SecurityScorecard, a NYC-based cybersecurity rating and continuous risk monitoring platform, raised $20M in Series B funding.
The round was led by GV (formerly Google Ventures) with participation from existing investors Sequoia Capital, Evolution Equity Partners, Boldstart Ventures, as well as new investor Two Sigma Ventures. In conjunction with the funding, Karim Faris, General Partner at GV, and Tom Mendoza, Sequoia Capital, will be joining SecurityScorecard’s Board of Directors.
The company intends to use the funds to accelerate growth and innovation.
Founded in 2013 by Aleksandr Yampolskiy and Sam Kassoumeh, SecurityScorecard provides a cloud cybersecurity platform that that addresses the risk of data breaches via a rating of security risk based on Application Security, Patching Cadence, Network Security, Hacker Chatter, Social Engineering, Passwords Exposed, Cubit Score™, on top of Malware, and other data points.
The platform – which is built on a vulnerability search engine that tracks over 100,000 companies and enables users to add any company by providing a domain name or URL, automatically detects vendors an organization is doing business with and immediately begins monitoring their overall rating.
The solution can also determine how well a company is adhering to ISO, SIG, SIG Lite, and PCI security compliance standards while custom alerts can be set for rating changes or vulnerabilities that may arise based on user defined thresholds.
The company currently has over 100 customers, with use cases including vendor risk management to understand risk and identify vulnerabilities among partners and vendors, board of directors to validate whether security investments are reducing overall risk and to evaluate against peers and competitors, mergers & acquisitions to perform due diligence on merger and acquisition targets in addition to tracking portfolio companies, cyber insurance to enable brokers to understand risk with writing a cyber insurance policy and to reduce aggregate portfolio risk.