Tel Aviv-based Sayata Labs has landed a $6.5 million funding round led by Elron. The company claims to be able to help SMB insurers to assess cyber risks and provide them with actionable risk mitigation recommendations.
Sayata is already working with AXA, a major insurance company active worldwide. The main idea of the company's solution is that it analyses “a range of data sources that are directly linked to the vast majority of cyber breaches,” which is not something you'd normally see in SMB underwriting.
“Currently, insurers are underwriting these policies with little visibility or insight into the risk,” said Zohar Rozenberg, VP of cyber investments at Elron. “Sayata is changing this reality by simultaneously raising the overall cyber security standard for SMBs and insurers by providing both parties with a far greater understanding of cybersecurity posture. This enables both insurers and insurers to significantly reduce their risk.”