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Insurtech Baobab receives funding from IBB for SME cyber protection

Wednesday 26 April 2023 15:09 CET | News

Germany-based insurtech company Baobab has received funding from the Investitionsbank Berlin, which is co-financed by EU funds (ERDF).

Baobab supports small and medium-sized businesses in managing cyber risks by combining insurance and software solutions. The platform provides real-time insights into individual risk management and recommendations to help organisations reduce their exposure to cyber-attacks. The cyber security technology startup researches the application of novel algorithms to support small and medium-sized businesses in managing cyber risks by offering insurance and cyber-security.

Insurtech Baobab receives funding from IBB for SME cyber protection


The platform provides real-time risk management insights and recommendations to help organisations identify, assess and reduce their exposure to cyber-attacks. With the implementation of this technology project, a solution will be created that maps cyber security measures holistically and company-specifically. The differentiated and rapid assessment of corporate cyber risks using AI results in approaches to reducing individual cyber threats and providing access to failsafe solutions.

 

Use of the funding

According to a Baobab representative, the funding raised by IBB Berlin will support their technological development strategy and the strategic considerations of corporate growth. The company is currently evaluating the potential for targeted, technological solutions and digital AI automation processes to protect against cyber risks. With the implementation of this project and the use of Baobab's own cyber risk model, a differentiated risk selection and pricing will be developed. This will give each company an individual overview of its cumulative damage risk. At the same time, the Baobab customer portal aims to motivate companies to take preventive and targeted measures to reduce existing cyber threats. 

Baobab’s cooperation with funding agency FörderProtech

Baobab cooperated with the funding agency FörderProtech for the acquisition of public grants. The Baobab platform offers technology to use machine learning to establish the solution approach for SMEs against increasing cyber threats. Now, with the assessment of the amount of damage and evaluation of cumulative risks, it is also possible to open up access to the insurance sector.

Investment Bank Berlin’s strategy

The Investment Bank Berlin is the promotional bank of the State of Berlin. It actively contributes to the development of Berlin as a business location. With the "Pro FIT" program, IBB finances companies with the aim of strengthening Berlin as a business location. Pro FIT aims to increase the research, development, and innovation intensity of Berlin's economy.

 


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Keywords: investment, risk management, insurance, insurtech, cybersecurity
Categories: Fraud & Financial Crime
Companies: Baobab
Countries: Germany
This article is part of category

Fraud & Financial Crime

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Baobab

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