Successful start-up through innovative cyber security solutions

We are very pleased that our machine-learning-based risk model from European Union was selected as eligible for funding. This shows that our data-based approach to cyber insurance is the right path into the future of technical property insurance.

After we received last week from our innovation funding through the Investitionsbank Berlin (IBB) co-financed by the European Regional Development Fund, we have announced to our CTO Anton Foth asked a few questions.

Why did you want to start a baobab?

The digitization of small and medium-sized companies is constantly increasing. But the risk of cyber threats has also increased enormously in recent years. As CTO, I've always followed this development and also looked at existing offerings on the cyber insurance market. Although there are already many providers, in my opinion none was able to adequately meet the needs of a modern digital company. There is a lack of flexibility, application processes are not very digital, opaque and lengthy, and specific needs and risks are not addressed.

Then I have Vincenz Klemm We got to know and quickly realized that we share very similar views and this led to the vision of Baobab.

Technical product features and cyber threats

In your opinion, what is our best technical product property/USP?

Baobab's main USP is a holistic approach to risk management. With our technical platform, we cover all relevant areas:

• rapid and up-to-date identification of cyber threats with the help of an automatic attack surface scan
• automated risk assessment based on data from scans, company key figures and answers to risk questions
• relevant and understandable information in the reports, which is made available to customers free of charge and which already brings great added value
• continuous risk monitoring with regular scans and notifications of new cyber threats
• tailored prevention programs that can be implemented together with our carefully selected partners

Challenges and future prospects

What was the biggest challenge in developing the product (MVPs)?

A major challenge in developing our product was and remains the complexity and diversity of cyber threats. The cyber landscape is constantly changing. New vulnerabilities are constantly being discovered, but even very old vulnerabilities can still be relevant. We have developed our risk model so that we can respond quickly to new threats and vulnerabilities and provide effective solutions.

What do you think is the biggest challenge in the next few months?

Our current challenge is that many companies still don't understand how cyber security can be integrated into their business processes. That is why we go much further than many traditional providers and offer our customers and brokers the necessary support and advice on cyber threats and prevention.

What are you most excited about?

I am excited to develop even better and individual insurance solutions that are tailored to the specific needs of our customers and help them protect themselves against increasingly complex cyber threats. I am also pleased to be able to offer our network of brokers better experience selling cyber products.