Corax

About Corax

Corax is a cyber risk analytics and prediction platform designed for the insurance industry. Founded in 2013 by Tom Beale and Jonathan Pope, the London-based company provides data-driven insights to assist with underwriting, broking, and risk management. The company's platform utilizes machine learning and proprietary data on millions of interconnected companies to deliver benchmarking, predictions, and financial loss estimates for cyber events.

Corax serves clients across the entire insurance value chain, including (re)insurance carriers, brokers, and agents. Its business model revolves around providing its cyber risk quantification, compliance management, and workflow platform to these clients. This enables them to more accurately underwrite policies, manage portfolio risk, and generate leads. The platform's modules include a risk calculation engine and tools for data aggregation and business compliance. It provides reports on cyber hygiene and potential loss costs, helping businesses understand their financial exposure.

The company has raised approximately $7.86 million in funding over several rounds. It began commercial operations in late 2017 and has partnered with major industry players like Willis Re and BCS Financial to enhance cyber insurance products. Corax aims to quantify the financial and probabilistic impact of events like data breaches and IT disruption, differentiating itself by modeling the interconnected ecosystem to identify potential large-scale failure points, or "cyber quakes".