SecurityScorecard, a cybersecurity risk-monitoring platform, announced it has raised $27.5 million in series C financing. The financing round was driven by Nokia Growth Partners, with cooperation from Moody’s Corp.., AXA Strategic Ventures and Intel Capital. Existing financial specialists Sequoia Capital, Google Ventures, Boldstart Ventures, Two Sigma Ventures and Evolution Equity Partners also took part. Money raised from this investment round will be utilized to convey new solutions for the market and to develop SecurityScorecard’s position as the security-rating pioneer.
“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.”
SecurityScorecard enables companies to oversee security risks around their cloud-based frameworks by distinguishing vulnerabilities from a hacker’s point of view. It also looks into third-party vendors with whom the company is working in order to discover any shortcomings on their side. SecurityScorecard then appoints appraisals from “A” to “F” to enable security staff to address the most dangerous vulnerabilities and assess associations.
On the off chance a third-party vendor is given an “F” rating, for instance, it indicates that the company should consider changing suppliers. With the monstrous Equifax information break still front of mind for everybody and the fact that the worldwide cybersecurity workforce is projected to be short by almost 2 million individuals by 2022, it doesn’t come as a shock that cybersecurity has risen to be a noteworthy concentration of venture capital.
“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 Nokia Growth Partners. “The SecurityScorecard platform is uniquely positioned to help enterprises gain visibility and control across their IT ecosystem.”
SecurityScorecard has gained quite a stance with several undertakings that include big brands. The organization has reliably accomplished triple-digit year-over-year development.
“Cybersecurity is an area of growing importance for companies worldwide, and SecurityScorecard has developed an innovative platform that helps organizations identify, benchmark and monitor their cybersecurity profile,” said David Platt, head of corporate development at Moody’s Corp.