Info-tech

Cybersecurity firm Safe Security raises $33 million in funding round led by British Telecom

Our Bureau Mumbai | Updated on July 21, 2021

The company’s security platform enables organisations to surgically target gaps in their defences

Safe Security (formerly called Lucideus), a cyber risk management firm, has raised $33 million in a fresh funding round led by British Telecom.

Headquartered in Silicon Valley, the company’s SAFE (‘Security Assessment Framework for Enterprises’) platform allows organisations to take a health check of their existing defences and understand the likelihood of suffering a major cyber attack.

The platform ultimately enables organisations to surgically target gaps in their defences. It currently protects multiple Fortune 500 companies and governments around the world, BT Group said in an official release.

Industry analysis estimates that the cost of global cybercrime totalled over $1 trillion in 2020 as criminals exploited the massive changes brought about by the Covid-19 pandemic. With recent high-profile incidents impacting critical areas such as energy infrastructure and medical care, businesses and governments are under pressure to objectively assess how protected they are against the latest forms of cyber attack.

The investment will allow BT to combine the SAFE platform with its managed security services to provide customers a real-time view of how safe they are against an incredibly fast-moving cyber threat landscape.

As part of this investment, BT will be granted exclusive rights to use and sell SAFE to businesses and public sector bodies in the UK and will incorporate the platform within its wider global portfolio. The telecom giant will also be designated as the recommended global partner for improving a customer’s SAFE score. BT will also work collaboratively with Safe Security to develop future products.

Saket Modi, Co-founder and CEO of Safe Security, said, “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 cybersecurity is measured and managed across the globe,” added Modi.

Philip Jansen, Chief Executive of BT, said, “Cybersecurity 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.”

Published on July 21, 2021

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