We are excited to announce our latest investment in Coinnect.

Coinnect is a cyber insurtech company providing innovative cyber risk assessment, mitigation, and response solutions. Their cyber intelligence platform, combined with real-time insights, risk assessment capabilities, and incident response services, is redefining the insurance landscape, propelling the industry into a new era.

Providing SMEs with tailored solutions to safeguard their digital assets against cyberattacks

SMEs are increasingly threatened by cyberattacks and ransomware incidents, with over 60% falling victim, and about half of these attacks specifically target small businesses. In 2022, the world witnessed a staggering 38% increase in global cyberattacks compared to the previous year, with ransomware emerging as the primary weapon in the cybercriminal arsenal, accounting for over 85% of all cyber claims. Notably, 82% of these ransomware attacks were directed at companies with fewer than 1,000 employees.

• Vulnerabilities — SMEs are exacerbated by their limited resources, technical expertise, and often inadequate cybersecurity measures, making them appealing targets for cybercriminals looking to exploit weaknesses and gain unauthorized access.
• Financial Consequences — Successful ransomware attacks can be devastating for SMEs. In 2022 alone, over 700,000 attacks against small businesses resulted in a staggering $3 billion in damages. Alarmingly, 75% of SMBs would be unable to continue their operations if hit by a ransomware attack.
• Lack of Awareness — Complacency among SMEs regarding the severity and evolving nature of cyber threats often leads to insufficient cybersecurity measures, leaving them exposed. Surprisingly, 48% of companies only purchased cyber insurance after experiencing an attack.

These global challenges underscore the urgent need for solutions like Coinnect. Coinnect is pivotal in addressing these pressing concerns by providing SMEs with tailored solutions. They offer comprehensive risk assessments to identify vulnerabilities, deploy robust risk mitigation measures, and ensure swift incident response interventions. Coinnect's expertise and services empower SMEs to proactively safeguard their digital assets against cyber threats, offering them peace of mind in an increasingly hostile online landscape.

The team behind Coinnect

Coinnect's founders, Massimiliano Rijllo and Emanuele Gagliano, bring a wealth of specialized expertise to the company. Massimiliano boasts over 15 years of experience in cyber security, having worked with global leaders and providing invaluable industry knowledge, coupled with a successful track record in sales and business development. Emanuele Gagliano, with over 15 years in Software Development, including roles as CTO of LIS Sicurezza and Software Development Manager at Vodafone, contributes strong technical leadership to Coinnect's foundation of expertise and innovation in cyber insurtech.

Why we are excited to invest

Coinnect is strategically positioned in the evolving cyber insurance landscape. Insurers increasingly recognize the necessity of offering cyber-security-as-a-service alongside policies, particularly for commercial and SME sectors. Our research, detailed in the EMEA 2022 Insurance Trend report, supports our alignment with this trend. Coinnect's success is further evidenced by partnerships with major insurance companies, brokers, and loss adjusters. The company's strength is amplified by a highly experienced team led by Massimiliano and Emanuele, each with over 15 years of expertise in cybersecurity, business development, and software development, positioning Coinnect for prominence in the expanding cyber insurtech landscape.