Safe Security announced that it has raised $33 million in a fundraising round led by London-based British Telecom (BT). Safe Security is an industry-leading cyber risk management service firm. Their SAFE (‘Security Assessment Framework for Enterprises’) technology, based in Silicon Valley, allows businesses to assess their current defenses and determine their risk of being hit by a large cyber attack. The financing included previous investors, including John Chambers, the former Chairman and CEO of Cisco Systems.
Industry analysis estimates that the cost of global cyber crime reached over US$1 trillion in 2020, as criminals exploited seismic changes in everyday life to target both individuals and organizations of all sizes. With high-profile recent incidents impacting critical areas such as energy infrastructure and medical care, businesses and governments are under huge pressure to objectively assess how protected they are against the latest forms of cyber attack.
With the investment, BT will be able to combine the SAFE platform with its industry-leading managed security services to give clients a real-time perspective of how safe they are in the face of an ever-changing cyber threat scenario. SAFE is the only company that can calculate the financial cost of a customer’s risk and provide proactive advice on how to solve it. The technology, which already defends a number of Fortune 500 firms and governments around the world, enables organisations to precisely target vulnerabilities in their defences.
“Cyber security is now at the top of the agenda for businesses and governments, who need to be able to trust that they’re protected against increasing levels of attack. Adding SAFE to BT’s proactive, predictive security services will give customers an enhanced view of their threat level, and rapidly pinpoint specific actions needed to strengthen their defences. Already one of the world’s leading providers in a highly fragmented security market, this investment is a clear sign of BT’s ambition to grow further,” said Philip Jansen, Chief Executive of BT.
“We’re delighted to be working with a proven global security leader in BT. Their investment and strategic partnership with Safe Security will further accelerate our vision of making SAFE scores the industry standard for measuring and mitigating cyber risks. By aligning BT’s global reach and capabilities with SAFE’s ability to provide real-time visibility on cyber risk posture, we are going to fundamentally change how cyber security is measured and managed across the globe,” said Saket Modi, Co-founder and CEO of Safe Security.
BT will be given exclusive rights to use and market SAFE to companies and public sector organisations in the UK as part of this investment, and the platform will be integrated into its wider worldwide portfolio. BT will be identified as the preferred global partner for enhancing a customer’s SAFE score due to its experience in offering security solutions to organisations all over the world. BT will also collaborate with Safe Security on future product development.