BreachQuest, an early-stage startup with a founding team of cybersecurity experts building a modern incident response platform, has emerged from stealth with $4.4 million in seed funding.
Slow Ventures founder Kevin Mahaffey and Tinder cofounders Justin Mateen raised the investment. They described BreachQuest’s “disruptive vision” and “world-class team” as their investors.
This is true. BreachQuest is made up of former U.S. Cyber Command, National Security Agency, and Department of Defense employees that it sees as its biggest competitive advantage. The second is its Priori platform, which the Texas-based company believes will re-engineer the incident response process and move incident preparedness into the future.
According to the startup, most companies take around 280 days for a breach detection. The slow recovery that follows can cost the average U.S. company just shy of $4million. Priori, the startup’s platform, aims to surpass what it considers “unacceptable industry standard” and allow organizations to detect compromises much faster. The startup claims that this allows businesses to respond quickly and limit the damage.
BreachQuest’s co-founder and CTO is Jake Williams, a former NSA hacker and founder of Rendition Infosec, an Augusta, Ga.-based cybersecurity company that was acquired by BreachQuest. TechCrunch spoke to Williams that BreachQuest is focused on the unavoidable, while other companies are focused on responding to incidents.
He says, “It is a fact that determined adversaries can get into your network despite what tools you have in place to prevent them from doing so.” It’s not fear, uncertainty or doubt. But it is a fact that you will be targeted if you don’t respond. This is our mission: to prepare for and facilitate the response.
BreachQuest, which will also assess the cybersecurity risks posed to an organization by potential mergers and acquisitions, believes it has little competition in the market right now because incident preparation is a tough market.
Williams stated that “We constantly see statistics on how IT managers believe their security controls will protect them from being compromised, so it is difficult to sell incident response tools and services for those organizations.” We believe the market is ready, considering the current news coverage on ransomware attacks and other cybersecurity threats.
BreachQuest’s seed investment of $4.4 million will be used to accelerate development and rollout of Priori. Future plans include accelerating forensic evidence collection and improving coordination among its diverse team members.
Williams stated that incident response can be chaotic. It’s difficult for those who are not used to working in such situations to resolve all issues. Fundamentally, there are two things that cause the problem: the difficulty in getting relevant evidence quickly and the lack of understanding of the current status.
Publiated at Wed 25 August 2021, 11:17:30 +0000