QBE Insurance Group's venture capital arm QBE Ventures has invested in Zeguro, which provides complete cybersecurity risk assessment, mitigation and insurance, allowing to easily manage cyber risk.

QBE Ventures

Image: QBE partners with Zeguro to offer cybersecurity for SMEs. Photo: Courtesy of Markus Spiske/Unsplash.

Zeguro closed $5m in funding from a group of investors to introduce its Cyber Safety Platform to help companies assess and mitigate their cyber risks.

Mosaik Partners led the round, which was joined by Healthy Ventures, Munich Re / HSB Ventures, QBE Ventures, Social Capital, Plug and Play, and Sparkland Capital.

QBE Ventures has also partnered with Zeguro to tackle cyber risk for small and medium (SME) sized businesses.

Through this partnership, QBE will work with Zegurop’s team to bring out a platform in North America to create an insurance product designed specifically for small and medium enterprises.

Zeguro is an online platform which enables users to automate their cybersecurity processes, detect for and manage any cyber risks to their organizations and to improve mitigation through recommendations on better cyber management across people, processes and technology.

It also supports small and medium enterprises (SMEs) in securing tailored insurance against damage in the event of a cyber-attack.

QBE Group CEO David McMillan said: “The risks of cyber-attack are significant for any business. They can be hugely disruptive and extremely costly, so it is vital that companies have systems and processes in place to prevent or mitigate any kind of attack. Many small and medium businesses lack the resources to invest in high levels of IT security or risk management, which leaves them exposed.

“Zeguro allows our SME customers to take control and oversight of their cyber exposure through an easy to use interface that automates cybersecurity processes and provides ongoing recommendations to reduce their overall cyber risk.”

McMillan stated that the insurance company’s partnership with Zeguro is its latest initiative of its venture capital arm QBE Ventures, which makes investments in start-ups that offer QBE with access to technically advanced and industry changing technology solutions.

Zeguro CEO Sidd Gavirneni said: “We are thrilled to be working with QBE and the QBE Ventures team to help their customers protect sensitive data and to mitigate the risk of attacks from hackers and cybercrimes. Phishing, ransomware, and crypto-mining are becoming all too common and small and midsize businesses typically do not have the resources to protect themselves from such expensive breaches.

“Zeguro provides the continuous monitoring and management tools for this segment to manage their environment.”

Zeguro offers controlling and insuring cyber risks for small and medium enterprises, with revenues less than $100m.

Its Cyber Safety Platform acts as a cyber security officer identifying risks and offering best practices to reduce exposure and to provide insurance against the damage caused by cyber attacks.