LONDON AND SAN FRANCISCO–(BUSINESS WIRE)–June 6, 2022–
CybSafe at RSA – CybSafe, the cybersecurity software company that uses behavioral science and data science to transform human security awareness and cyber risk management, announced that it has closed a $28 million Series B funding round. dollars, bringing its total funding to $40 million.
The round was led by Evolution Equity Partners, with participation from Emerald Development Managers and existing investors IQ Capital and Hannover Digital Investments (HDI) GmbH.
This investment is the result of CybSafe’s continuous innovation and pioneering approach to human cybersecurity risk management. Since its Series A, CybSafe has experienced significant customer growth, adding key corporate accounts to its impressive client list, now including Credit Suisse, Barclays Bank, HSBC, FNZ Group and Moody’s. In addition, CybSafe has also made it its mission to strengthen its team. Its new Marketing Director, Munyaradzi Hoto, recently joined the team to drive growth and international expansion.
This also follows CybSafe’s recognition as a global market leader by independent market research firm Forrester. According to Forrester Wave Report, CybSafe is disruptive with its data-driven approach to managing human risk and is credited with having “pioneered a new approach to SA&T (safety awareness and training) that uses data and metrics to change behaviors and inculcate a culture of safety”.
An estimated 80% of data breaches in 2021 were caused by human error according to CybSafe’s ICO analysis. Organizations need to address behavior to develop a culture of safety. Yet most security teams still cannot quickly assess the impact of their security controls on user behavior or the associated cyber risk.
CybSafe will use the Series B investment to further its mission of helping customers change human behavior and reduce cybersecurity risk through behavioral and data science to prevent security incidents. Additionally, to accelerate its product development, it will expand its team, across all roles, including cybersecurity specialists, behavioral scientists, data scientists and software engineers. He will also focus on expanding go-to-market activities in new geographies, including the US market.
Oz Alashe MBE, former Lieutenant Colonel in the UK Special Forces and CEO and Founder of CybSafe, said: “Cybersecurity has always been a challenge. Keeping up today is more complex than before. And not keeping pace has more serious consequences. This did not go unnoticed. Cybersecurity is a top priority for many boards, with companies spending more time and money on it. Recent research from CybSafe and the National Cyber Security Alliance found that 1 in 3 people have experienced a cyber breach. In addition, 1 in 5 people have been victimized more than once. For too long, cybersecurity training has overlooked people, had no scientific basis, and provided no data to prove its effectiveness. We’re here to revolutionize that by helping businesses reduce risk by positively influencing behavior in a way that can be measured.
Karthik Subramanian, Partner at Evolution Equity Partners, said, “We invest in founders delivering disruptive cybersecurity offerings that are reinventing the way companies approach the growing depth and breadth of cyber threats. CybSafe’s disruptive approach tackles a complex problem with a simple solution. They design their products with the user in mind, ensuring they address the cause rather than just treating the symptoms of cyber risk. CybSafe goes far beyond traditional compliance-focused approaches to security awareness and instead focuses on truly reducing human cyber risk.
Hastings Direct is one of many financial organizations that have adopted CybSafe into their practices. Simon Legg, Director of Information Security at Hastings Direct, said: “We chose CybSafe because we believe it offers us a way to address the human side of cyber risk beyond training. traditional, compliance-based and mandatory in information security. Among other things, we wanted great insight and visibility into user attitudes and safety behaviors and appreciate CybSafe’s use of data and a scientific framework to provide effective support to our colleagues. This new round of investment is fantastic news, and I look forward to seeing how CybSafe develops the platform further.”
CybSafe is a behavioral science and data analytics company that designs software to help organizations manage human cyber risk. The CybSafe software platform tracks and measures security behavior to improve security controls and awareness activities. It provides instant, personalized support to users and enables security teams to reduce risk in changing environments. CybSafe is used by over 350 organizations in 15 countries and is accredited by NCSC and CIISec.
CybSafe hosts the annual PeepSec Summit, an official London Tech Week event and the UK’s premier event focusing on the people, culture and social aspects of cybersecurity. For more information, please visit www.cybsafe.com.
About Evolution Equity Partners
Evolution Equity Partners, based in Palo Alto, New York, London and Zurich, invests in fast-growing technology companies by helping exceptional entrepreneurs grow market-leading businesses. The company is focused on cybersecurity and adjacent enterprise software markets and its partners have been involved as founders, investors and senior operating executives in leading software companies around the world. Learn more about www.evolutionequity.com and follow us on LinkedIn and Twitter.
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PUBLISHED: 06/06/2022 11:31 AM/DISC: 06/06/2022 11:31 AM