Portfolio Program | Cybantage
VC / PE Portfolio Program

Your portfolio companies
have cyber insurance.
Does it pay?

Cybantage has been in the post-breach environment — claim denials, board proceedings, the personal financial exposure that follows when a GP holds a board seat and a portfolio company's claim is denied. We built the CCSF from that experience. The portfolio program applies it across every holding before those conversations happen.

The exposure across your portfolio
38–44%
Cyber claims denied or significantly reduced across regulated industries
$500K–$1.5M
Typical payable amount after sublimits and exclusions — on a $2M–$5M policy
D10
Policy exclusions that no security control can fix — in every regulated sector policy since 2023

Three moments when cyber insurance
defensibility changes the outcome.

The GP's relationship with portfolio cyber risk is not static. It changes at three specific points — and the cost of not addressing it differs at each one.

Trigger 01 · Pre-Close

Due Diligence

Before price is set and representations and warranties are negotiated, you need to know whether the target's cyber insurance coverage actually responds — and whether there are unreviewed policy exclusions that create uninsured liability at closing.

  • CISI baseline completed in 72 hours
  • Domain 10 exclusion analysis feeds rep & warranty review
  • Findings inform escrow or indemnity structuring
  • Coverage gap documented before LOI
Trigger 02 · Post-Close

Portfolio Standardization

Within 90 days of close, every portfolio company receives a CISI baseline. Critical findings trigger Stage 2A/2B. Domain 10 flags trigger an immediate policy review. The Operating Partner receives a consolidated defensibility scorecard across all holdings.

  • Standardized baseline across all relevant holdings
  • Critical findings prioritized to 100-day value creation plan
  • Quarterly portfolio-level CISI monitoring
  • Operating Partner briefing on aggregate exposure
Trigger 03 · Exit Preparation

Diligence Defense

18–36 months before target close, the portfolio company's cyber posture becomes a buy-side diligence item. A company with a current Privileged Review Record, annual CISI re-scores, and a reviewed Domain 10 position wins on diligence against one that doesn't.

  • Documented posture withstands buy-side forensic scrutiny
  • Insurance Renewal Evidence Package prepared
  • Privileged Review Record current at close
  • No price adjustment for undisclosed cyber liability

Two dimensions of claim denial.
Both present across your portfolio.

Every portfolio company in healthcare + MedTech, financial services + FinTech, and manufacturing faces both dimensions. Most security programs address only one. The second requires a policy review — and it has been in every regulated sector policy since March 2023.

Dimension 1 — Claimant-Side

Controls didn't exist, operate, or survive

Addressable through security investment and governance. This is what your portfolio companies' MSSPs and compliance programs address. Most security programs are here. Most forensic investigators find gaps here.

  • MFA not universally enforced — renewal attestation inaccurate
  • Backup infrastructure on production network
  • Controls documented but not technically verified
  • IR plan undocumented or untested
  • Renewal application diverged from operational reality
Domains 1–9 of the CISI measure this. Identified through Stage 1 assessment, confirmed through Stage 3 Forensic Deep Dive.
Dimension 2 — Insurer-Side (Domain 10)

Policy excludes the event regardless of security posture

Not addressable through security investment. Present in every regulated sector policy following the Lloyd's 2023 mandate. No MSSP, compliance audit, or security program addresses this. Only a policy review does.

  • Nation-state exclusion — every healthcare, FinServ, defense policy
  • Third-party / supply chain breach not covered
  • Systemic non-malicious outage excluded
  • Vendor dependencies not mapped to policy language
  • Coverage scope never confirmed with broker post-2023
A portfolio company with a strong security program and an unreviewed Domain 10 position is uninsured for the most likely event in its sector. This is not a security gap — it is a contract gap.
⚖️ GP Board Seat Protection

You hold the board seat.
The liability follows you personally.

When a breach occurs at a portfolio company where you hold a board seat, regulators and opposing counsel ask what the board knew, when they knew it, and what they did about it. Cybantage has been present in those proceedings. The Privileged Review Record is the protected answer to those three questions — prepared before the breach, under attorney-client privilege, while there is still time to act. Executives and GPs who hold a current Record walk into board inquiries, regulatory examinations, and depositions in a fundamentally different posture than those who do not.

