Investment comes as regulators and insurers push executives to quantify their companies’ cyber risks
Cybersecurity company Safe Security has raised $50 million in Series B financing as insurers and regulators drive efforts to assess cyber risk, boosting interest in its wares.
The Palo Alto, Calif.-based company, whose formal name is Safe Securities Inc., makes software that quantifies the probability of breaches and their likely impact by pulling data from a company’s existing cybersecurity products and analyzing gaps in defenses.
Safe Security started in 2012 as a “hacking company” that businesses would hire to find vulnerabilities, said Chief Executive Saket Modi, adding that its exploits included showing banks “how to transfer money from any account to any account” and booking airline tickets for a dollar.
Mr. Modi said the company decided to switch to creating and selling software in 2018, after consistently finding company executives didn’t have a firm handle on their cybersecurity risks.
Cybersecurity company Safe Security has raised $50 million in Series B financing as insurers and regulators drive efforts to assess cyber risk, boosting interest in its wares.
The Palo Alto, Calif.-based company, whose formal name is Safe Securities Inc., makes software that quantifies the probability of breaches and their likely impact by pulling data from a company’s existing cybersecurity products and analyzing gaps in defenses.
Safe Security started in 2012 as a “hacking company” that businesses would hire to find vulnerabilities, said Chief Executive Saket Modi, adding that its exploits included showing banks “how to transfer money from any account to any account” and booking airline tickets for a dollar.
Mr. Modi said the company decided to switch to creating and selling software in 2018, after consistently finding company executives didn’t have a firm handle on their cybersecurity risks.
– WSJ PRO