Austin, Texas-based Brinqa, a platform for cyber risk analytics, announced today that it secured $110 million in growth funding from Insight Partners. According to Brinqa, the funding—its first institutional investment—will be used to support the ongoing market and commercial expansion.
Markets & Markets forecasts that the security orchestration, automation, and response (SOAR) market will grow to a value of $1.68 billion this year, driven by an increase in security events and breaches as well as the quick adoption and development of cloud-based solutions. In the first half of 2019, data breaches exposed 4.1 billion records, according to Risk Based Security. It may be the reason that, according to a recent Accenture poll, 68 percent of corporate leaders believe their cybersecurity risks are rising.
Brinqa, created by Hilda Perez and Amad Fida, has been bootstrapped and financed by founders since 2009. It uses a knowledge graph to combine security and commercial data and create common data ontologies. The company’s platform uses insights from the graph to standardize data management and analysis, guide risk management strategies, and automate risk remediation.
Fida emailed VentureBeat, saying, “We saw that even niche cybersecurity teams struggled to quantify and report cyber risk.” “As a result of digital transformation, a business now needs a far larger number of cybersecurity controls and systems to monitor and safeguard it. While technology gives businesses a competitive edge, its rapid adoption has made it more difficult to integrate it all in a meaningful way. We established Brinqa to assist enterprises in utilizing the enormous and quickly expanding data repositories to address the crucial task of quantifying, operationalizing, and minimizing cyber risk.
Customers can gain new knowledge with Brinqa by applying automated reasoning to semantic data models across large data sets. Tools for automated data collection, standardization, correlation, analytics, response, and reporting are provided by the platform, which also manages the creation, tracking, and escalation of tickets and tasks. Brinqa additionally enables developers to share and visualize data via executive dashboards, self-service metrics, and reports. The platform also outlines how assets and business services are connected, acting as a knowledge base for organizational cyber risk.
