RiskRecon, which provides risk management cybersecurity services for the enterprise, has raised $25m in Series B funding.
The round was led by Accel, with participation from existing investors Dell Technologies Capital, General Catalyst, and F-Prime Capital, and existing individual investors Mickey Boodaei, Rakesh Loonkar, and Paul Sagan. It brings RiskRecon’s total funding to more than $40m, having previously completed a $12m Series A round in June 2017.
RiskRecon claims its platform dramatically improves third-party risk management by delivering transparent security measurements, analytics, and analyst-level insights. The company’s offering helps CISOs, boards of directors and security analysts to continuously evaluate the cyber-risk of the ever-changing IT environments of relevant third parties and provide actionable recommendations to safeguard those extended borders.
“Methods for measuring and controlling third-party risk no longer address the risk realities of the increasingly interconnected organization. They often rely entirely on vendor attestation or stale databases and secondary threat intelligence measurements that do not provide an objective or accurate snapshot of an organization’s security performance,” said Kelly White, CEO of RiskRecon. “By providing timely, objective information to complement the vendor attestation process, we enable clients to better allocate resources and ensure vendor buy-in to corrective actions.”
Its solution discovers a third-party vendor’s entire public IT footprint and produces actionable security assessments, providing not just summary information but also all supporting evidence, remediation priorities and vendor collaboration.
RiskRecon enables its clients to continuously monitor vendor security performance across 50 unique security criteria that map directly to industry-recognized security measurement standards and frameworks.
“Globalisation, outsourcing and cloud computing have dramatically expanded the cybersecurity attack surface of any G2000 enterprise beyond the enterprise’s traditional IT borders to the borders of its partners and vendors. A robust cybersecurity program should therefore consider the security measures and standards of these third parties,” added Deepak Jeevankumar, managing director of Dell Technologies Capital.
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