London-based cyber risk management firm DynaRisk landed £3.7 million to accelerate its product innovation and drive international expansion.
Founded in 2016 by Andrew Martin, an ex-banking cybersecurity specialist and self-taught hacker, DynaRisk was established to address a critical gap in the insurance industry. Mr Martin recognised the need for more accessible tools and data to help insurers tap into the rapidly growing cyber insurance and cyber assistance market, particularly for individuals, families, and small and medium-sized enterprises (SMEs).
As demand for cyber insurance and digital risk mitigation continues to intensify, this latest funding round will enable DynaRisk to scale its commercial and technical operations across the EMEA, North America, and Asia-Pacific regions.
Andrew Martin, CEO of DynaRisk, said: “Brokers, MGAs and (re)insurers are rushing to tap the fast growing cyber insurance market as cyber risk is now one of the most pressing challenges for consumers and SMEs globally. While working with global banks, I saw how larger corporations were using expensive and complex enterprise-level software and services and wanted to put these in the hands of more people. DynaRisk bridges that gap for the insurance sector, helping them protect their policyholders with industry-leading threat intelligence backed risk management and underwriting software, along with cyber incident response services. YFM quickly understood our vision and their support will be critical as we scale globally and continue to evolve our platform to meet growing demand.”
In a significant board appointment, serial entrepreneur Phil Zeidler has joined DynaRisk. Mr Zeidler brings a proven track record in establishing and successfully operating InsurTech businesses.
DynaRisk currently collaborates with (re)insurers, brokers, and MGAs to empower individuals and businesses with the necessary tools for online protection. The firm offers a suite of threat intelligence-driven SaaS products, portfolio-level monitoring, and helpline services. By embedding its cyber-risk solutions into insurance offerings, DynaRisk provides services such as vulnerability scanning, dark web monitoring, cybersecurity scores, training and education, and tailored remediation guidance.
These solutions enable brokers, underwriters, and claims teams to increase premiums, enhance underwriting processes, boost policyholder engagement, and help reduce claims and loss ratios by actively preventing cyber-attacks.
DynaRisk currently supports over 25 insurance customers worldwide, covering approximately 2.4 million consumers and 800,000 SMEs. Recent client acquisitions include Beazley’s Turnkey Reinsurance team, Arthur J. Gallagher, REEOIC, and SCOR. These new partnerships join an existing client roster that includes Chubb, SPB UK & Ireland, Aspire Insurance Advisers, Ridge Canada, and BOXX Insurance Inc., reflecting the increasing demand for scalable cyber risk solutions as embedded insurance grows globally.
Image source: LinkedIn
