UK based telecommunications company, British Telecom has invested $33 million in Safe Security, a cyber risk management firm.
Headquartered in Silicon Valley, their SAFE (‘Security Assessment Framework for Enterprises’) platform allows organisations to take a health check of their existing defences and understand their likelihood of suffering a major cyber-attack.
According to industry analysis, the cost of global cybercrime reached over US$1 trillion in 2020, as criminals exploited the changes in everyday life to target both 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, the company said.
They further added that this investment will allow BT to combine the SAFE platform with its world-leading managed security services to provide customers with a real-time view of how safe they are against an incredibly fast-moving cyber threat landscape.
SAFE is unique in calculating a financial cost to customers’ risks and giving actionable insight on the steps that can be taken to address them. The platform ultimately enables organisations to surgically target gaps in their defences, and already protects multiple Fortune 500 companies and governments around the world.
“Cyber security is now at the top of the agenda for businesses and governments, who need to be able to trust that they’re protected against 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.
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,” said Philip Jansen, Chief Executive of BT.
“We’re delighted to be working with a proven global security leader in BT. Their investment and strategic partnership with Safe Security will further accelerate our vision of making SAFE scores the industry standard for measuring and mitigating cyber risks.
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 cyber security is measured and managed across the globe,” said Saket Modi, Co-founder and CEO of Safe Security.
As part of this 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.
In recognition of its experience in providing security solutions to organisations across the world, BT will be designated as the recommended global partner for improving a customer’s SAFE score. BT will also work collaboratively with Safe Security to develop future products.