Tag: Huw Edwards

Greycroft and LiveOak Venture Partners Lead $3M Seed Funding Round for CyberFortress
Articles, Featured

Greycroft and LiveOak Venture Partners Lead $3M Seed Funding Round for CyberFortress

Chief executive Huw Edwards announced Wednesday CyberFortress had closed a $3 million seed funding round co-led by New York-based private equity firm Greycroft and Austin-based LiveOak Venture Partners. Monte Tulum Capital, which had invested in CyberFortress’s pre-seed round, is also participating in the latest funding. Porthcawl Holdings, Jungle Disk’s parent company, provided pre-seed financing in 2018. The San Antonio-based insurtech (insurance technology) startup will use the $3 million investment to accelerate its product launch in Texas in early 2020, Edwards said. Launched in 2018 by former Rackspace employees Huw Edwards and Michael DeFelice, the San Antonio-based startup offers tailored insurance policies to protect small- to medium-sized e-commerce companies from cyber...
CyberFortress Launches New Business Downtime Risk Assessment
Articles, Featured

CyberFortress Launches New Business Downtime Risk Assessment

CyberFortress is one step closer to offering full cyber insurance services. The insurance technology startup has launched its downtime risk assessment as a free service to help e-commerce companies reduce their risks from an event that leads to downtime. CyberFortress will eventually offer cyber insurance policies designed for small- and medium-sized companies. “The main cyber threat facing e-commerce companies is downtime. A DDoS attack, ransomware, or even a service provider outage or failure can be devastating to an e-commerce company,” stated CyberFortress chief executive Huw Edwards. “If a small e-commerce company can’t collect revenue, they may not be able to make their next payroll, threatening their ability to survive.” Most insurance providers tend to tailor their cyber i...
Tailored for Smaller Businesses, CyberFortress Delivers New Kind of Cyber Insurance
Articles, Featured

Tailored for Smaller Businesses, CyberFortress Delivers New Kind of Cyber Insurance

Most insurance providers tend to tailor their cyber insurance policies for large-scale enterprises. Business owners usually must pay large annual premiums upfront for oftentimes confusing coverage options that lack historical data to quantify cybersecurity risks. Most policies do not cover cyber-instigated business interruption which can lead to significant losses in online revenue. If the company files a claim, the investigation can take many months during which the owner must survive financially before receiving a payout on an insurance policy. Lacking the robust reserves of larger companies, small- or medium-sized business owners may face bankruptcy in the aftermath of a cyber event. “Applying analog methods to quantify digital risk just doesn’t work—actuary tables for cyber risk...