Britain: Today CybSafe, a startup that’s transforming the way organizations manage human cyber risk, today announced an approx. €6.3 million Series A1 round. The round was led by deep tech investors IQ Capital, with participation from Hannover Digital Investments GmbH (HDI Group) and B8 Ventures. This investment comes as a result of the company’s continued momentum, its pioneering use of both data and behavioral science, and the growth of the market opportunity.
The fresh funds will be used to enhance the go-to-market capability, deepen technology and research capability, and further disrupt the industry’s approach to managing human risk. Founded in 2017, Cybsafe uses audit data from multiple systems (such as Gsuite & Azure) to help manage human cyber risk. Aiming to transform the industry’s understanding of people-related risk, the team is working on the prediction of human risk before it even materializes.
Cybsafe warns that data breaches are at an all-time high and that the human aspect of cybersecurity has never been more important. People are universally recognized as a critical part of the cyber resilience challenge and, as the startup explains, account for 90% of breaches. It’s clear that human security behaviors matter, but most security teams still can’t easily assess the impact their security controls have on user behavior or cyber risk.
CybSafe is already available in 9 languages and is used by over 350 organizations in 15 countries. The company is focused on expanding its enterprise and mid-market client base and seeks to build on an already impressive customer list that includes Credit Suisse, Air Canada, HSBC, and NHS Trusts.
Oz Alashe MBE, former UK Special Forces Lieutenant Colonel and the CEO and founder of CybSafe, explained: “We believe in people. And we passionately believe in the impact data and behavioral science can have on human cyber risk management. Our platform is for organizations who ultimately want to do more than rely just on e-learning and phishing simulations. It’s a platform that can grow with them through to when they are ready to measure security behavior change.