In this installment of our series on the Israeli Insurtech delegation attending the upcoming ITC Vegas convention in October 2024, we are thrilled to introduce our readers to the innovative companies reshaping the insurance landscape, continuing with Cytactic, and delve into the depth of their journeys, challenges, and cutting-edge technologies through in-depth interviews.
Company Overview
Cytactic: Our mission is to mitigate the impact of cyber attacks by making cyber crisis readiness and management digital, orchestrated, planned, and smart, utilizing data-driven insights.
Inspiration for Starting the Company
Cytactic: A cyber crisis is one of the most challenging moments a company can face. The impact of a cyber attack is often intensified by the chaos that accompanies such crises: poor synchronization among stakeholders, inadequate information flow, complex decision-making under uncertainty, partial situational awareness, and the involvement of numerous advisors and stakeholders. These factors frequently exacerbate the damage caused by the crisis.
Many organizations find themselves unprepared for such complex events, lacking the necessary management and control systems to mitigate damage and shorten the event’s duration and impact. Early preparedness is widely recognized as the most effective way to minimize damage. This understanding is reinforced by regulatory and insurance requirements, which emphasize the importance of early preparedness and resilience planning. However, existing solutions, such as paper-based procedures and ad-hoc consultants, often fall short in providing a comprehensive response.
Product and Innovation
Main Product or Service
Cytactic offers an innovative, dynamic, and versatile cyber crisis readiness and management platform, built on extensive cyber incident response and crisis management experience and expertise. Our holistic, data-driven solution prepares organizations comprehensively according to their cyber threat map, helps to manage crises sharply, and enables rapid recovery from a crisis—all within a single platform.
Differentiation from Existing Solutions
Cytactic’s approach to cyber crises is distinguished by its holistic and comprehensive strategy, emphasizing crisis orchestration, effective readiness, and data-driven optimization for response. Recognizing that professional services alone are insufficient, we integrate digital command and control solutions, flexible and adaptable response plans, accessible expertise, and high-quality realistic simulations and training into our platform. Our expertise is specialized in cyber crisis management rather than generic tools, offering comprehensive solutions instead of niche ones. Our approach encompasses the full crisis lifecycle—from readiness and proactive management to recovery—integrated within a smart, data-driven, and user-friendly platform. This distinctiveness is further enhanced by our unique intellectual property, AI-driven analytics, and flexible, dynamic response strategies.
Unique Features or Innovations
The decision support tools of Cytactic are built on proprietary algorithmic technology designed to assist in crisis situations. These tools provide advanced collaborative capabilities for decision-making in complex, multi-parameter, and multi-alternative dilemmas. By analyzing various factors and potential outcomes, our tools recommend specific courses of action tailored to in-crisis scenarios, such as whether to negotiate with an attacker or proactively approach the media. These recommendations are based on real-time data analysis and historical incident insights, ensuring informed and strategic decision-making to effectively manage and mitigate the impact of cyber threats.
Market and Problem-Solving
Specific Problem Addressed
Cytactic addresses the problem of insufficient and ineffective cyber crisis management in the insurance industry. Many organizations lack the preparedness and structured response necessary to handle complex cyber incidents, leading to prolonged disruptions and financial losses.
Target Customers and Reach
- Digitally Dependent Businesses: Essential for companies reliant on digital infrastructure, including e-commerce, technology firms, manufacturing, and digital service providers.
- Sensitive Regulated Industries: Ideal for sectors such as finance and healthcare, where strict regulatory compliance is paramount.
- Publicly Traded Companies: Crucial for publicly traded companies across various industries that demand robust cybersecurity resilience to protect shareholders.
Market Potential
The market potential for Cytactic’s solutions is substantial given the rising incidence of cyber threats and the increasing regulatory requirements for cybersecurity. As organizations continue to invest in cybersecurity, the demand for comprehensive incident response solutions is expected to grow significantly.
Goals for ITC Conference
Primary Objectives
The primary objectives for attending the ITC conference are to showcase Cytactic’s innovative solutions, network with potential clients and partners, and gain insights into the latest trends and challenges in the cybersecurity landscape, and more specifically in the cyber insurance industry and products.
Specific Partnerships or Opportunities
Cytactic is looking to explore partnerships with insurance companies to offer our product through these companies in order to help policyholders. For policyholders, this means robust preparedness and reduced risk of damage. Insurers can benefit from full visibility of the process and lower insurance claims.
Team and Culture
Founding Team and Backgrounds
Dr. Nimrod Kozlovski is the founder of Cytactic. Nimrod is a cybersecurity and cyber law expert with extensive experience in managing incident response and cyber crises. Formerly led the tech and regulation department at Herzog Law Offices and was a venture capitalist at JVP Cyber Labs. Founded as an Adjunct Prof. the Cybersecurity program at Tel Aviv University Business School and teaches at Kellogg Executive MBA program. Holds a J.S.D from Yale Law School with postdoctoral research in computer science from Yale University and postdoctoral in Internet studies from Oxford University.
Team’s Expertise and Success Contribution
Our team consists of cybersecurity experts, incident response and crisis management professionals, and esteemed academic professionals who have joined forces to create our state-of-the-art cyber crisis management and readiness platform. With extensive experience managing a wide range of global crises, we excel in navigating complex cybersecurity crisis challenges. Understanding that cyber crisis readiness, response, and recovery are multi-dimensional, our team is a tapestry of expertise drawn from a spectrum of disciplines, reflecting the multifaceted nature of cyber challenges.
Company Culture
Cytactic’s company culture emphasizes innovation, collaboration, and continuous learning. The team is encouraged to stay ahead of emerging threats and technologies, fostering an environment of proactive problem-solving and excellence in cybersecurity.
Funding and Investment
Secured Funding
Cytactic announced the success of its $16 million seed funding round led by renowned cybersecurity venture capital fund Evolution Equity Partners (EEP).
