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Upfort
Additional Info
| Website | https://www.upfort.com/ |
| Company size (employees) | 10 to 49 |
| Headquarters Region | North America |
Overview
A first-of-its-kind cybersecurity and insurance platform, Upfort offers businesses holistic cyber protection from new risks and evolving threats.
Today, virtually every business is susceptible to cybercrime – the total cost of which reached $8 trillion in 2023. Upfort bridges the gap in cyber protection for companies large and small, making cyber risk easy to manage and simple to insure.
Through its integrated and user-friendly approach, Upfort revolutionizes the economics of cyber risk management for businesses, brokers and insurers alike.
Upfort’s cutting-edge platform has become so effective at preventing ransomware, funds transfer fraud, and data breaches that leading cyber insurers can now offer instant quotes for comprehensive cyber coverage at highly competitive rates.
What has traditionally been a cumbersome underwriting process for applicants, their brokers, and underwriters is now a seamless transaction powered by Upfort’s underwriting automation and proprietary data. Businesses can complete a simple digital application, instantly purchase effective insurance coverage at competitive rates, and deploy complementary protections that improve pricing/terms – all in one fell swoop.
Buoyed by strong market demand for holistic cyber protection, the past year has been marked by unprecedented growth for Upfort – from its $8 million Series A to a more than 200% increase in the number of customers.
Upfort has also recently expanded its footprint in the cybersecurity and insurance space through a number of strategic partnerships.
This includes joining forces with Arch Insurance to expand access to cyber insurance programs for small and medium-sized enterprises (SMEs), associations and risk pools – at a time when cyber insurance premiums are expected to grow by 20 percent year-over-year until 2025.
In addition, Upfort recently teamed up with the Washington Hospitality Association – empowering the more than 6,000 members of the hotel, restaurant and hospitality industry in Washington to proactively manage cyber risk with Upfort’s holistic solution.
How we are different
1. Instead of solely offering cybersecurity solutions or cyber insurance – like many other players in the space – Upfort does both in one comprehensive and cost-effective package.
2. At a time of skyrocketing rates and claims driven by ransomware, funds transfer fraud, and data breaches, Upfort has already helped deliver better outcomes for tens of thousands of organizations and over $100M of cyber insurance premium. A recent 18-month study of a top-tier cyber insurance program showed that policyholders who fully implemented Upfort Shield filed claims at 1/5th the rate of those who didn’t – all while not filing a single ransomware or wire transfer fraud claim, two of the predominant claim types. In addition, insurance carriers underwriting companies protected by Upfort Shield reported 84% better profitability (loss ratio improvement) when underwriting the same types of companies in terms of industries, revenue ranges, and controls. This has equipped Upfort to help deliver better coverage at more cost-effective rates.
3. In addition to more cost-effective coverage, Upfort Shield has helped to enhance cyber protection with a total cost of ownership that’s over 90% lower than traditional point solutions. If an organization were to try and assemble a comparable suite of tools from traditional vendors, it would cost approximately $172 per employee each year. For a 25-employee organization, Upfort’s cybersecurity and insurance package represents over $4,000 per year in savings in controls – in addition to better insurance terms.
It is indisputable that Upfort is boldly forging a new path in cyber protection – which is already yielding tangible, meaningful results.
For its remarkable promise – and progress – in accelerating the world’s journey toward cyber resilience, Upfort warrants your consideration as a winner of The Cybersecurity Excellence Awards.
