- Fenix24 announced it raised $5 million in funding. These are the details.
Fenix24 – an industry-leading cyber disaster recovery firm that is transforming the post-breach restoration process and impact – announced it raised a $5 million investment by Eos Venture Partners, a prominent InsurTech investor. Zach Powell, General Partner of Eos Venture Partners, will join Fenix24 as a board member.
Fenix24 – which is a sister company of Conversant Group – offers a professional cybersecurity force focused exclusively on restoring companies after cyber breach events. And the company redesigned the recovery paradigm upon recognizing that traditional breach response could not manage foreign adversaries’ increasingly destructive tactics and the corresponding increase in business downtime and interruption.
Fenix24 has:
— Reduced business interruption and associated costs for customers by up to 50%.
— Become the restoration partner of choice, growing revenue by 650% annually.
— Increased headcount by 400%.
— Partnering with Cyber Insurers
— Cyber insurers have also begun to partner with Fenix24 to target the increasing cost of business interruption post-breach.
Eos’ investment is going to 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.
KEY QUOTES:
“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,” said Mr. Powell. “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.”
“Leading cyber insurance companies now understand that active loss management—beyond pre-breach underwriting and risk controls—is a critical component of an effective cyber program. We are excited to build further strategic partnerships between Fenix24 and the cyber insurance ecosystem.”
— Zach Powell
“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.”
— Mark Grazman, CEO and co-founder of Fenix24
