Munich Re part of cyber threat coalition funded with $85M

Cyber security firm Team8 said firms including Munich Re have joined an international coalition funded with $85 million that is intended to address cyber threats.

Team8, which has headquarters in New York and Tel Aviv, Israel, said other firms included in the coalition include Bentonville, Arkansas-based Walmart Inc., Toulouse, France-based Airbus SE, Tokyo-based Softbank Group Corp., New York-based Moody’s Inc., Johannesburg, South Africa-based Dimension Data, Toronto-based Bank of Nova Scotia and London-based Barclays PLC.

Team8 said in its statement Tuesday its existing investors include a unit of Redmond, Washington-based Microsoft Corp., among others.

The statement said the coalition was formed after its members concluded “the formidable threat posed by cyber crime inhibits enterprises’ ability to maximize digital transformation opportunities due to inherent risks.”

It said the $85 million in capital will be used to fund and build a series of companies “that accelerate secure digital transformation through Team8’s company-building model.” 

Team8 was founded by former leaders of an Israeli military intelligence unit.