Behavioral security and data analytics startup CybSafe raises $28M
Behavioral security and data analytics startup CybSafe Ltd. has raised $28 million in new funding to accelerate its product development, grow its headcount and expand into the U.S. market.
Evolution Equity Partners led the Series B round, with Emerald Development Managers, IQ Capital and Hannover Digital Investments also participating. Including the new funding, The company has raised $40 million to date.
Founded in 2015, Cybsafe offers cybersecurity and data analytics software that generates data-driven and science-based interventions that reduce human cyber risk. The software provides virtual cyber assistance, scientifically proven behavior change and personalized nudge interventions to enable clients to address cyber awareness and meet their compliance requirements.
The CybSafe platform tracks and measures security behavior to improve security controls and awareness activities. It delivers instant, personalized support for users and enables security teams to reduce risk in changing environments. The platform helps people recognize risky behavior, offers on-demand cyber support and assistance to users via desktop or mobile and provides a library of tutorials, support material, news and expert security advice.
CybSafe has a dedicated behavioral science team that are experts in psychology, cybersecurity and cybercrime that focuses on research and analysis to provide insights and best practices for changing behavior. The company claims to have the world’s most comprehensive security behavior database that contains insights on every security behavior known to reduce human cyber risk.
CybeSafe’s platform also offers data, metrics and reporting to allow security professionals to predict areas of vulnerability and make smarter security decisions.
The company says it has seen strong growth, having added key enterprise accounts since it last raised venture capital in January 2021. Notable clients include Credit Suisse Group AG, Barclays Bank PLC, HSBC Holding plc, FNZ Group, Moody’s Corp. and the U.K. National Health Service.
“For too long, cybersecurity training has forgotten people, lacked any scientific basis and provided no data to evidence its effectiveness,” Oz Alashe, founder and chief executive officer of CybSafe, said in a statement. “We are here to revolutionize this by helping businesses reduce risk by positively influencing behaviors in a way that can be measured.”
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