London-based cybersecurity software platform CybSafe has reeled in £3.5m ($4.6m) through its Series A funding round.
The company, which helps organisations reduce human cyber risk by addressing awareness, behaviour, and culture, said the capital will be used to develop its intelligent software platform as well as accelerate revenue generation and growth.
Founded in 2015 and launched to market in 2017, CybSafe helps protect enterprise and SMEs in the UK and 11 other countries around the world. The company provides a cloud-based cyber security software platform which leverages AI, machine learning and advanced data analytics to make changes to employee behaviour.
The cloud-based platform combats threats on topics such as phishing, social media use, public WiFi, malware, identity, passwords and many others.
The rising threat of cybercrime combined with changing data protection legislation, means businesses can no longer turn a blind eye to cyber security awareness, behaviour and culture within their organisations according to Oz Alashe, CEO of CybSafe.
“Boards increasingly recognise cyber security as their most pressing risk, given the significant fines and reputational damage that accompany a successful breach,” he added.
“However, cyber security awareness and training has historically been viewed as a tick-box exercise. Existing programmes – which often focus on knowledge, but don’t cultivate changes in behaviour – are largely ineffective. Through a combination of behavioural science, data analytics, and machine learning capabilities, CybSafe offers companies the ability to dramatically improve their human cyber defences and reduce business risk.”
Over the past year, CybSafe has grown in adoption and sees over 100,000 users and over 140 organisations with access to the platform. The company works with a roster of customers including high-profile businesses from the finance, retail, and legal sectors.
The company is GCHQ-certified and IISP-accredited, and is a RegTech partner of the FCA.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
