Safe Security, a frontrunner in AI-driven cyber risk management SaaS platforms, has proudly announced a successful $50M Series B funding round. Spearheaded by Sorenson Capital, the round also saw participation from Eight Roads, the venture capital arm of Fidelity Investments, Telstra Ventures, WTI, and existing investors. This financial milestone brings the company’s total funding to $100M.
As the macroeconomic climate evolves, cybersecurity teams worldwide are reassessing their investments, which are loaded with point solutions that lack holistic visibility of cyber risks and attack exposure points. Moreover, external cyber regulations and guidelines from authorities like the White House, SEC, and the National Cyber Strategy are influential organizations across all industries to rethink their cyber risk management tactics.
Traditional solutions need help to adapt to these new real-time, data-driven cyber risk management requirements. These outdated solutions necessitate organizations to handle multiple spreadsheets and aggregate results, proving to be highly manual and subjective. This approach just doesn’t cut it anymore, and a fresh solution is desperately needed.
Saket Modi, CEO and Co-founder at Safe Security shed light on the company’s rapid growth and the market’s changing demands. “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,” he said.
Safe Security’s platform is the first AI-driven, real-time solution for managing and mitigating cyber risk in the industry. This data-driven approach offers organizations an aggregated view of enterprise cyber risk, giving cybersecurity teams complete visibility across their entire attack surface, encompassing technology, people, and third parties. This newfound insight allows organizations to transition from a reactive state to a predictive one, understanding the likelihood of various cyber risk scenarios. In addition, safe’s predictive data models, co-developed with MIT, empower customers to translate cyber risk into actual financial figures.
Safe is currently the only cyber risk platform enabling CISOs to evaluate their cyber controls’ efficacy, mapped with the MITRE ATT&CK and D3FEND frameworks, while providing CEOs and CFOs with an easily digestible view of enterprise cyber risk.