Insurance Tech Startup CyberFortress Starts Risk Assessment Service
San Antonio—CyberFortress, an insurance tech startup founded late last year, is graduating from the Plug and Play accelerator and launching a new service that gauges how vulnerable ecommerce businesses are to hacking.
The service assesses the risk of an ecommerce business being taken down because of something like a distributed denial-of-service (DDoS) attack or ransomware, using machine-learning algorithms to collect and study data from a business’s domain name and other aspects of how the business uses technology, CyberFortress says. CEO and co-founder Huw Edwards is demoing the product this morning at Plug and Play’s summer event in Sunnyvale, CA, for companies that participated in its insurtech program.
Plug and Play hosts more than 50 programs annually that last 12 weeks each. It doesn’t charge equity to participate and it doesn’t necessarily invest in the startups either, though Plug and Play, founded in 2006, does have a venture arm.
CyberFortress, which hasn’t received any funding from the program, was founded to insure small ecommerce businesses, covering them for events like loss of cash—if, for example, an ecommerce company’s website is hacked, preventing it from making sales, or if an employee of a startup makes a large, fraudulent payment to a phishing scheme, Edwards told Xconomy in October.