SecurityScorecard

SecurityScorecard offers a SaaS platform that monitors and rates cybersecurity posture by identifying security vulnerabilities on a company’s digital assets. Enterprises are rated based on 10 risk attributes—domain name system (DNS) health, endpoint security, availability of leaked data, cubit score, web application security, network security, IP reputation, underground hacker chatter, patching cadence, and social engineering attacks. Security Scorecard’s platform is used in industries such as insurance, financial services, healthcare, technology, and government.

By February 2022, SecurityScorecard had rated over 12 million companies and these ratings were utilized by more than 30,000 organizations for cyber insurance underwriting, cyber risk, and third-party risk management as well as to monitor and identify risks in real-time. These organizations included insurance carriers, reinsurers, brokers, and risk managers. At the moment, companies such as AXA, Liberty Mutual, and Great American Insurance Group are among the insurers who use the company’s platform.

In April 2023, Security Scorecard launched a generative AI cyber security ratings platform, which provides conversational assistance on cyber risk. The platform was developed by SecurityScoredcard’s innovation incubator firm ScorecardX, and is based on OpenAI’s GPT-4 large language model (LLM).

SecurityScorecard acquired the digital forensics and incident response services company LIFARS in February 2022. LIFARS provides solutions such as digital forensic investigations, incident response, data breach response, ransomware response, managed detection and response (MDR), and cyber resiliency services. The acquisition of LIFARS and its cybersecurity team created a new digital forensics and incident response (DFIR) services practice within SecurityScorecard's Professional Services group, which will complement SecurityScorecard’s third-party risk management (TPRM) advisory services and cybersecurity intelligence services. LIFARS’ in-house threat intelligence, data collection, and post-breach response capabilities were also to be integrated with SecurityScorecard’s platform.

Key customers and partnerships

The company partnered with Measured Insurance in September 2023 to offer the latter’s cyber insurance customers incentives on their policy premiums based on cyber risk posture assessments conducted by SecurityScorecard.

Funding and financials

In SecurityScorecard’s last funding round (Series E in March 2021), it raised USD 180 million at a valuation of nearly USD 1 billion. The round was led by investors such as Silver Lake Waterman, and the company expected to use the funds for global expansion and launching new product lines and innovations.

In 2021, SecurityScorecard recorded a 116% increase in net customer retention and over 100% growth in international sales. The company also partnered with the Retail & Hospitality Information Sharing and Analysis Center (RH-ISAC) to offer complimentary platform access to RH-ISAC members.