I’m gratified and somewhat humbled to say that RiskLens, the leading provider of cyber risk quantification software, closed the 2017 calendar with more than 60% year-over-year growth in recurring revenue—the direct result of a revolution in expectations from risk analysts, CISOs, C-suites and Boards of Directors.
These risk and management professionals no longer want to live in what we call the “Dark Ages” of Cyber Risk Decision-Making, with poor risk visibility based on an erroneous assumption that qualitative “guesswork” is the highest bar achievable: high/medium/low heat maps and appeals to fear, uncertainty and doubt. They’re demanding a new Cyber Risk Economics, with risk expressed in monetary terms, the standard language of business. The RiskLens Platform is uniquely positioned to lead the way.
Here are some of the significant trends and developments we see in the marketplace and for our business:
Sophisticated Players Are Rapidly Moving to Risk Quantification Programs
Ten of the Fortune 100 now deploy the RiskLens platform enterprise wide to quantify, mitigate and manage cyber risk. Other clients across the broader Fortune 1000 span verticals from retail to healthcare to hospitality to energy, in addition to financial companies that were the earliest adopters of our innovative SaaS platform.
Riding the Growth of the FAIR Movement
Powering the RiskLens risk quantification solution is the FAIR model (that’s Factor Analysis of Information Risk)—but this is no black box. FAIR is an open-source international standard, with its own following. The FAIR Institute now counts over 2,500 security, technology and risk leaders world-wide, and our company rides the wave of increasing excitement in the profession over FAIR. RiskLens is only software purpose-built on FAIR and our company is the technical adviser to the FAIR Institute.
Validation from the Investment Community
The company announced in July, 2017, a $5 million Series A equity investment from Osage Venture Partners with additional proceeds from Paladin Capital Group, Dell Technologies Capital and Kick-Start. The investment enables us to ramp up our go-to-market efforts, enhance the product portfolio and make key hires.
Adding Veteran Executives to the Team
This year, we have rounded out our senior leadership with two additions that will set us on trajectory to fully take advantage of the enormous demand being generated by the Cyber Risk Revolution.
We are also expanding staff across Sales, Engineering and Professional Services teams in both our Reston, Virginia, and Spokane, Washington, offices.
Looking Ahead to 2018
For 2018, I can make some predictions with a high degree of confidence:
At RiskLens we are on a mission to forever change the way large enterprises and governments evaluate, mitigate and manage cybersecurity and technology operations risk by translating risk into the economic language of business. We believe we are addressing the most fundamental of all cybersecurity problems – one that has plagued the industry for more than a decade, resulting in many of the systemic problems organizations face related to driving the right security investments in people, processes and technology.
I am thrilled to report that all signs indicate a major shift is coming – that we are on a rapid path to fulfilling this mission and completely and irreversibly changing the cybersecurity thought paradigm for the better.
Please let us know how we can help you and your organization join this revolution.
With thanks for your support,