Bluecyber.insure, a pioneering insurtech in cyber insurance in Brazil, has received a US$1.5 million investment from VCs Invisto.com.vc and Bossa Invest, as well as strategic investors from the insurance market.
“This investment reflects the investors’ confidence in Bluecyber’s mission to simplify and expand insurance coverage for digital life protection of SMEs and families throughout Latin America, an underserved market with an estimated gross written premium (GWP) of USD 17.3 billion,” said Eduardo Rocha, CEO of Bluecyber.
The investment has already enabled the acquisition of Ismac.io, which developed an innovative Managed Detection and Response (MDR) platform.
“This solution allows Bluecyber to continuously monitor its insured portfolio, detecting and responding to security incidents swiftly and efficiently, minimising the impact of attacks and delivering more value to the insured, as well as reducing the frequency and severity of claims,” said Daniel Arruda, Ismac’s Founder, who will take over the management of risk and compliance at Bluecyber.
In addition to financial compensation for claims such as data breaches, fines related to local General Data Protection Regulations (GDPR), legal fees and digital identity theft, the monthly cyber protection insurance subscription offers a help desk for everyday technological issues, antivirus, vulnerability monitoring, risk management and incident response.
“We are confident that this new phase will be a watershed in the cyber insurance industry, offering innovative and comprehensive solutions,” said Bluecyber’s Co-founder Claudio