Cyber risk management solutions provider KYND has received a £3.25 million investment from BGF, the UK’s most active growth capital investor.
With a cyber risk technology platform that collects and processes data in its assessment of a particular company’s cyber risk exposure, KYND emphasises the importance of having adequate insurance policies in place to mitigate the evolving threat of cybercrime.
The firm’s cyber risk management tools allow for quicker sales of cyber risk policies, faster renewals, control of client risk, and improved underwriting decisions.
This technology aids captive insurers as it allows them to self-identify the risk exposure of the parent company or group of companies by providing a centralisation of risk management in one vehicle, as well as rationalising and reducing the cost of direct cyber insurance.
The BGF grant will be used to capitalise on the increasing demand for cyber insurance by advancing KYND’s growth and global expansion plans, as well as continuing its product development of transformative cyber risk technology.
Andy Thomas, chief executive of KYND, comments: “We are on a mission to provide the increasingly vital cyber risk management tools to radically simplify and improve the cyber insurance process.
“Our industry-first platform, which provides meaningful risk insights, is making the cyber insurance market more efficient and well-equipped to deal with the deluge of attacks facing small- and mid-market companies.
“We are excited to partner with BGF, which has a proven track record of facilitating growth in ambitious scaleups and will use the funds to further enhance our product development and customer roll-out in the UK and beyond,” Thomas continues.
Rowan Bird, investor at BGF, adds: “We regard KYND as a best-in-class business that has carved out an impressive niche in the burgeoning cyber insurance market. With a differentiated offering, high-quality management team, compelling distribution model, and pioneering technology platform, KYND is ideally placed for rapid growth.”
