​London-based cyber risk management firm raises $4.7m

London-based cyber risk management firm DynaRisk has announced a £3.5m ($4.7m) funding round.

The funds will be used to accelerate product innovation and expand operations across EMEA, North America and Asia-Pacific, with the firm scaling commercial and technical operations.

Andrew Martin, chief executive at DynaRisk, said: “Brokers, MGAs and (re)insurers are rushing to tap the fast growing cyber insurance market as cyber risk is now one of the most pressing challenges for consumers and SMEs globally.

“While working with global banks, I saw how larger corporations were using expensive and complex enterprise-level software and services and wanted to put these in the hands of more people.

“DynaRisk bridges that gap for the insurance sector, helping them protect their policyholders with industry-leading threat intelligence backed risk management and underwriting software, along with cyber incident response services.”

Backing

The round was led by YFM Equity Partners.

Matt Gordon-Smith, investment director at YFM Equity Partners, said: “DynaRisk has built impressive platforms and a client base in one of the fastest-growing segments of the insurance market.

“With cyber threats escalating and insurers and brokers under pressure to add more value to their policyholders, DynaRisk’s embedded intelligence platforms and services are ideally positioned.

“We are delighted to back Martin and his team as they grow their international footprint and continue to lead innovation in cyber risk management.”