EGERIE raises €30 million to help quantify the financial impact of shabby cyber security

With cyber-attacks undeniably on the rise and insurer Zurich CEO Mario Greco saying that such activities are set to become ‘uninsurable’, Egerie offers a digital twin to analyse cyber risks ahead of any attacks.
EGERIE raises €30 million to help quantify the financial impact of shabby cyber security

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.

Follow the developments in the technology world. What would you like us to deliver to you?
Your subscription registration has been successfully created.