What we do
The EIF in 2020
Coronavirus: The EIB Group’s initiatives to address its economic consequences
Pan-European Guarantee Fund – EGF
Institutional investors
Equity products
AI Co-Investment Facility
Climate & Infrastructure Funds
Technology Transfer
European Angels Fund (EAF) - Co-investments with Business Angels
Venture capital
The Social Impact Accelerator (SIA)
Lower mid-market
Mezzanine Facility for Growth
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
Private equity secondary market transactions
EIF-NPI Equity Platform
ESCALAR Programme
Debt products
New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
Cultural and Creative Sectors Guarantee Facility (CCS GF)
ENSI - Securitisation Initiative
Erasmus+ Master Loan Guarantee Facility
Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
The SME Initiative
The SME Initiative Bulgaria
The SME Initiative Finland
The SME Initiative Italy
The SME Initiative Malta
The SME Initiative Romania
The SME Initiative Spain
Inclusive finance
EaSI Financial Instruments
EaSI Capacity Building Investments Window
EaSI Guarantee Instrument
EaSI Funded Instrument
European Progress Microfinance Facility
Entrepreneurs supported through Progress Microfinance
European Fund for Strategic Investments (EFSI)
How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
Croatian Growth Investment Programme (CROGIP)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
Dutch Venture Initiative (DVI-II)
ESIF Fund-of-Funds Greece
EAFRD FoF Portugal
EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
The LfA-EIF Facilities
The German Future Fund (GFF) - EIF Growth Facility
INAF – French National Agricultural Initiative
ESIF Energy Efficiency and Renewable Energy Malta
Regional Fund-of-Funds Romania
ESIF Fund-of-Funds Czech Republic
The Silesia EIF Fund of Funds
La Financière Région Réunion
The EIB Group Risk Enhancement Mandate (EREM)
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
Luxembourg Future Fund (LFF)
Mezzanine 'Fund of Fund' for Germany (MDD)
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)

Cyberhedge: translating cyber-speak into CFO


“If the primary asset of your company is oil, gas or minerals, you will probably spend a lot of time and resources on protecting it, right? Studying the geology, politics, the technology, and taking steps to make it more secure. But what happens if your primary asset is data? I started asking around and it didn’t take long to see that there’s really no standard approach to protecting “data as an asset”. That was our niche,” explains Ryan Dodd, founder of Cyberhedge, a Luxembourg-based start-up focusing on cybersecurity.

“By combining data we’ve gathered on over 5000 companies with real-time financial modelling, we can instantly assess your cyber-management performance against your competition, as well as the resources dedicated to cybersecurity relative to the risk, which we also quantify. The result is a financially prioritized action plan to help reduce the amount of cyber value at risk. This goes beyond just technical recommendations, and we will spell it out in the right way. Management often doesn’t speak cyber, so we speak CFO and translate our cyber assessments into relevant value metrics in a language that management understands,” he adds.

In 2015, Ryan, originally from Oklahoma, was an institutional shareholder in companies whose data and software code was the primary source of their value. Frustrated by corporate boards’ inability to clearly report to him and other shareholders on how their executives were managing and protecting their companies’ valuable data, he began creating financial models to help ‘hedge out cyber risk’. These models were the first step in creating Cyberhedge.

Cybersecurity is a very real and immediate risk in today’s business environment. Why? “Partly because it’s invisible, but also partly because we’ve never paid enough attention to security as a strategic issue. Everyone talks about the digital transformation, about technology powering value, and we spend vast amounts on IT systems and digitalisation, but how much have we spent, collectively, on protection? Not enough. It’s very insecure.”

Ryan set up shop in Luxembourg, at the heart of Europe’s financial system. “Europe is leading the way when it comes to cybersecurity and we wanted to be close to the decision-making, to have a good understanding of the regulatory environment,” he explains. In 2018, an important equity investment from the Luxembourg Future Fund, backed by the EIF, allowed Ryan to build up his team, doubling his staff numbers. “We were able to build up our data science lab in Luxembourg and develop our product further. Now we can offer instant analysis and relative positioning for our clients across Europe and the US. With time, people are becoming more aware of this issue and we are in a good position to grow. Starting up a business is never easy, especially when you put everything you have into it, but if you have a deep conviction about your view or your idea, you can keep moving forward even in the toughest of moments.”

Company: Cyberhedge

Type of business: ICT, finance

EU financing: Luxembourg Future Fund (LFF)

Financial intermediary: Luxembourg Future Fund

For further information abiout EIF intermediaries in Luxembourg, please refer to:


We use cookies to give the best browser experience on our website. or change cookie settings.

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


Copyright ©

 European Investment Fund   – The European Investment Fund is not responsible for the content of external internet sites.