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Cyence is the first company in this sector to develop an economic cyber risk-modeling platform, to quantify risk in probabilities and dollars
George NG and Aravind Parthasarathi founded California-based Cyence in 2014. The company has combined data science, economics and cybersecurity to create a unique analytics platform that can measure the financial impact of cyber risk. Typically, its solutions benefit the insurance industry by helping them manage and prospect cyber risk more effectively, determine assessment and pricing according to the metrics, and manage portfolio and accumulations based on the data provided. Cyence has thus far raised US $40 million in funding through a Series A round.
(Note: Guidewire Software, a California-based software publisher, acquired Cyence for US $275 million in November 2017.)
Snapshot
Category: Cyber Insurance
Founded: 2014
Founders: George NG and Aravind Parthasarathi
Investors: New Enterprise Associates, Dowling Capital Management, IVP (Institutional Venture Partners)
Headquarters: California, United States
July 2, 2018