  • Stage 2A LDI maps governance gaps that create board-level liability across each portfolio company
  • Stage 2B Privileged Review Record protects the GP's board seat in any post-breach legal or regulatory proceeding
  • Domain 10 Policy Review confirms whether coverage responds to the most likely attack in the portfolio company's sector
  • Annual LDI re-evaluation updates the record as the portfolio company's posture evolves
  • Board Package prepared for each portfolio company's Risk Committee — privilege-marked, not producible in discovery
Board Protection Deliverables — per portfolio company
Leadership Defensibility Index Report Dual-track ELT + IT/Security assessment. Seven-dimension CAE analysis. What leadership doesn't know they don't know. Delivered under privilege.
Privileged Review Record Legally protected documentation of governance findings and organizational response. Not producible in discovery. The record that protects the board seat.
Domain 10 Policy Review Nation-state exclusion, third-party, and systemic event gap assessment with qualified insurance counsel. Coverage confirmed in writing.
Board Package Privileged briefing for the Risk Committee. Executive exposure documented. Legal due diligence record established for each board seat.
Board Protection Deliverables — per portfolio company
Leadership Defensibility Index Report Dual-track ELT + IT/Security assessment. Seven-dimension CAE analysis. What leadership doesn't know they don't know. Delivered under privilege.
Privileged Review Record Legally protected documentation of governance findings and organizational response. Not producible in discovery. The record that protects the board seat.
Domain 10 Policy Review Nation-state exclusion, third-party, and systemic event gap assessment with qualified insurance counsel. Coverage confirmed in writing.
Board Package Privileged briefing for the Risk Committee. Executive exposure documented. Legal due diligence record established for each board seat.

Five stages — one standardized methodology
across every holding.

The CCSF applies identically to portfolio company engagements. The entry point and stage sequencing are determined by each company's CISI score and D10 status. The Operating Partner sees a consolidated view.

Stage 1
CISI Assessment
Portfolio Baseline

Every holding assessed within 90 days of close. Score, domain failures, and D10 flags determine the Stage 2 routing. $2,500 per company.

Stage 2A
Leadership Defensibility Index
Governance Gap Mapping

Triggered by score below 169 or any D10 flag. Maps governance gaps that create board-level liability. Recommend under privilege.

Stage 2B
Privileged Review
Board Seat Protection

Domain 10 policy review with insurance counsel. Privileged Review Record. Board Package. The anchor product for GP board seat protection.

Stage 3
CISI Forensic Deep Dive
Pre-Close Verification

Confirms control state of acquisition target before price is set. Forensic-grade — the same standard the carrier's investigator applies.

Stage 4
CyberRes
Value Creation & Exit Prep

Closes every gap found in Stages 1–3. Sustains the posture through every renewal cycle. Builds the exit diligence defense record.

Three verticals. Specific exposure.
The same forensic standard applies to all.

Healthcare PE — Primary

Healthcare Providers & MedTech

31.3% of healthcare organizations that experienced a significant breach ceased to exist independently. The research is clear on why. The CCSF addresses the same variables the research identified as survivability determinants.

D10-NS · D10-TP · D10-SY active
Financial Services PE — Primary

Financial Services, Platforms & FinTech

FTC Safeguards enforcement is active. DORA requirements are expanding. The compliance-to-forensic gap is structural in this sector — and the Lloyd's nation-state exclusion applies to the most likely threat actor class.

D10-NS · D10-TP active
Manufacturing PE — Secondary

OT-Dependent Manufacturers

OT ransomware is up 87% since 2022. Business interruption policies frequently exclude non-malicious correlated outages — the CrowdStrike scenario. $1.4M per day when production stops is the industry average for OT downtime.

D10-SY critical · D10-TP active

Ready to map the exposure
across your portfolio?

The 30-minute portfolio conversation draws on direct experience in claim denial proceedings — including the specific moment when a GP holding a board seat discovers that a portfolio company's coverage didn't respond. We'll cover your fund's vertical focus and portfolio composition, the specific Domain 10 exposure profile for your sector, how the CCSF program works at the portfolio level, and what the economics look like for your holding count.

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What to have ready Your primary investment verticals, approximate number of relevant portfolio companies, and whether you're looking at pre-close diligence, post-close standardization, or exit preparation
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Response time All portfolio inquiries receive a response within one business day
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Prefer email? [email protected]

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Cybantage Portfolio Program / VC-PE Conversation · 30 minutes