London and New York-based cybersecurity problem-solving platform Panaseer has raised $26.5 million in a Series B funding round led by AllegisCyber Capital. The round also saw participation from existing investors Evolution Equity Partners, Notion Capital, AlbionVC, Cisco Investments, and Paladin Capital Group, as well as newcomer National Grid Partners. With this raise, Panaseer’s total capital to date tops out at $43 million.
“All levels of the enterprise, from the CISO, to Chief Risk Officer, to the Board of Directors are demanding comprehensive visibility, transparency and hard metrics to assess cyber situational awareness,” says AllegisCyber Capital’s founder Bob Ackerman. “Panaseer has demonstrated itself as the leader in this critical new category “
As we’ve reported previously, 2020 was a banner year for hackers. With 43% of businesses reporting some form of a security breach, cybersecurity teams are getting a workout. The average enterprise reports more than 50 different, read: a fragmented system, rife for exploitation, and pouring more money in a system to isn’t foolproof isn’t helping. The problem of cybersecurity control failures has reached the point of becoming the number one emerging risk according to a Gartner report.
Enter Panaseer with its enterprise-level continuous controls monitoring solution. In a nutshell, the company allows security teams to know if all their security measures are doing what’s advertised on the tin, and at all times. Moreover, “Organisations can immediately understand exposure to FireEye or SolarWinds vulnerabilities to see how they impact business-critical systems or processes, and quantitatively validate and track remediation through accountable owners over time.”
“Most enterprises have the tools and capability to theoretically prevent a breach from occurring. However, one of the key reasons that breaches occur is that there is no technology to monitor and react to failed controls,” says newly minted Panaseer CEO Jonathan Gill. “CCM continuously validates and measures levels of protection and provides notifications of failures. Ultimately, CCM enables these failures to be fixed before they become security incidents, saving time, cost, and allowing businesses to go faster.”