Pioneer in Cyber Insurance in Brazil Receives $1.5 Million Funding

PR Newswire

Bluecyber, which offers digital protection insurance to SMEs and families, will expand its operations in Latin America

SÃO PAULO, March 5, 2024 /PRNewswire/ -- Bluecyber.insure, a pioneering insurtech in cyber insurance in Brazil, has received a $1.5 million investment from VCs Invisto.com.vc and Bossa Invest, as well as strategic investors from the insurance market. "This investment reflects the investors' confidence in Bluecyber's mission to simplify and expand insurance coverage for digital life protection of SMEs and families throughout Latin America, an underserved market with an estimated gross written premium (GWP) of USD 17.3 billion," says Eduardo Rocha, CEO of Bluecyber.

The investment has already enabled the acquisition of Ismac.io, which developed an innovative Managed Detection and Response (MDR) platform. "This solution allows Bluecyber to continuously monitor its insured portfolio, detecting and responding to security incidents swiftly and efficiently, minimizing the impact of attacks, and delivering more value to the insured, as well as reducing the frequency and severity of claims," explains Daniel Arruda, Ismac's founder, who will take over the management of risk and compliance at Bluecyber.

In addition to financial compensation for claims such as data breaches, fines related to local General Data Protection Regulations (GDPR), legal fees, and digital identity theft, the monthly cyber protection insurance subscription offers a help desk for everyday technological issues, antivirus, vulnerability monitoring, risk management, and incident response.

"We are confident that this new phase will be a watershed in the cyber insurance industry, offering innovative and comprehensive solutions," says Bluecyber's co-founder Claudio Macedo.

About Bluecyber

Founded in 2021, Bluecyber is a Managing General Agent (MGA) specializing in cyber insurance. It develops products tailored to the needs centered around customer-centricity, structures underwriting capacity with reinsurers and insurers, and cultivates innovative distribution channels. The B2B product sales are conducted entirely digitally through non-traditional channels, including internet providers, software and hardware manufacturers, as well as insurance brokers. Bluecyber aims to conclude 2024 with 10,000 subscribers, striving to simplify cyber protection. Seguros Sura, one of the largest insurance groups in Latin America, serves over 20 million insureds across seven countries and is the issuer of the policies, complying with all regulatory requirements.

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