Jun 05, 2021
Cyber Risk Platform Brinqa Nabs $110M Amid Surge in Breaches
In June 2021, Brinqa was featured in an article by Venture Beat. The article goes on to state:
Brinqa, a cyber risk analytics platform based in Austin, Texas, today announced it has raised $110 million in growth capital from investment firm Insight Partners. Brinqa says it will put the funding, its first institutional investment, toward continued business growth and market expansion.
According to Markets and Markets, the security orchestration, automation, and response (SOAR) segment is expected to reach $1.68 billion in value this year, driven by a rise in security breaches and incidents and the rapid deployment and development of cloud-based solutions. Data breaches exposed 4.1 billion records in the first half of 2019, Risk Based Security found. This may be why 68% of business leaders in a recent Accenture survey said they feel their cybersecurity risks are increasing.
Bootstrapped and founder-backed since 2009, Brinqa, which was cofounded by Hilda Perez and Amad Fida, leverages a knowledge graph to connect security and business data and establish common data ontologies. The company’s platform applies insights from the graph to inform risk management strategies and standardize data management and analysis, as well as automating risk remediation.
“We saw that even niche cybersecurity teams struggled to measure and report cyber risk,” Fida told VentureBeat via email. “With digital transformation, the number of cybersecurity controls and systems required to monitor and protect an enterprise has increased by magnitudes. While technology is a competitive advantage for businesses, its aggressive adoption has amplified the challenge of bringing it all together in a meaningful way. We founded Brinqa to help organizations harness the vast and rapidly growing stores of data towards the critical challenge of quantifying, operationalizing, and reducing cyber risk.”
