, I described the “impossible task” presented to small business owners looking to stay safe and articulated the opportunity missed by insurance companies so far to provide a solution. Frankly, it’s astonishing how little has changed in this regard over the past 18 months.
But I also made a promise at that time of how At-Bay would be different. How being a cyber security partner that is financially aligned with a business ensures the necessary motivation to help keep a business secure. How this approach would transform the way we think about cyber risk.
And it is a promise we have kept.
Next month is At-Bay’s 5-year anniversary. I am so incredibly proud of all that our team has accomplished in such a short amount of time. I also recognize that our work is not done, and that there is both a tremendous need and opportunity for At-Bay to continue our trajectory and fulfill our destiny of being the insurance company for the digital age.