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BT leads $33 million funding round in Safe Security to measure and fight cyber risk

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BT leads $33 million funding round in Safe Security to measure and fight cyber risk

BT leads $33 million funding round in Safe Security to measure and fight cyber risk
With the number and impact of cyber-attacks continuing to increase rapidly, UK’s leading telecommunications and network provider, British Telecom has led a $33 Million funding round in Safe Security, a cyber risk management firm. Headquartered in Silicon Valley, Safe Security’s SAFE (Security Assessment Framework for Enterprises) platform allows organisations to take a health check of their existing defences and understand their likelihood of suffering a major cyber attack.
Industry analysis estimates that the cost of global cyber crime reached over $1 trillion in 2020, as criminals exploited seismic changes in everyday life to target both individuals and organisations of all sizes. With high-profile recent incidents impacting critical areas such as energy infrastructure and medical care, businesses and governments are under huge pressure to objectively assess how protected they are against the latest forms of cyber attack. BT claims on an average it protects its operations and customers against 6,500 cyber attacks a day.
The investment will allow the company to combine the SAFE platform with its world-leading managed security services to provide customers with a real-time view of how safe they are against an incredibly fast-moving cyber threat landscape. SAFE claims it is unique in calculating a financial cost to customers’ risks and giving actionable insight on the steps that can be taken to address them. The platform enables organisations to surgically target gaps in their defences, and already protects multiple Fortune 500 companies and governments around the world.
Philip Jansen, Chief Executive of BT said, “Cyber security 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.”
Saket Modi, Co-founder and CEO of Safe Security said, “We are 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 cyber security is measured and managed across the globe.”
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. In recognition of its experience in providing security solutions to organisations across the world, BT will 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.
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