Fenix24, a cyber disaster recovery firm that is transforming the post-breach restoration process and impact, has raised $5m in funding.
The investment came from Eos Venture Partners, a prominent InsurTech investor. Zach Powell, General Partner of Eos Venture Partners, will join Fenix24 as a board member.
Fenix24, a sister company of Conversant Group, provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events.
The firm redesigned the recovery paradigm after recognising that traditional breach response could not manage foreign adversaries’ increasingly destructive tactics and the corresponding increase in business downtime and interruption.
Fenix24’s expert-led model focuses on faster, more effective post-breach restoration and drives proven reductions in business downtime.
Eos’ investment will support Fenix24 in serving additional customers and further reducing downtime costs and financial impacts after a cybersecurity incident. With Fenix24, global cyber carriers, brokers and reinsurers can empower policyholders and target the most critical, damaging parts of a ransomware attack post-breach.
Mark Grazman, CEO and co-founder of Fenix24, said, “We are excited to partner with Eos Venture Partners and very proud of what this investment says about Fenix24’s innovative approach and resulting impact on behalf of victims of ransomware and their insurance carriers. The world needs a defensive civilian cybersecurity force ready to help victims of ransomware navigate the treacherous waters of a ransomware attack.”
Powell added, “As Ransomware-as-a-Service has grown, the business impact of cyberterrorists’ ransomware attacks has also increased significantly—more than 60% of total cyber losses to an insurance carrier now are estimated to come from business interruption. With the need for a better response on behalf of those impacted by ransomware and the entire cyber insurance eco-system, Eos is proud to support Fenix24’s rapid growth and reputation as the world’s fastest restoration company.”
Earlier this year, Rapid7, a cloud risk and threat detection firm, acquired CyberTech firm Minerva Labs for an undisclosed fee.
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