In a cybersecurity landscape fraught with increasingly complex threats, London-based Risk Ledger has struck a chord with organizations looking to safeguard their supply chains. Recently, they locked in an impressive £6.25 million in a series A funding round, led by Mercia Ventures. This financial boost, which adds up to a total investment of £9.8 million, will fortify Risk Ledger's mission of creating a connected ecosystem of organizations, geared towards real-time threat detection.
As the digital world becomes ever more interwoven, the risk landscape has expanded to include not only internal vulnerabilities but also those presented by third-party suppliers. Services provided by these third parties open up new avenues for cybercriminals to exploit, making it crucial for organizations to guard against supply chain vulnerabilities.
A string of recent attacks, including those targeting The Metropolitan Police and NHS, has laid bare the extent of this risk. According to research by KPMG, 73% of surveyed businesses experienced disruptions due to third-party attacks over the last three years. Juniper Research predicts that supply chain attacks will cost a staggering $46 billion this year.
Traditionally, risk assessments have adopted a point-in-time approach, making them susceptible to quickly going out of date and offering limited insights into third-party vulnerabilities. Risk Ledger, founded in 2020, has gathered a customer base of 5,000 organizations, with booking numbers doubling year-on-year. This growth enables Risk Ledger to deliver a comprehensive view of intricate supply chains, empowering clients to comprehend and manage their broader risk landscape effectively.
The Risk Ledger platform functions akin to a social network, where member organizations share profiles of their security controls across 12 separate domains. This dynamic, which allows organizations to feature both as clients and suppliers within the network, offers an unparalleled and ever-evolving perspective on supply chain security.
Organizations can thus move beyond their immediate suppliers to identify risks stemming from other services, such as concentration risks or single points of failure. This continuous, real-time network ensures that organizations have access to a constantly updated and holistic overview of their supply chain's security ecosystem.
Risk Ledger's CEO, Hayden Brooks, notes that this mapping capability is a unique strength of the platform. It empowers members "to understand where they sit within their own supplier ecosystem and how different incidents may impact their organization given those interdependencies."
With this fresh funding, Risk Ledger aims to bolster its product development, provide new tools to clients, and deepen partnerships within key industries. Adam Lovell, from Mercia Ventures, emphasizes Risk Ledger's innovative approach to managing third-party risks, stating that it addresses a major security concern for companies.
Ultimately, Risk Ledger's vision is to enhance cybersecurity across the online realm, making it a safer environment for all. Brooks underlines the importance of their product releases in enabling organizations to understand and respond to security incidents within their supply chain. This, he believes, will reduce the impact of such incidents and contribute to a more resilient digital world.sing for Rivian as it expands its customer base and works toward a more eco-friendly delivery ecosystem.