France-based Egerie, was founded in 2016 by Jean Larroumets (CEO) & Pierre Oger (VP). The startup offers cybersecurity software to enterprises by building a “digital twin” of their information assets & processes; offering a centralized vision of the “cyber risk mapping”. Moreover, thanks to the decision-making capabilities of “the equation”, Egerie can formulate effective cybersecurity strategies/ responses & calculate ROI i.e. “we can now model the financial & operational consequences of specific vulnerabilities on a given business process in real-time”. The firm is said to be work with <300 clients across 90 countries, including Veolia, Orange & Accenture; with multiple cyber risk models for digital environments, specific business functions & industry sectors already. The new funding will be used to further enhance Egerie’s automated data recovery tech, while at the same time developing insurer-specific reporting functionalities, as the company expands across Europe. But are cyber risks even insurable? according to Mario Greco, CEO of Zurich, “no”. On the other hand, in September 2022, Airbus, Veolia, Michelin, Adeo & Sonepar joined forces with BASF & Solvay to create a mutual “captive” insurance plan against malicious attacks. In any case, new tools are certainly needed for executives to understand & quantify their companies’ cyber risks. In France alone, prosecutors opened 600 cases for malicious cyber-attacks in 2022 up 10x from 2019. Moreover, the European directive NIS 2 (Network Internet Security) that comes into force October 2024, will further oblige companies to invest in effective cyber security tools: nothing but tailwinds for Egerie. <Source: tech.eu, siliconcanals.com, fintech.global, businessinsider.com, frenchfr.com>
