6 November 2024, Wed |
3:32 AM
Abu Dhabi-based startup Cypherleak, a trailblazing cyber risk monitoring and scoring company, has successfully closed a seed funding round, securing an impressive $750,000 from investors hailing from Abu Dhabi, Morocco, and Qatar. Prominent entities such as Maroc Numeric Fund II and Qatar Insurance Company have participated in this investment, which will propel Cypherleak’s expansion into the Middle East and Africa (MEA) region.
Cypherleak specializes in streamlining advanced risk monitoring for smaller enterprises, making it accessible even for those lacking deep cybersecurity technical expertise. Utilizing just the domain name, Cypherleak empowers companies to track leaked passwords and information across both the public and dark web, enabling them to comprehensively assess their vulnerability landscape. Moreover, Cypherleak employs cutting-edge Machine Learning and advanced risk models to generate customized security ratings, tailored to each customer, by considering numerous cyber risk factors.
Since its inception in April 2022, Cypherleak has rapidly emerged as a pivotal player in the cybersecurity sector. The company has successfully onboarded over 1,000 corporate subscribers across Europe and the MEA region, with a special focus on small and medium-sized enterprises (SMEs) that have traditionally faced barriers in accessing enterprise-grade cybersecurity solutions. Cypherleak has simplified the process for these smaller companies to adopt advanced risk monitoring, eliminating the need for extensive cybersecurity know-how.
Mohamed Amine Belarbi, Founder and CEO of Cypherleak, expressed his enthusiasm, stating, “This funding injection will accelerate our expansion throughout the MEA region, solidifying our position as a leading player in the ever-evolving field of cyber risk management and ratings. Being part of the Hub71 ecosystem has granted us access to a vast network of strategic investors. With the support of our new investors, Cypherleak is well-equipped to continue developing cutting-edge technologies and delivering unmatched cyber risk insights to businesses and organizations globally.”
Dounia Boumehdi, Managing Director of MITC Capital, the management company of Maroc Numeric Fund II, added, “Cybersecurity risks pose a serious threat to SMEs in the MENA region, many of whom are ill-prepared to face this new reality. Thanks to their extensive experience, Mohamed Amine and his co-founders are building a robust and user-friendly platform to address these significant threats and assist MENA SMEs in obtaining adequate insurance coverage. We are excited to invest in Cypherleak and support the team in establishing their African regional office in Morocco, primarily dedicated to research and development.”
One of Cypherleak’s most compelling applications is in the realm of cyber insurance underwriting. Cypherleak’s cyber risk scoring enables insurers to accurately assess the cyber risk of potential cyber insurance applicants, revolutionizing the underwriting process in the MENA region. Furthermore, Cypherleak’s cyber risk monitoring capabilities empower insurers to offer continuous value-added risk monitoring and mitigation services to their cyber-insured customers throughout their coverage period. Cypherleak’s relevance to the insurance sector was underscored when the company was declared the winner of the MENA Insurtech Summit 2023 in Doha, Qatar.
Lars Gehrmann, Group Chief Digital Officer at Qatar Insurance Company (QIC), commented, “Cybersecurity is an increasingly critical concern in the MENA region, with SMEs being particularly vulnerable. The demand for cyber insurance among SMEs is already evident and is set to grow in the coming months. Cypherleak has demonstrated its ability to grasp these emerging challenges, and QIC Digital Venture Partners is excited to invest and leverage Cypherleak’s cybersecurity capabilities to enhance its cyber insurance offerings.”
Othmane Bennis, Head of Corporate Venture Capital (CVC) at DVP, remarked, “Amine possesses extensive experience in cybersecurity in the region. Alongside a talented team, he is creating an accessible cybersecurity solution for SMEs and is gaining substantial traction not only in the MENA region but also beyond. The forthcoming opportunities in the SME cyber insurance market in MENA are poised to be as significant as those witnessed in the US and Europe.”
While Cypherleak’s holding company is registered in Delaware, it is an integral part of Hub71, Abu Dhabi’s global tech ecosystem, dedicated to nurturing startups at all stages of growth. Cypherleak is currently in the process of establishing an African regional office in Morocco to further bolster its operations.
