Safe Security, a California-based provider of AI-driven cyber risk management SaaS platforms, has secured a $50 million Series B funding round, bringing total funding to over $100 million.
The funding round was led by Utah-based Sorenson Capital (also backed Harness) and participated in by Eight Roads, the venture capital arm of Fidelity Investments, Telstra Ventures, and WTI, as well as existing investors.
The funds will help the US company to assist in expanding its AI-driven cyber risk management offerings, assisting businesses of all sizes in managing and reducing cyber risk more effectively.
Why Safe Security?
With the current economic climate, cybersecurity teams are re-evaluating their cybersecurity investments, which are loaded with point solutions that do not offer a comprehensive view of cyber risk and points of attack exposure.
External cyber regulation and guidelines from the White House and regulatory organizations such as the SEC and the National Cyber Strategy are adding to the pressure on businesses in every sector to rethink their cyber risk management strategies.
Legacy solutions are not well equipped to handle these new requirements for real-time, data-driven cyber risk management.
These outdated methods are no longer effective, and a new approach is needed.
“Tailwinds from regulators, cyber insurance, and boards to understand and quantify cyber risk in an aggregated and granular manner are propelling Safe into this exponential growth phase. Despite economic headwinds, Safe has been growing over 200% for three consecutive years. We are seeing companies across all industries requiring a new approach to quantifying cyber risk in a way that can be communicated across internal stakeholders, boards, government regulations, cyber insurance underwriters, and across the third-party vendor ecosystem,” said Saket Modi, CEO, and Co-founder at Safe Security. “As we enter this next milestone in the company’s journey, we are focusing on continuing to innovate ahead of the market and lead the charge with the industry’s only real-time, data-driven platform for managing and mitigating cyber risk.”
Managing cyber risk
Founded by Saket Modi, ViditKumar Baxi, and Rahul Tyagi, Safe Security platform is the industry’s first AI-powered, real-time solution for managing and reducing cyber risk.
With this new data-driven approach, Safe provides companies with a unified view of enterprise cyber risk, allowing cybersecurity teams to see their entire attack surface, including technology, people, and third parties.
This transparency allows organisations to shift from a reactive posture to a predictive posture, assessing the likelihood of various cyber risk scenarios.
Customers can use Safe’s predictive data models, developed in collaboration with MIT, to translate cyber risk into monetary terms.
Safe is the only cyber risk platform that allows Chief Information Security Officers (CISOs) to evaluate the effectiveness of their cyber controls, mapped with the MITRE ATT&CK and D3FEND frameworks.
Furthermore, it provides a clear understanding of enterprise cyber risk for CEOs and CFOs.
Shaun Khalfan, CISO for Discover Financial Services, says, “Discover treats cyber risk as one of the top risks that can have a material impact on our business, and the journey to managing that risk starts from knowing where it stands at any given time. The SAFE platform provides us with a much easier onboarding experience and objectively showcases the risk of business-critical applications and assets. I think cyber risk quantification platforms like SAFE will soon become a must-have for security/business leaders and board members for publicly traded companies.”
“Our partnership with Safe Security is a profoundly important market differentiator,” said Mark Wheeler, Co-CEO of Global Specialty Carrier, Mosaic Insurance. “Safe’s leading technology will enable us to introduce the next generation of cyber underwriting, based on real-time, inside-out data. Their unique analytics, combining exposure assessment with threat valuation, equips our team with invaluable, game-changing information. It’s truly exciting.”
“Managing cyber risk is at a critical inflection point. There is a huge market opportunity for a horizontal layer across the entire cyber stack for managing risk,” said Burke Davis, partner at Sorenson Capital. “We invested in Safe because it is uniquely positioned to assume this leadership role in this new category with its real-time AI-driven approach.”
Image credits: Gorodenkoff/DepositPhotos
