Adrian Johnson
TLDR:
- Upfort simplifies the management and insurance of cyber risks by offering a comprehensive cyber risk solution
- The company’s technology has evolved to focus on prevention and underwriting cyber insurance
Article Summary:
Upfort, a company founded by Xing Xin, Han Wang, and Josh Riley, aims to simplify the management and insurance of cyber risks by integrating security and cyber insurance. The platform offers a cybersecurity suite for prevention and an underwriting solution to make cyber insurance easier to obtain. With more than 25,000 companies using Upfort’s platform and processing over $100M in cyber insurance premiums annually, the company has proven effective in preventing ransomware, funds transfer fraud, and data breaches.
One of the key milestones for Upfort was achieving an 81% lower likelihood of security incidents and claims for companies using the platform. Additionally, through partnerships with companies like Arch Insurance and the Washington Hospitality Association, Upfort has been able to help policyholders reduce losses significantly and improve profitability.
In terms of funding, Upfort recently closed an $8 million Series A round led by SYN Ventures. The company is pursuing an $80 billion total addressable market within the cybersecurity and insurance sector for small and mid-sized enterprises. Upfort differentiates itself from the competition through its AI-powered prevention, intelligent automation, and cost-effective coverage options.
Looking to the future, Upfort aims to scale up the number of companies protected and increase its presence in various markets. The company recently partnered with the Washington Hospitality Association to help thousands of members proactively manage cyber risks. Overall, Upfort is focused on closing the cyber protection gap and making cyber risk management more accessible and efficient for businesses.
