CyberSmart Raises £13M to Expand Cybersecurity Solutions
CyberSmart Raises £13M to Expand Cybersecurity Solutions
CyberSmart has raised 12.75 million pounds (about $15 million) in a Series B round. The company — which provides cybersecurity solutions for small- to medium-sized businesses (SMBs) — will use the new capital to expand its business internationally and build out its cyber insurance offering, according to a Thursday (Feb. 23) blog post by Oxx, which led the funding round.

“Cyber threats to [SMBs] are by no means a new phenomenon, and the fact that small businesses have historically been woefully underserved by cybersecurity providers is well-documented,” Oxx Investor Toby Lywood wrote in the post. “The rapid acceleration in digital transformation and push to remote working driven by the pandemic has only served to exacerbate this issue.”

CyberSmart addresses the gap between the number of SMBs that are targeted by cyberattacks and the smaller number that consider their abilities to protect themselves against them to be effective, according to the post.

The company does so by offering a platform that supports the managed service providers (MSPs) that help SMBs address their security challenges, and partnering with others to go to market, the post said.

CyberSmart’s cybersecurity risk management platform can also provide cyber insurers with data to help them understand the risk profile of their customers, per the post.

“This security-first approach benefits both insurers and [SMBs] by allowing for more data-driven insurance decisions, which should result in lower risk for the insurers and lower premiums for the [SMBs],” Lywood wrote in the post.

Another investor participating in the funding round is British Patient Capital, which highlighted CyberSmart’s cost-efficient online platform, round-the-clock monitoring, training, certifications and insurance.

“As cyberattacks grow increasingly sophisticated, the technology needed to protect against them must do so as well,” British Patient Capital CEO Catherine Lewis La Torre said in a Thursday press release. “For many [SMBs], this is a difficult challenge to tackle, either because of financial constraints or a lack of in-house expertise.”

CyberSmart currently operates in the United Kingdom. With the new capital, it plans to expand across Europe, Australia and New Zealand, according to the press release.

“We look forward to using this funding to continue scaling our business and delivering value to more SMBs around the world,” CyberSmart said in a Thursday (Feb. 23) Twitter post.

Source: Pymnts

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