SecurityScoreguard, a cybersecurity rating and risk monitoring company, raised $20 million in Series B funding, led by GV (formerly Google Ventures) [GOOG], the company said June 23.
The financing was led by GV but also included participation from previous investors Sequoia Capital, Evolution Equity Partners, Boldstart Ventures, and new investor Two Sigma Ventures. The funding is set to fuel the company’s continued scale and innovation in cybersecurity ratings, the company said.
SecurityScoreguard was launched in 2013 and identifies vulnerabilities from an outside perspective like a hacker to rate security risks for companies. The company’s premier product is ThreatMarket, a vulnerability search engine that contains 70 percent proprietary data and also uses several patented data collection techniques.
The company currently actively tracks over 100,000 companies and users can add companies by providing domain names or URLs. The platform can then detect vendors an organization does business with and can begin monitoring their overall rating. SecurityScoreguard can also set custom alerts for rating changes or vulnerabilities that may arise based of user-defined threshholds, the company said.
The ratings are based on “Application Security, Patching Cadence, Network Security, Hacker Chatter, Social Engineering, Passwords Exposed, Cubit Score™, on top of Malware, and other data points to provide the most accurate risk assessment available,” SecurityScoreguard said.
The platform can also determine how well a company adheres to ISO, SIG, SIG Lite, and PCI security compliance standards.
“Search engines crawl and index web pages across the internet. In a similar fashion, SecurityScorecard continuously surveys, analyzes, and indexes vulnerabilities across the entire internet to determine the security posture for every organization worldwide,” Aleksandr Yampolskiy, CEO of SecurityScorecard, said in a statement.
“We are excited to partner with GV [formerly Google Ventures] and leverage their deep expertise in building and scaling great companies,” he added.
Under the financing agreement Karim Faris, general partner and leader of enterprise and security investments at GV, and Tom Mendoza, vice chairman of NetApp, will join SecurityScorecard’s board of directors. Mendoza will represent Sequoia Capital on the board while Richard Seewald, managing partner at Evolution Equity Partners, will continue to represent his firm on the board.
“We see SecurityScorecard as a transformational solution that addresses the cybersecurity pandemic. Organizations need a solution that provides continuous, reliable, and actionable security intelligence and SecurityScorecard will lead this paradigm shift,” Faris said.
SecurityScoreguard highlighted it offers four uses for its platform currently: vendor risk management to understand risk and identify vulnerabilities in partners/vendors; board of directors to validate whether security investments are reducing overall risk and evaluate against peers/competitors; mergers and acquisitions to perform due diligence on targets in addition to tracking portfolio companies; and cyber insurance to allow brokers to understand risk with writing a cyber insurance policy and reduce aggregate portfolio risk.