Canadian cyber insurance company BOXX Insurance has acquired cyber threat intelligence platform Templarbit for an undisclosed amount.
Templarbit was founded in 2017 by Bjoern Zinssmeister. Its technology alerts companies when their platform identifies vulnerabilities in their network that hackers can exploit.
Its platform will autonomously discover, classify and analyse an organisation’s entire digital asset landscape, as well as the risk profile for each digital asset and the real business costs that would be incurred if a digital asset was compromised.
BOXX claimed this acquisition will help it pursue its mission of making the world a digitally safer place.
BOXX co-founder and CEO Vishal Kundi said, “Bringing Templarbit’s team and technology in-house was a natural next step for us.
“It shows how strategically important we believe proactive cyber risk protection is to the continued growth of our business. We are excited to welcome Bjoern and the Templarbit team to BOXX.
Speaking on the acquisition, Templarbit co-founder Bjoern Zinssmeister added, “The Templarbit technology platform has demonstrated that it is possible to deliver both effective and affordable cybersecurity capabilities to the small and midsize business segment using intelligent automation and threat intelligence.
“This is an incredibly exciting time to be joining the BOXX family, and I look forward to what’s next.”
BOXX provides companies with both cybersecurity and insurance. Clients receive cyber and data insurance coverage, including online cybersecurity training, 24/7 breach response, as well as prediction, prevention and recovery services.
Last year, BOXX raised $10m in funding to aid its international growth. The capital was supplied by Cyber Mentor Fund, Zurich Insurance Group and SixThrity Ventures.
Earlier in the year, cyber insurance platform Cowbell Cyber expanded its agreement with Palomar Excess & Surplus Insurance Company to double underwriting capacity. Cowbell aims to renew and expand its insurance capacity partnerships to address the growing market demand for cyber insurance.
Copyright © 2022 FinTech Global
