Cyber-risk company Cyberhedge has acquired a new investor in the Luxembourg Future Fund (LFF), which will help bolster its team of artificial intelligence, technology and financial experts.
Cyberhedge’s founder and CEO, Ryan Dodds, said: “Partnering with the LFF made sense as Luxembourg is a global hub for asset management as well as at the heart of EU decision making for financial risk and oversight. The EU is clearly the global leader on cyber regulations (i.e. GDPR), with the rest of the world following.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe LFF has been set up by the the Société Nationale de Crédit et d’Investissement (SNCI) and the European Investment Fund (EIF), a member of the European Investment Bank Group, the world’s largest multilateral lender.
EIF chief executive, Pier Luigi Gilibert, commented: “Our participation is essential for equipping Cyberhedge with the required resources to implement its European expansion plans and to help the LFF to reach out to the next generation of innovative businesses. We will continue to focus on similar investments both in Luxembourg and across the EU to enable the next generation of disruptors to grow.”
Cyber-risk assessment
Cyberhedge, headquartered in Luxembourg with offices in Washington DC and New York, is launching the first cyber-risk index which will allow shareholders and investors to quantify the risk and cost that a data breach would affect.
Dodds met with Private Banker International to describe Cyberhedge’s aims and purpose: “We’re trying to show – with proof – that companies that manage their IT and data outperform those that don’t.
“It’s one thing to make that statement. The trick is to be able to show the way we put a financial number – pounds, dollars, euros – on cyber-governance, and show that it’s true that companies that manage their IT, data and cybersecurity effectively tend to perform better in the market.”
A report by Glasswall Solutions found that ultra-high-net-worth individuals (UHNWIs) are increasingly at risk of cybercrime, while another by Campden Wealth found that 28% of UHNW families have been victim of a cyberattack at least once. With 2018 seeing massive data breaches at such companies as Facebook and British Airways, concern for cybersecurity is only likely to increase, for businesses and investors alike.
