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Founded in 2002 by Bob McCullen , its portfolio includes Viking Cloud , a supplier of PCI data security compliance solutions, and GoSecure , recognized for its Managed Extended Detection and Response (MXDR) services. WillJam Ventures is a Chicago-based private equity firm that specializes in cybersecurity investments.
Small and midsize businesses — so-called SMBs — face an acute risk of sustaining a crippling cyberattack. This appears to be even more true today than it was when I began writing about business cyberrisks at USA TODAY more than a decade ago. You can give a listen to the entire interview at this accompanying podcast.
At the turn of the millennium, Lloyds of London wrote the first modern cyber insurance policy. A conservative estimate from 2002 predicted that by 2005, cyber insurance would boast a global market worth $2.5 Astoundingly, the cyber insurance market shrank relative to the Internet economy. The story so far.
Overall, insurance companies seem to be responding to increased demand from clients for cyber-specific insurance, and one survey found that the two things most likely to spur a purchase of cyber insurance are when a business experiences a cyber attack and when they hear about other companies being hit by a cyber attack.
“In 2002 I had a phone, but I had a separate piece of plastic and metal that was a camera and another piece of plastic and metal that had my music on it.” “People weren’t aware of the threat,” nor were the threats as closely interwoven with individuals lives as they are today, he said.
According to research from CESG (the UK Government National Technical Authority for Information Assurance) 80% of cybersecurity attacks originate from poor cyber habits, so getting the basics – the fundamentals – right would dramatically reduce an organisation’s cyberrisk exposure. He wasn’t deterred, though.
AllegisCyber Capital was founded in 1996 to serve the growing cyber business ecosystem. AllegisCyber Capital. AllegisCyber’s expertise lies in addressing cybersecurity challenges, and its portfolio shows, focusing on seed and early-stage investments. AllegisCyber Investments. Andreessen Horowitz (a16z).
A cyber insurance backstop would provide a means for insurers to receive financial support from the federal government in the event that there was a catastrophic cyberattack that caused so much financial damage that the insurers could not afford to cover all of it. 11, 2001, terrorist attacks.
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