BT Group PLC (LON:BT.A) has heavily backed Silicon Valley-based cyber risk management firm Safe Security in a new funding round, the telecoms group said today.
In a statement, the UK group said it was the largest investor in the latest round of funding for Safe Security which helps organisations assess their cyber defences and = their likelihood of suffering a major attack.
Customers include companies and governments with the risk quantified the risk as a score and dollar value on its SAFE platform.
Philip Jansen, BT’s chief executive, said that said cybersecurity was at the top of the agenda for businesses and governments battling 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,” he said in a statement.
“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.”
As part of the 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, said the statement.
According to Reuters, this latest round for Safe Security was more than double a previous US$14mln funding raise.
Safe Security chief executive Saket Modi said the company was delighted to be working with a proven security leader in BT.
“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 cybersecurity is measured and managed across the globe,” he said.
The cost of global cybercrime reached over US$1trn in 2020, said BT, as criminals targeted 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,” it added.
BT shares rose 2.8% to 184.35p.