DynaRisk raises $4.7 million

London-based cyber risk management company DynaRisk has announced a $4.7 million funding round led by YFM Equity Partners to accelerate product innovation and fuel international expansion.

Founded in 2016, the company offers several tools to help individuals and businesses identify and mitigate cyber risks such as vulnerability scanning, dark web monitoring, cybersecurity scores, training and education, and remediation guidance. DynaRisk distributes its products through (re)insurers, brokers and MGAs and it claims to have 25 insurance customers, covering ~2.4 million consumers and 800k SMEs.

Some of the companies DynaRisk works with include Beazley, Arthur J. Gallagher, REEOIC, SCOR, Chubb, SPB UK & Ireland, Aspire Insurance Advisers, Ridge Canada and BOXX Insurance.

“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 platforms to meet growing demand.” – Andrew Martin, CEO of DynaRisk.

“DynaRisk has built impressive platforms and a client base in one of the fastest-growing segments of the insurance market. With cyber threats escalating and insurers and brokers under pressure to add more value to their policyholders, DynaRisk’s embedded intelligence platforms and services are ideally positioned. We are delighted to back Andrew and his team as they grow their international footprint and continue to lead innovation in cyber risk management.” – Matt Gordon-Smith, Investment Director at YFM Equity Partners.