Toulon-based cyber risk management firm Egerie has raised €30 million in a new funding round. The capital will be used to help Egerie further develop its automated data recovery technology while at the same time opening the doors to an insurer-specific reporting functionality as the company ramps up pan-European expansion plans.
Egerie’s €30 million round was provided by existing investor Tikehau Capital, alongside Open CNP, Banque des Territoires, and TIIN Capital.
There’s no denying that the rise in cyber-attacks is on the rise. In Egerie’s backyard, French prosecutors opened 600 cases for malicious cyber-attacks in 2022 alone, a figure up from just 65 in 2019.
For businesses across the board, this increase has become an insurance nightmare. So bad is the state of affairs that in a December 2022 interview with Financial Times Zurich CEO Mario Greco is quoted saying that cyber attacks set to become ‘uninsurable’.
Just a few months prior In September 2022, Airbus, Veolia, Michelin, Adeo, and Sonepar joined forces with BASF and Solvay to create a mutual “captive” insurance plan against malicious attacks.
Where Egerie steps on to the pitch is via a digital twin of a company’s information assets and processes, offering a centralised vision of the cyber risk mapping and the security measures needed to prevent a wide range of associated business risks.
In the example of a sales process, the platform can evaluate and adjust risk responses on the turn of a dime, based on the evolution of the threat landscape, hardware, software, suppliers, and previously unknown security vulnerabilities.
“We can now model the financial and operational consequences of specific vulnerabilities on a given business process in real-time,” said Egerie CEO and founder Jean Larroumets. "All parameters of a risk are linked in our model, which we call ‘the equation’. We’ve been perfecting it for a decade, and it is now stable.”
According to Egerie, the company counts over 300 clients in 90 countries, including Veolia, Orange, and Accenture.