While 2020 will forever be remembered as the COVID year, it also marked a year of tremendous success for DynaRisk which has culminated in our recent funding round led be Nexus Investments. We increased users by almost 100%. grew our client base by 50% and set the stage for 200%+ revenue growth. During the height of the first wave of the pandemic, many of our clients paused their cyber insurance initiatives due to the disruption to their businesses and an uncertain outlook. By the end of 2020 however, the uncertainty was gone and it was replaced with a tremendous desire to protect consumers and SME businesses from cyber crime. The pandemic had accelerated a number of trends and resulted in a huge increase in cyber crime activity.
Data leaking onto the Dark Web, phishing attacks, exposed databases, ransomware, virtually every type of attack was on the rise. Our intelligence team was working overtime, obtaining so much data and information we struggle process it all. We sit on a vast dataset but need to work through our partners to reach their customers to bring this data to them in an efficient way. In 2020 we added Hacker Chatter monitoring, a feature our end users and partners love which lets companies know if they are being targeted or have already been hacked by cyber criminals.
As the need for cyber risk management tools increased, we found ourselves starting to struggle to keep up with the demands of our partners. Due to the way the insurance market works, we found ourselves being pulled into new markets at a rapid pace. Asia, Australia, Continental Europe, Latin America, each partner of ours in these regions is rolling out new cyber insurance propositions and they all have risk management tools at the heart of their needs. Tools and services are now a must have along with indemnities in order to provide a valued, usable, insurance experience.
What was becoming clear was managing all of this activity was not possible with our core team based in Europe. We had landed our first few US based clients at the end of 2020 with a number of others on the horizon. Given my wife and I had been away from Canada for 9 years and were now dual Canadian/UK citizens, we decided it was the right time for us to move back. From Toronto I could focus on our North American partners while also reconnecting my kids with their extended family, many of whom we haven't been able to see for over a year because of COVID restrictions.
Now we enter a new phase of growth with two fantastic products in Cyber Xpert (for consumers) and Breach Defence (for SMEs) along with use cases from 9 countries in English, Spanish, German, Italian and another 4 languages on the way. Large enterprises have always had the people and tools to protect themselves, we're now putting those same capabilities in the hands of SMEs and consumers.
For more information on becoming a partner, just head over to this form or click here to register for a free demo of Breach Defence.
Andrew Martin
Founder & CEO