RiskLens, a cyber risk management and quantification company, has raised $20.6 million in Series B funding led by cybersecurity venture capital firm Paladin Capital Group. The company will use the financing to grow its sales, marketing, engineering and professional services departments and extend its cyber risk quantification market reach.
The RiskLens cyber risk quantification platform is a software-as-a-service (SaaS) offering that enables security and risk teams to quantify, manage and analyze cybersecurity dangers, the company said. It offers a variety of features, including:
- Compliance Support: Provides cyber risk assessments to ensure organizations can comply with data security mandates.
- Financial Analysis: Enables organizations to analyze cyber risks from a business perspective and ensure executives understand the financial ramifications of cybersecurity dangers.
- Risk Mitigation: Allows organizations to prioritize risk mitigation based on capacity.
RiskLens experienced 100 percent year-over-year growth in 2018, the company said. It also looks poised to capitalize on the rising demand for enterprise governance, risk and compliance (GRC) solutions globally.
Global enterprise GRC market revenues are projected to increase at a compound annual growth rate (CAGR) of 12.8 percent between 2018 and 2025 and could be worth $64.6 billion by 2025, industry analyst Grand View Research stated. Key factors that could accelerate the global enterprise GRC market's growth include the implementation of new data security regulations and the increasing need for organizations to meet audit, compliance and risk management requirements.