Cypherleak, a pioneering cyber risk monitoring and scoring startup, has secured an impressive $750,000 in a seed funding round. The funding was provided by prominent investors from Abu Dhabi, Morocco, and Qatar.
This seed round, which included participation from investors like Maroc Numeric Fund II and Qatar Insurance Company, will support Cypherleak’s ambitious expansion plans across the Middle East and Africa.
Cypherleak specializes in simplifying complex risk monitoring for small enterprises, eliminating the need for deep cybersecurity technical knowledge. The company offers a unique service that allows companies to monitor leaked passwords and data on both the public web and the dark web using just a domain name. Cypherleak’s solution identifies an organization’s entire attack surface and highlights vulnerabilities within its infrastructure. Additionally, the startup employs machine learning and sophisticated risk models to provide customized security scores, addressing specific cyber risk factors for each client.
Since its establishment in April 2022, Cypherleak has become a significant player in the cybersecurity landscape. It boasts over 1000 corporate subscribers from Europe to the MENA region, with a focus on SMEs that often find enterprise-level cybersecurity products too costly.
Cypherleak’s technology also has significant applications in cyber insurance underwriting. Their risk assessment tool helps insurers evaluate the cyber threats associated with potential insurance candidates, transforming cyber insurance practices in the MENA region. The company was recognized for its prowess in the insurance sector by winning the MENA Insurtech Summit 2023 in Doha, Qatar.
By FCCT Editorial Team
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