The alliance announces an investment round of 245 million euros ($250 million). The value of the cyber insurer rises to 5 billion euros.
Alliance insures over 160,000 customers worldwide. The product is unique. Traditional cyber security insurance policies work with complex risk assessments and conditions. Alliance’s technology makes it possible for insurance brokers to scan companies at lightning speed. According to the system, premiums can be calculated within four minutes.
Insured companies are constantly scanned for vulnerabilities. This method is called Attack Surface Management (ASM). If something goes wrong, the insurer will organize an incident response team. The idea was clearly a success. The alliance recently raised $250 million, bringing its valuation to $5 billion. In the last year, the number of customers has increased from 50,000 to 160,000. The company is not yet six years old.
Cyber insurance in the Netherlands
Outside of the United States and Canada, the Alliance is available upon request only. Delivery in the Netherlands is lagging behind. Companies like Allianz, Aon and Interpolis offer cyber security insurance, but its popularity can’t compare to Alliance.
In 2020, several major companies reported Financial newspaper Dutch cyber insurers cannot deal with complex companies. Not so great for SMEs. In an interview with TechZine, insurance brokers Bastian Baker and Durmus Barlas said small businesses struggle with the minimum requirements for insurance.
For example, some insurers require ISO 27001 certification. Certification gives a good idea of a company’s security, but achieving the standard is a time-consuming process. Due to this, some companies are paralyzed.
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