RiskRecon scores $3 million seed circular to allow objective cloud vendor security assessments

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Source:   —  April 07, 2016, at 5:17 PM

Several unnamed private investors also participated in the round. Jeff Martin of TD Bank Grouping was also named to the company’s board today. RiskRecon leverages information that's available on the web from companies operating there as portion of the act of doing business.

RiskRecon scores $3 million seed circular to allow objective cloud vendor security assessments

RiskRecon, a startup that helps companies create objective security assessments of third-party cloud vendors, emerged from stealth today with a $3 million seed circular led by Common Catalyst. Several unnamed private investors also participated in the round.

Jeff Martin of TD Bank Grouping was also named to the company’s board today.

RiskRecon leverages information that's available on the web from companies operating there as portion of the act of doing business. “If you stand up web servers and DNS servers, these are intentionally discoverable because they're providing services on the internet. Systems reveal the software being running and version information from which you can define security performance,” Kelly White, RiskRecon CEO and co-founder told TechCrunch.

RiskRecon can harvest that information, then measure and observe the vendor’s security posture, giving each company an objective security score — something companies tend to struggle with when evaluating cloud vendors.

“Security teams are currently well armed with personnel and tools and data in their own enterprises, but largely blind to the security and reliability of third parties,” White said.

RiskRecon does more than allow a ordinary score though. It also offers detailed actionable information when security gaps are found, so customers can work with the vendor to assistance them adhere to the security requirements.

When Deepak Jeevankumar, principal at Common Catalyst did his due diligence prior to funding RiskRecon he found the company was attacking a problem without many solutions, and that’s something his firm looks for when evaluating companies to fund.

When he talked to CISOs (chief information security officers), he consistently heard that they'd a budget for a service like this, but there weren't sufficient viable solutions. When he combined that with the experience of the founders, initial validation from early customers and the potential to grow it led to investing in RiskRecon.

While White wouldn’t go into any grand detail, he did hint that there is more to the platform than the initial security scorecard service, and he's plans to leverage the technology in the future to measure other types of things.

While there are other companies competing in the space, Jeevankumar said the most common method was trying to manually figure out a company’s security position,  an approach that’s not sustainable as companies are using ever-more cloud services and necessity a way to evaluate the security risk with each one quickly and reliably.

RiskRecon is still in early days with 10 employees. It's paying customers, although it wouldn’t reveal how many at this point.

Featured Image: iQoncept/Shutterstock

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