Third-Party Cyber Risk Management Provider Raises $25M
Salt Lake City, UT-based RiskRecon announced it has raised $25m in Series B led by Accel and joined by existing investors Dell Technologies Capital, General Catalyst, and F-Prime Capital, the global venture capital firm affiliated with Fidelity Investments. The round brings RiskRecon’s total funding to date to ~$40m.
“Third-party cyber risk is the single largest unchecked attack vector that sophisticated attackers are exploiting in some of the most damaging cyberattacks in recent years. Current approaches to managing third-party cyber risk with annual questionnaires and intermittent, manual processes fall short because they cannot scale as organizations outsource more and more work to third parties as the result of trends such as globalization and cloud adoption. RiskRecon’s proven, automated approach to identifying, understanding, and acting on third-party cyber risk delivers tangible value for all key stakeholders demanding closer oversight of risk within their organizations.” – RiskRecon’s cofounder and CEO, Kelly White.
The company, established in 2015, offers technology to continuously assess the cyber security risks of companies and their third parties. “Third-party risk management is the process of holding enterprises accountable to good security practices. As you improve the risk management of your third parties, you improve the collective security of the Internet. The work of third-party risk management is work for the greater good and we are proud to be part of it.” – Kelly White.