London-based cyber security business Risk Ledger will today unveil a £2.1m seed funding round as it builds out a new platform that its founders hope will revolutionise supply chain risk management. The funding, from investors including Lifeline Ventures, Seedcamp, firstminute Capital, Episode 1 and Village Global, reflects exponential growth at Risk Ledger, with revenues up 300% since it began the commercial roll-out of its platform in January 2020.
Risk Ledger, identified two years ago as one to watch in Forbes’ 30 Under 30 report, sits in a crucial area of the cyber security market, with organisations increasingly worried about the risk posed to them by vulnerabilities at their suppliers. One recent study found 80% of organisations had suffered a breach that originated with a weakness at one of their suppliers.
However, while cyber security leaders recognise the risks posed by their suppliers, they are struggling to confront the issue. The conventional approach is to ask each supplier to set out its approach to cybersecurity, so that its strengths and weaknesses can be assessed, with issues mitigated where necessary. But for organisations dealing with large numbers of…
