Egerie, a cyber risk company, has raised €30m in a funding round backed by investors in the insurance and cybersecurity spaces.
The round was backed by Tikehau Capital, TIIN Capital, Open CNP and Banque des Territoires.
Egerie has developed a model that links companies’ data assets with associated business risks. In the example of a sales process, the platform can evaluate and adjust risk responses in real time, based on the evolution of threat landscape, hardware, software, suppliers, and previously unknown security vulnerabilities.
The firm provides customers with a complete ‘digital twin’ of all their information assets and processes. And thanks to the decision-making capabilities of ‘the equation’, they can formulate effective cybersecurity strategies and calculate ROI.
Through Egerie, executives can understand and quantify their companies’ cyber risks. They can also precisely calculate the return on investment of the actions taken to mitigate the risk. This knowledge is a valuable corporate asset for shareholders, investors, and partners.
Egerie’s next priority will be growth across Europe. The advantage of the firm’s model is that it is continuously improving – the more customers who adopt the model and use “the equation”, the more accurate it becomes in quantifying the related risks.
Egerie CEO and founder Jean Larroumets said, “We can now model the financial and operational consequences of specific vulnerabilities on a given business process in real time. All parameters of a risk are linked in our model, which we call ‘the equation’. We’ve been perfecting it for a decade, and it is now stable.
“Our platform considers every possible corrective action to a malicious attack, and automatically recalculates the risk level. With 300 clients in 90 countries, including Veolia, Orange, and Accenture, Egerie now has thousands of cyber-oriented risk models for multiple digital environments or specific business functions and industry sectors that feed the ‘equation’.”
Pierre Oger – Egerie VP and founder – added, “With this new fundraising, we’ll continue to invest in automation of data recovery, and we will develop specific reporting functionality for insurers. These new features will be even more valuable when the European directive NIS 2 (Network Internet Security) comes into force in October 2024, obliging companies to have effective security measures to mitigate the risk of malicious attacks.”
Sandbar, a provider of AML, fraud and counter-terrorism risk detection software, has scored $4.8m in seed funding.
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