cyan AG: Mission ‘WeProtect’ – wefox and cyan AG launch partnership for integrated cyber and insurance protection for everyday digital life
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Mission “WeProtect” – wefox and cyan AG launch partnership for integrated cyber and insurance protection for everyday digital life
Munich, July 25, 2023 – cyan AG (XETR: CYR), a leading European and global provider of intelligent cybersecurity solutions under the cyan digital security brand, announces a partnership with wefox, the leading European revolutionary InsurTech. The aim of the partnership is to bundle cybersecurity solutions with insurance products, making digital risk management easier for people and businesses.
In the Allianz Risk Barometer 2023, cybersecurity has been rated by international experts as the most significant and globally present risk for many years. [Allianz Risk Barometer 2023] With the continuous shift of daily life to the internet, from the cloud to the metaverse, the dependency on mobile devices and therefore the risk increases dramatically. Digital cybersecurity solutions enable straightforward and powerful protection when using the Internet. The products build on cyan’s proprietary and patented Threat Intelligence platform that detects cyber threats in real-time, efficiently reducing cyber risk.
“We live in a digital world – this requires digital solutions. Seatbelts in cars, crash helmets on bicycles, and smoke detectors in homes have served for years as commonplace protection for our most valuable possessions and our dearest people – always combined with an insurance solution as well,” said Frank von Seth, CEO of cyan AG. “Digital security must be just as simple, commonplace and always present. With our app-integrated solutions and platform partners like wefox, we help people manage their everyday cyber risk.”
“If you look at the incredible, technical dynamics of recent years, you can see an impressive development towards a fully digital lifestyle, be it payments via smartphone, smart control within one’s own four walls, all the way to AI-supported electromobility. It is therefore all the more important to have partners like cyan at our side to support the protection of our customers against cyber risks in digital life,” says Rainer Vogelmann, Country Head wefox Austria, highlighting the importance of the new partnership.
As a leading InsurTech, wefox is setting the tone for the digitalization of the insurance industry. wefox acts as a hub between customers, insurance brokers and insurance companies with its 360° service platform. Customers and connected brokers use fully digital processes such as application, contract or claims processing and the integrated insurance comparison calculator across all lines of business. wefox was the first non-Swiss company to receive the Digital Trust Label of the Swiss Digital Initiative, which obliges companies to comply with high business regulations and standards.
“Our approach as wefox is to put the human factor first. Technologies, security, innovation and insurance should be closely intertwined. Nowadays, everyone has already been targeted by a phishing attack at least once. Be it mere fake SMS, non-functioning internet banking, or fraud emails with a false sender” underlines Rene Besenbäck, Managing Director wefox Austria. “We are working in our partnership with cyan on our joint mission “WeProtect” specifically on the integration of a security software for mobile devices to dramatically reduce the potential of cyberattacks. And if something does happen, to cover it redundantly via insurance protection,” adds Besenbäck.
About wefox – Insurance. But simple.
Founded in 2015 by Julian Teicke, Fabian Wesemann and Dario Fazlic, wefox is an Insurtech driven by a single goal: Protecting people by making insurance 10 times better through technology.
Since wefox’s founding in 2015, the company has seen its revenue each year doubled. In 2022, revenue was $580 million. wefox serves more than 2 million customers in Austria, Germany, Italy, Poland, the Netherlands and Switzerland.
In May 2023, wefox secured a $55 million credit facility from J.P. Morgan and Barclays, as well as a second closing of its Series D financing round of $55 million at a valuation of $4.5 billion. More info at: www.wefox.at
cyan AG (XETR: CYR) is a leading, globally active provider of intelligent cyber security solutions and platforms (BSS/OSS) for telecom companies with more than 15 years of experience in the IT industry. The company’s main business areas are IT security solutions for end customers of mobile and fixed network internet providers (MNO, ISP), mobile virtual network operators (MVNO) and financial service providers. The solutions provided by cyan are integrated as white label product into the infrastructure of the business partners, who then offer them to their end customers in a B2B2C model, under their own brand.
Today the group has numerous international customers, through which cyan’s products are distributed to end customers. In the process cyan can offer a range of solutions along the entire value chain from platform, data optimization to cybersecurity. In addition, cyan operates its own research & development center with the aim of identifying industry trends at an early stage and developing optimal product solutions. Besides Orange, cyan’s customers include among others Claro Chile (América Móvil Group), dtac (Telenor Group) as well as the telecom group Magenta (T-Mobile).
Further information is available at www.cyansecurity.com.
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