Cybersecurity platform CybSafe said to close $7.9m Series A

Cybersecurity software platform CybSafe has reportedly netted $7.9m in its Series A funding round, which was led by IQ Capital.

Additional contributions came from Hanover Digital Investments and B8 Ventures, according to a report from TechCrunch.

Funds will be used to focus on expanding its enterprise and mid-market client base, the article said.

Founded in 2015, the cybersecurity company launched its services in 2017 and helps businesses safeguard their operations. Its behaviour-based model tracks user interactions and helps them improve their cybersecurity awareness to reduce the rate of incidents.

Its awareness hub gives personalised awareness training, security advice and threat updates to users, ensuring each user is given the support they need to improve security behaviour.

The company previously raised £3.5m in a round back in 2018. Funds were raised to support the development of its software platform.

Cybersecurity is still one of the main worries for bankers in the US. Research from Computer Services Inc found that 34% of bankers worry about cybersecurity and 19% said that meeting customer exceptions where their biggest focus in 2021.

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