Cyber disaster recovery firm Fenix24 has announced a $5 million investment by insurtech investor Eos Venture Partners.
Zach Powell, general partner at Eos Venture Partners, will join Fenix24 as a board member.
Fenix24 is a cybersecurity firm focused on restoring companies after cyber breach events. According to Fenix24, the traditional cyber breach response cannot manage foreign adversaries’ increasingly destructive tactics and the corresponding increase in business downtime and interruption.
Fenix24’s model focuses on faster, more effective post-breach restoration and reduces business downtime, the company said. The company’s approach:
- Starts involvement at hour one post-breach, rather than waiting days or weeks to begin restoration
- Accelerates the gathering and preservation of essential data for forensics
- Drives faster up-time in critical systems through aligning an executive view of business operations with front-line technical expertise
Since launching in 2022, Fenix24 has:
- Reduced business interruption and associated costs for customers by up to 50%
- Grown revenue by 650% annually
- Increased headcount by 400%
Cyber insurers have also begun to partner with Fenix24 to target the rising costs of business interruption after a cyber breach, the company said.
Read next: Data privacy violations are the new cyber threats for insurers
“As ransomware-as-a-service has grown, the business impact of cyber terrorists’ ransomware attacks has also increased significantly – more than 60% of total cyber losses to an insurance carrier are now estimated to come from business interruption,” Powell said. “With the need for a better response on behalf of those impacted by ransomware and the entire cyber insurance ecosystem, 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,” he said. “We are excited to build further strategic partnerships between Fenix24 and the cyber insurance ecosystem.”
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