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Thursday 22 July 2021

BT boosts cyber risk capabilities with SAFE investment

BT boosts cyber risk capabilities with SAFE investmentBT’s exclusive UK partnership with, and investment in, Safe Security will augment the telco’s managed security service (MSS) proposition with a cyber risk assessment tool that can help businesses and consumers measure the effectiveness of their existing defences. BT also sees the technology as a potential route to market for cyber insurance and other services that could benefit from an accurate appraisal of organisational and individual cyber risk scores in the future.

Underpinning the arrangement is US$33m of investment from BT and existing Safe backers including former Cisco chief executive John Chambers and senior executives from SoftBank, Sequoia, PayPal and McKinsey. The latest round takes total funds to US$50m to date.

Incubated at the Indian Institute for Technology (IIT) in Bombay and headquartered in Palo Alto, Safe Security rebranded from Lucideus in February this year. The start-up reported 250% year on year revenue growth in FY20, and claims customers such as Google, Facebook, Softbank and News Corp alongside ICICI Bank, Delhi and Mumbai Airports, Tata Sky and Pizza Hut in India.

The Security Assessment Framework for Enterprises (SAFE) is described as a machine learning enabled Cyber Risk Quantification (CRQ) platform which pulls data from third party security tools via application programming interfaces (APIs). It uses a Bayesian network algorithm developed in partnership with the Massachusetts Institute of Technology (MIT) to calculate the risk of malicious or accidental cyber security threats attributable to individual employees, devices, networks, cloud hosted applications and other IT assets. While some of the data crunched is highly personal, BT and SAFE say SAFE can be configured to ensure that the information used is processed in compliance with UK data privacy regulation.

Organisations are generally keen to better understand their chances of being breached by a cyber attack and put a financial cost on any incident. And SAFE looks like a flexible tool which BT can customise to multiple segments of its customer base – anything from corporates, public sector, small to medium enterprises (SMEs) and consumers.

Posted by: Martin Courtney at 09:13

Tags: funding   risk   cybersecurity   GRC  

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