KYND, a cyber risk management solutions provider, has received investment from Verisk, a data analytics and insurtech provider, alongside existing investor BGF.
The amount of the investment was not disclosed by the company.
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The investment will be used by KYND to develop its cyber risk technology as well as its growth and expansion.
Founded in 2018 by Andy Thomas and Melanie Hayes, KYND has developed a cyber risk monitoring platform that offers insights into any organisation’s cyber risk profile.
The platform’s actionable and transparent cyber risk intelligence is said to facilitate swift decision-making within the cyber ecosystem.
Following its Series A funding from BGF in early 2022, KYND has expanded its range of advanced products and solutions tailored for the industry.
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By GlobalDataIts offerings are now utilised by key insurers and brokers including Beazley, Howden and Alliant, as well as private equity firms such as Phoenix Equity Partners.
KYND has also forayed into the US market, establishing a dedicated team in Austin, Texas.
KYND CEO and founder Andy Thomas said: “The threat of cybercrime is rising; attacks are now a question of “when” not “if” and the risk of these occurring has knock-on effects across the broader landscape.
“At KYND, we are committed to creating best-in-class, efficient and insight-rich tools that not only remove complexity and jargon, making cyber risks easy to identify, monitor and remediate but also enable rapid decision making in this dynamic ecosystem.”
Verisk president of specialty business solutions Tim Rayner said: “Helping our clients address the risks associated with cyber events is one way we build resilience for the global insurance industry. We are excited to support KYND and find new ways of working together in support of Verisk’s clients in the global insurance market.”
In December 2023, KYND announced a partnership with international reinsurance broker Consilium.
This alliance allows Consilium’s brokers to use KYND’s cyber risk assessments to fully understand their clients’ organisational risks.
In October 2023, UK-based specialty managing general agent Nirvana integrated KYND’s technology to enhance its underwriting team with in-depth insights into organisational cyber exposure.
