Safe Security, a Palo Alto-headquartered cyber risk management company established in 2012, recently acquired $33 million in capital via a round that was led by BT Group Plc, which is notably one of the United Kingdom’s largest telecommunications and network service providers.
Safe Security, with its Security Assessment Framework for Enterprises (SAFE) platform, enables businesses or companies with monitoring their cybersecurity while gaining an understanding of the actual chances or probability of experiencing a serious cyberattack. The firm’s software determines the financial cost to clients’ risks and offers actionable insights on the measures they can take to avoid such attacks
The investment received by Safe Security will help BT with combining the SAFE platform with its managed security services in order to provide clients a real-time view of how safe the clients are in an online environment.
Additionally, BT will be receiving the exclusive rights to utilize and market SAFE to firms and the public sector organizations based in the UK. The company will be integrating the platform within its larger international suite of products. BT confirmed that it will also work closely with Safe Security to create other products.
Cybersecurity is at the top of the priority list for companies as well as government agencies, which need to trust that they’re being protected against serious attacks, according to BT CEO Philip Janser.
He also noted that by adding SAFE to BT’s proactive, predictive security services, the customers should get a detailed view of their threat-levels and the software will identify certain actions required to solidify a company’s online cybersecurity strategy. He added that they’re one of the world’s most established providers in a fragmented security market. And this new investment is a sign of BT’s goal to keep expanding operations, he confirmed.
Safe Security has been established by Saket Modi, Vidit Baxi and Rahul Tyagi. The company aims to assist businesses with assessing and reducing organization-wide cybersecurity risks in real-time by leveraging machine learning algorithms. These are used to supports APIs used by the SAFE platform.
The firm intends to recruit new talent so it can grow its team to more than 300 professionals in the coming year. Saket Modi noted that they’re currently a 200+ team that’s working in different areas across the globe. They want to hire more engineers, Modi confirmed.
During the past FY, their revenue surged by 270%, and they now intend to exceed that figure in the year ahead. Their revenue from the US markets is on track to increase about 6x, within the next 12 months, the firm’s management revealed.