Our Investment in CyberSaint

Riverside Acceleration Capital (RAC) is excited to announce our new investment in CyberSaint, a Boston-based leader in cyber risk management. The investment is part of the company’s $21 million Series A, which RAC is proud to have led.

As technology continues to advance, so too does the risk and sophistication of cyber attacks. Data breaches are at an all-time high, with 20% more breaches reported in the first nine months of 2023 than all of 2022, even as the global average cost of a data breach has soared to $4.45 million. Meanwhile, security leaders are reporting flat or declining budgets as part of overall budget tightening with many boards and C-suites still viewing cybersecurity as a cost center.

CyberSaint aims to solve these problems by empowering organizations to build a cybersecurity program that is as clear, actionable, and measurable as any other business function. The company’s CyberStrong platform leverages patented artificial intelligence technology and actuarial data to help optimize a company’s cyber risk posture. Companies can access competitive benchmarks to see how their cyber risk compares to industry peers, automate and prioritize control assessments based on risk profiles, quantify top risks for board-level communication, and develop remediation plans to mitigate risks and calculate the estimated return on security investment (RoSI). The result is a data-driven and measurable approach to risk management that helps enable chief information security officers (CISOs), cyber risk professionals and IT compliance teams to show the business value of cybersecurity.

"In an era where cyber attacks are becoming more frequent and sophisticated, the likelihood of breaches has escalated, leaving many organizations unsure of how to effectively reduce their risk. It is imperative that optimizing cyber risk posture is elevated to a business-critical level," commented Jerry Layden, CEO of CyberSaint. "Thanks to this latest round, we're positioned to expand swiftly and elevate cyber risk management to a pivotal role in enhancing organizational performance."

The company has demonstrated strong growth and a track record of prominent recognition, including being named the Leader for Governance, Risk, and Compliance (GRC) in Snowflake’s State of Next-Generation Cybersecurity Applications Report and recognized in Gartner’s Innovation Insight: Cybersecurity Continuous Control Monitoring research. Today, they work with industry leaders around the world, including MDU Resources, Duke Energy, Expeditors, and Tripadvisor. CyberSaint’s customers have managed over $33 trillion in cyber risks using the CyberStrong platform.

The Series A marks our second investment in CyberSaint. We’ve had the privilege of working closely with their team over the past 18 months through our Growth Advisory Program and have been continually impressed with their ability to execute. The company plans to use this latest round to help accelerate market expansion and continue to innovate the CyberStrong platform.

To learn more about CyberSaint, visit their website at www.cybersaint.io or check out their press release on the investment.