SecurityScorecard, the most accurate cybersecurity rating and continuous risk monitoring platform, announced today it has raised $20M in Series B funding. The financing round was led by GV (formerly Google Ventures) with participation from existing investors Sequoia Capital, Evolution Equity Partners, Boldstart Ventures, as well as new investor Two Sigma Ventures.
The funding will fuel SecurityScorecard’s continued scale and innovation delivering cybersecurity ratings.
Since its launch in 2013, SecurityScorecard has established itself as the leading cloud cybersecurity provider to address the increasing risk of data breaches, which has grown exponentially by the year. Having developed the industry’s most accurate rating of security risk, SecurityScorecard helps organizations gain operational command of the security posture for themselves and across all of their partners and vendors.
SecurityScorecard takes a unique and highly effective approach to cybersecurity, identifying vulnerabilities from an outside perspective the same way a hacker would. Built on SecurityScorecard’s award winning ThreatMarket™ vulnerability search engine, 70 percent of the platform data is proprietary and many of its data collection techniques are patented. Over 100,000 companies are actively tracked and users can instantly add any company by simply providing a domain name or URL. The platform can automatically detect vendors an organization is doing business with and immediately begin monitoring their overall rating. Custom alerts can be set for rating changes or vulnerabilities that may arise based on user defined thresholds.
“Search engines crawl and index web pages across the internet. In a similar fashion, SecurityScorecard continuously surveys, analyzes, and indexes vulnerabilities across the entire internet to determine the security posture for every organization worldwide.” says Dr. Aleksandr Yampolskiy, CEO of SecurityScorecard. “We are excited to partner with GV [formerly Google Ventures] and leverage their deep expertise in building and scaling great companies.”
Only SecurityScorecard discovers and computes security ratings based on Application Security, Patching Cadence, Network Security, Hacker Chatter, Social Engineering, Passwords Exposed, Cubit Score™, on top of Malware, and other data points to provide the most accurate risk assessment available. The platform can also determine how well a company is adhering to ISO, SIG, SIG Lite, and PCI security compliance standards.
As part of the financing, Karim Faris and Tom Mendoza will be joining SecurityScorecard’s Board of Directors. Faris is General Partner at GV, and leads the firm’s investments in enterprise and security. Mendoza is a seasoned business executive and serves as Vice Chairman of NetApp. Mendoza will represent Sequoia Capital on the SecurityScorecard Board of Directors. Richard Seewald, Managing Partner at Evolution Equity Partners will continue to represent his firm on the SecurityScorecard Board of Directors.
“We see SecurityScorecard as a transformational solution that addresses the cybersecurity pandemic,” said Karim Faris. “Organizations need a solution that provides continuous, reliable, and actionable security intelligence and SecurityScorecard will lead this paradigm shift.”
According to SecurityScorecard’s platform intelligence, malware issues have been detected in more than 65 percent of companies in the past 90 days alone, and an alarming 12 percent of companies have had passwords leaked or compromised.
“SecurityScorecard is forever changing the way in which organizations engage and protect themselves with regard to cybersecurity,” said Tom Mendoza, Vice Chairman of NetApp. “They look at organizations from the outside in and observe company weaknesses with the same precision that hackers do. SecurityScorecard provides a unique and effective solution to a massive problem and is poised for tremendous growth.”
SecurityScorecard currently offers four use cases for its platform:
- Vendor Risk Management: to understand risk and identify vulnerabilities among partners and vendors
- Board of Directors: to validate whether security investments are reducing overall risk and to evaluate against peers and competitors
- Mergers & Acquisitions: to perform due diligence on merger and acquisition targets in addition to tracking portfolio companies
- Cyber Insurance: to enable brokers to understand risk with writing a cyber insurance policy and to reduce aggregate portfolio risk
SecurityScorecard was founded in 2013 by two former Chief Information Security Officers, Dr. Aleksandr Yampolskiy and Sam Kassoumeh. The company began modestly with two people when it launched and has since grown to a team of over 80 highly-skilled, security employees including: front- and back-end developers, threat intelligence experts, white hat security researchers, malware reverse engineers, and data scientists. With over 100 customers, many from the fortune 500, and a growth rate exceeding 400% year over year, they are primed to become the cybersecurity rating standard.
To receive a free SecurityScorecard assessment and consultation for your business, visit instant.securityscorecard.com.