QBE invests in insurtech Zeguro, launches cybersecurity solution
QBE Insurance Group has invested in cyber risk management firm Zeguro’s $5 million seed funding round through its venture capital arm QBE Ventures while creating a cybersecurity solution for small to medium enterprises (SMEs) in a partnership.
Through the partnership, QBE will work with Zeguro on an initial rollout of the platform in North America to create an insurance product that is designed specifically for SMEs.
Zeguro has raised $5 million in seed investment from a group of investors including Mosaik Partners, joined by Healthy Ventures, Munich Re/HSB Ventures, QBE Ventures, Social Capital, Plug and Play, and Sparkland Capital.
Zeguro is an online platform that enables users to automate their cybersecurity processes, detect and manage cyber risks and improve risk mitigation. Zeguro also helps SMEs secure tailored insurance against damage in the event of a cyber-attack, according to a corporate statement.
"The risks of cyber-attack are significant for any business,” said QBE group chief operations officer David McMillan. “They can be hugely disruptive and extremely costly, so it is vital that companies have systems and processes in place to prevent or mitigate any kind of attack. Many small and medium businesses lack the resources to invest in high levels of IT security or risk management, which leaves them exposed."
"Zeguro allows our SME customers to take control and oversight of their cyber exposure through an easy to use interface that automates cybersecurity processes and provides ongoing recommendations to reduce their overall cyber risk," McMillan added.
Sidd Gavirneni, CEO of Zeguro, said: "We are thrilled to be working with QBE and the QBE Ventures team to help their customers protect sensitive data and to mitigate the risk of attacks from hackers and cybercrimes. Phishing, ransomware, and crypto-mining are becoming all too common and small and midsize businesses typically do not have the resources to protect themselves from such expensive breaches. Zeguro provides the continuous monitoring and management tools for this segment to manage their environment."
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