💰 Security, Funded #51 - The business of cyber risk is profitable, the last true stablecoin, and the SEC's new cybersecurity disclosures

Good morning,

I hope you had a great weekend!

Cyber risk insurance makes a huge splash in otherwise quiet past few weeks. That's likely not a huge surprise given the way the war in Ukraine has unfolded with both physical and cyber operations.

In a time when many other segments are down and overall funding has dropped, even in cybersecurity, there are still bets to hedge and insurance is means to that end.

Any way you slice it, insurance companies are going 👏 to 👏 get 👏 paid 👏

Let's dive in to see who got paid too.

💰 Summary

• 7 companies raised $435.5M across 6 unique product categories
• 2 companies were acquired or had a merger event

🧩 By Product Category

• $250.0M for Cyber Insurance
• $107.5M for Distributed Ledger Technology (DLT) Security
• $70.0M for Security Orchestration and Automated Response (SOAR)
• $8.0M for Breach & Attack Simulation (BAS)
• An undisclosed amount for Container Security
• An undisclosed amount for Application Security

🗣️ SPONSOR

🏢 By Company

• Coalition, a cyber risk insurance company, raised a $250.0M Series F from Allianz X, Kinetic Partners, and Valor Equity Partners. (more)
• RubiX Networks, a distributed ledger technology (DLT) secrets management platform, raised a $100.0M Private Equity Round from LDA Capital. (more)
• Swimlane, a low-code security automation platform, raised a $70.0M Series C from Activate Capital. (more)
• watchTowr, a breach and attack surface (BAS) platform using automated and continuous testing, raised a $8.0M Pre-Series A from Prosus Ventures, Vulcan Capital. (more)
• BlockSec, a smart contract security platform, raised a $7.5M Angel from [Matrix Partners China and Oasis Capital.
• AppSec Fast-track, an application security platform, raised an undisclosed Grant from Canberra Innovation Network. (more)
• Dosec, a container security platform, raised an undisclosed Series A from Borun Capital.

🤝 Mergers & Acquisitions

• CyberViking, a professional services firm focused on application security and incident response, was acquired by Cerberus Sentinel for an undisclosed amount. (more)
• Redge Technologies, a news and telecommunications edge security company, was acquired by Play for an undisclosed amount.

🔐 Secure The Job

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📚 Great Reads & Finds

• How Web3 Security Differs from Web2 Security - Web3 faces many of the same security risks as Web2. However, the differences between the two technologies create new security risks and amplify others.
• A CISOs Role in Cyber Security Insurance Decisions - Insurance carriers underwrite cyber policies that cover liability related to data breaches and major security incidents, which can be costly to identify, contain, resolve and recover. It is important for CISOs to understand their organization’s existing policy and be an active influencer in the buying process.
• The SEC’s New Proposed Cybersecurity Disclosures: Next Steps for Boards of Directors - The Securities and Exchange Commission is proposing new cybersecurity disclosure rules for public companies. According to the SEC, while public companies have improved their cyber disclosures over time, overall, they have done a poor job of making appropriate disclosures.

You can see the full list of curated posts across all issues here, and you can submit an article, post, tweet, or video here and it can show up in the newsletter!

🧪 Labs

The only thing that investors love more than the cybersecurity sector

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Thanks for reading!

Cheers,

Mike P