Safe Security – a leader in AI-based cyber risk management SaaS platforms – announced the closing of a $50 million Series B round led by Sorenson Capital with participation from Eight Roads (the venture capital arm of Fidelity Investments), Telstra Ventures, WTI, and all existing investors. This funding round brings the company’s total funding to over $100 million.
Given the current macroeconomic climate, cybersecurity teams have been re-evaluating their cybersecurity investments, which are flush with point solutions that do not provide holistic cyber risk visibility and points of attack exposure. Combine those issues with financial pressures, external cyber regulation and guidelines stemming from the White House and regulatory bodies like the SEC and the National Cyber Strategy are forcing organizations across every industry to rethink their cyber risk management strategies.
Legacy solutions have been ill-equipped to respond to these new requirements for real-time, data-driven cyber risk management. And these legacy solutions require organizations to manage multiple spreadsheets and aggregate results, which are highly manual and subjective. So a new approach is now required.
The Safe Security platform is known as the industry’s first AI-driven, real-time solution for managing and mitigating cyber risk. And with this new data-driven approach, Safe provides organizations with an aggregated view of enterprise cyber risk, and cybersecurity teams gain visibility across their entire attack surface, technology, people, and third parties. This visibility enables organizations to move away from a reactive state and take on a predictive posture to understand the likelihood of different cyber risk scenarios. Plus using Safe’s predictive data models, co-developed with MIT, customers are empowered to translate the bits and bytes of cyber risk into dollars and cents.
Safe Security is known as the only cyber risk platform that allows CISOs to evaluate their cyber controls’ efficacy, mapped with the MITRE ATT&CK and D3FEND frameworks. The company also provides an easy-to-understand view of enterprise cyber risk for CEOs and CFOs.
KEY QUOTES:
“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. 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.”
- Saket Modi, CEO and Co-founder at Safe Security
“Discover treats cyber risk as one of the top risks that can have a material impact to our business, and the journey to manage 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.”
- Shaun Khalfan, CISO for Discover Financial Services
“Our partnership with Safe Security is a profoundly important market differentiator. 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.”
- Mark Wheeler, Co-CEO of Global Specialty Carrier, Mosaic Insurance
“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. 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.”
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- Burke Davis, partner at Sorenson Capital
