- latest funding round marks yet another investment in cybersecurity firms
- vision is to help security professionals work collaboratively to solve mission-critical, cybersecurity issues in a transparent way
- Hundreds of customers rely on for critical security decisions
New York, NY: SecurityScorecard, announced today it has raised $27.5 million in Series C funding. Funds from this investment round will be used to bring new solutions to the market and to expand on SecurityScorecard’s position.
“As the world becomes increasingly reliant on the cloud, third-party service providers, and highly distributed infrastructure, enterprises have less visibility and control over mission-critical services as well as their proprietary and customer data,” said Upal Basu, Partner at NGP. Basu, who will be joining the company’s board of directors, further explained, “The SecurityScorecard platform is uniquely positioned to help enterprises gain visibility and control across their IT ecosystem. We are excited to be a part of the SecurityScorecard team and we look forward to helping the company continue its rapid growth.”
The SecurityScorecard platform provides CISOs, security practitioners, risk management professionals, and boards of directors with a comprehensive outside-in view of the security posture of their entire ecosystem, including their own IT infrastructure as well as their third and fourth-party vendors. The platform continuously monitors the security posture enterprises and government agencies across the globe and evaluates them based on hundreds of indicators of compromise. It then assigns an A to F rating and provides security professionals with actionable intelligence that enables them to remediate security vulnerabilities. SecurityScorecard research has shown that companies with a “D” or “F” rating are 5.4 times more likely to be breached than companies with an “A” or “B” rating.
SecurityScorecard is accelerating at a rapid pace with hundreds of enterprises as customers, including some of the most trusted brands in the world. The company has consistently achieved triple-digit year-over-year growth and has established itself in the security ratings space.
“SecurityScorecard’s ability to assess critical data points and accurately depict the overall cybersecurity posture of an organization will provide increasing value in the current breach-weary business environment and will allow organizations to design risk-management solutions, including cyber-insurance products,” said François Robinet, Managing Partner at AXA Strategic Ventures. “We have been impressed by the depth and quality of the technology behind the company and by the robustness of the team. We are excited about an investment in SecurityScorecard and look forward to partnering with the company and help develop applications for the insurance industry.”
“Our vision is to create a new language for how companies strategically address, collaborate on, and measure the cybersecurity posture of their entire ecosystem through security ratings,” said Dr. Aleksandr Yampolskiy, CEO and Founder of SecurityScorecard. “These ratings can be used to report back to the board of directors, continuously monitor third and fourth parties, and more intelligently underwrite cyber insurance policies. In the near future, security ratings will have an impact on credit ratings, overall company valuations, and will become an integral part of every investment and financial decision. This round of funding is a testament to the great work and momentum SecurityScorecard has built.”
