At-Bay Launches to Provide Hartford Steam Boiler-Backed Cyber Insurance
At-Bay, an insurance company for the digital age, officially launched from stealth today with a mission to empower enterprises to take on tomorrow and embrace technology fearlessly . The company has redesigned insurance, with cyber security expertise at its core, backed by The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, to enable organizations and brokers to confidently confront today’s dynamic risk landscape.
Cyber risk is a growing concern for organizations, increasing in size and complexity. In a fast-moving risk environment, the insurance policy is just the start. At-Bay is dedicated to actively monitoring client risk year-round and working with them to control it. Together with its thoughtful cyber insurance policy and risk insights, At-Bay allows clients and brokers to better manage and control cyber risk.
“We founded At-Bay with the belief that controlling for cyber risk enables businesses to embrace technology and unlock great value to customers,” said Rotem Iram, CEO and Founder, At-Bay. “We match deep insights on a company’s IT security with financial exposure that cyber attack vectors create, to enable insurance brokers and risk managers to more clearly and accurately assess and manage cyber risk. Our insurance products and supporting risk management services provide organizations with the confidence that they can take on the challenges of tomorrow.”
At-Bay has partnered with HSB to bring to market a product to insure and defend organizations against cyber risks.
“We are very excited about working with At-Bay and continue to be impressed by the technology and expertise they bring to customers,” said Dave Mercier, senior vice president for HSB. “At-Bay’s data and knowledge-driven business model aligns with HSB’s own system of managing and underwriting cyber risk. Their offering truly leverages the strengths of both companies.”
At-Bay believes historical data has limited ability to predict future risk, because technology and attackers change too quickly. Instead, At-Bay leverages its deep data collection, discovery and enrichment technology to enable security experts to augment the model with heuristics on expected future risk. Risk insights are pushed into decision making in hours, so that prospective and existing portfolio companies receive an updated and future looking assessment of risk. For brokers, At-Bay offers one intuitive, digital platform which combines its insurance product with risk insights that help brokers foster a more insightful conversation with their clients, including security and financial exposure, case studies and benchmark data. Fast, digital and collaborative applications make for a low-friction sales process.
At-Bay closed a $6 million seed funding round, led by LightSpeed Venture Partners, with the participation of Shlomo Kramer and LocalGlobe.
About Hartford Steam Boiler
Hartford Steam Boiler (HSB), a member of Munich Re’s Risk Solutions family since 2009, is a leading specialty insurer providing equipment breakdown, other specialty coverages, inspection services and engineering-based risk management that set the standard for excellence worldwide. We focus on clients and partner with them to craft inventive insurance and service solutions to cover existing and emerging risks posed by technological change. Today, as throughout our 150 year history, our mission is to use our engineering knowledge and insights to help clients prevent loss, advance sustainable use of energy resources and build deeper relationships that benefit business, industry, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.
About At-Bay
At-Bay provides cyber insurance for the digital age. The company was founded in 2016 with the intent to provide insurance products and services that enable companies to innovate despite the recurrent threat of cyber risk. We continuously analyze, model, and predict cyber risk, to create the best coverage for our clients, and partner with brokers to deliver a comprehensive risk management program. At-Bay is headquartered in Mountain View, CA, and has an R&D center in Tel Aviv. For more information, visit at-bay.com and connect on Twitter and LinkedIn.
Source: At-Bay.
PS. At-Bay was formerly known as cyberjack.co
