Veteran-led company BreachBits helps organizations predict the risk of a data breach in the companies they care about – by trying to breach them first.
BreachBits, a cybersecurity startup co-founded by John Lundgren and J. Foster Davis, announced it secured Seed funding in a round led by Blu Ventures to accelerate their efforts to help businesses predict and avoid data breaches at scale. The company’s BreachRisk platform delivers accurate cyber risk ratings and avoids the false positives prevalent in the cyber risk quantification market by verifying and testing threats it finds for their customers. The funds will be used to capitalize on their strong customer growth and accelerate adoption of their BreachRisk solutions, investing in growth of their sales and customer success teams, adding platform integrations and enhancing solutions for cyber insurance carriers.
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Cybersecurity has become a critical factor in a growing number of business decisions — from selecting third-party vendors and suppliers, evaluating acquisition opportunities and determining the risk of potential insurance policyholders — to assessing where to invest limited resources to protect subsidiaries and business units of extended enterprises. With impressive customer satisfaction and retention metrics across all of these use cases, BreachBits shows that fair, verifiable and actionable cyber risk ratings add tremendous value for customers.
“When cyber risk matters to your organization, how you measure that risk matters,” says Lundgren, BreachBits CEO and military cyber warfare veteran. “Imagine your business as a house. If you need to show the risk of a break-in, you can use satellite images and try to infer what the risk is by counting windows or doors — this is the approach most risk rating providers take today. Think of our approach as inviting a team of experts to thoroughly test the locks, windows and alarms like a burglar would. With automation and AI, BreachBits performs these assessments continuously or as frequently as you need accurate results.”
“It’s been exciting to see their automated penetration testing platform democratize access to what was once a very manual, expensive and time-consuming service,” says PK Malhotra, Principal at Blu Ventures. “We’ve heard first-hand how easy and valuable it is for their customers, and we are proud to support BreachBits in its next phase of development.”
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According to Davis, BreachBits COO and former Adjunct Professor of Cybersecurity at the U.S. Naval Academy, “Our method of using automated penetration testing to measure risk has resonated with customers. When they make changes that defeat the testing from our BreachRisk platform, they appreciate being able to see their ratings improve and getting credit for those security investments.”
“The ability to scale such rigorous and accurate assessments is going to be a game-changer for the cyber risk quantification market,” says Richard Chilton, managing partner at BlueWing Ventures that also participated in the funding round. “I’m excited for a big year ahead for the BreachBits team.”
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