NEW YORK, June 27, 2023 — One of the top platforms for automating cyber insurance, 1Fort, has announced the successful conclusion of a USD 2 million pre-seed investment round. Village Global, 8-Bit Capital, Operator Partners, Character, Company Ventures, BrokerTech Ventures, and other venture firms and angel investors, were among the major investors.
As a measure to reduce loss ratios due to the increase in cyberattacks, insurers have begun requiring strict security controls from companies seeking cyber insurance. Brokers frequently need help to help their clients because of the complexity and resources required to install these security safeguards.
By offering a user-friendly platform that enables intermediate to large organizations to meet security control requirements for cyber insurance effectively, 1Fort tackles these issues. 1Fort gives teams real-time visibility into their inside-out security posture by connecting through API to the business tools they use, and it assists them in filling up the gaps so they may become insurable and obtain better coverage terms and price. By proactively patching security flaws, businesses utilizing 1Fort may cut the time to get coverage from months to weeks, improving their cyber resilience.
Anthony Marsh, co-founder and CEO of 1Fort, stated that “all businesses deserve simple access to a financial safety net from cyber attacks.” We are grateful for the assistance of reputable brokerages, investors, and strategic advisers
Businesses can benefit from 1Fort’s relationship with retail brokers by using it to meet their clients’ security control needs better and arrange cyber deals more quickly.
Cyber risk is a moving target for our clients, according to Monica Minkel, VP of Enterprise Risk at Holmes Murphy. “1Fort saves me time” by assisting my clients in achieving business goals and putting cyber insurance coverage in place more quickly and affordably while also offering excellent advice on lowering cyber risk exposures.
With the help of this finance, 1Fort can go closer to its goal of bridging the cybersecurity and insurance divide and revolutionizing the cyber insurance market. The money will build ties with brokers, hire necessary personnel, and advance product development.
Anne Dwane, co-founder and partner of Village Global, said, “the biggest opportunity in the cyber insurance market today is getting businesses through the challenging process of implementing security controls required by insurance providers.” The 1Fort team is developing a system that uses cutting-edge technology to automate getting ready for cyber insurance. We’re thrilled to support the crew as they continue on this adventure.
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