RiskLens, a software developer for assessing, communicating, and coping with a cyber chance, announced Monday it had raised more than $20 million from traders. Spokane, WA-based RiskLens says it plans to use some of the Series B funding spherical proceeds to amplify its sales, advertising, engineering, and professional offerings groups. They’ll find paintings to try to seize a bigger portion of the global marketplace for cyber protection products and services, which is expected to be worth more than $180 billion through 2021, in line with a projection with the aid of Zion Market Research.
Paladin Capital Group, based in Washington, D.C., led the round. Two different agencies that had previously sponsored RiskLens joined Paladin: Philadelphia-based Osage Venture Partners and Dell Technologies Capital, centered in the Bay Area. Other participants included new investors F-Prime Capital Partners and MassMutual Ventures, both based in Boston.
RiskLens says its software helps customers set up quantitative, financially oriented applications for dealing with a cyber chance. The organization’s products are designed to help company executives and cyber danger teams prioritize cybersecurity initiatives in component via quantifying the risks they face in economic phrases.
“There is still a dire need to cope with and communicate cyber risk on the executive level in big companies,” Gaurav Tuli, a partner at F-Prime Capital, says in an organized declaration.
Quantifying cyber danger has long been the area of lecturers and organizations selling cyber insurance policies, according to a 2018 document via Global Cyber Risk Quantification Network. However, that’s changing; the record notes that “software groups, banks, businesses, and governments are increasingly using quantification strategies.” RiskLens may want to remain a few beneficiaries, as greater organizations don’t forget to purchase digital tools to quantify—and limit exposure to—cyber risks.
RiskLens says that almost one-0.33 of the largest 1,000 US businesses use its software program as measured by annual sales. According to its website, RiskLens’ clients encompass Doordash, E-Trade (NASDAQ: ETFC), Fannie Mae, and Sutter Health. Another RiskLens client is MassMutual (brief for Massachusetts Mutual Life Insurance Company), which operates MassMutual Ventures.
According to a report in the Insurance Journal posted in January on trends in cybersecurity, some insurers “understand they have un-quantified exposures” and are now searching out the merchandise they can use to quantify them. Part of the intention is to limit future economic harm, such as the 2017 ransomware assault on FedEx (NYSE: FDX), Maersk, and other businesses. It’s predicted the attack will value the insurance industry as much as $three billion, consistent with the Insurance Journal report. RiskLens formerly raised $5 million from investors in a Series A funding spherical years ago.
