Right-Hand Cybersecurity says it has raised a USD5 million Series A led by former PayPal executive Jack Selby and his firm AZ-VC, the largest venture capital firm in Arizona, United States of America (U.S.).
The company says with the successful close of its Series A round it will expand its operations across Asia and the U.S. while investing heavily in its Human Risk Management platform that efficiently integrates with other commonly adopted and relied upon security solutions.
“What differentiates Right-Hand is that we go beyond just ‘checking the box’ for improving user behaviours to reduce cybersecurity risks,” says Founder and CEO, Theo Nasser. “We tailor learning materials to individual behaviours and monitor employee risk profiles, reducing security alerts for the Security Operation Center (SOC) – a radical departure from the ‘one size fits all’ security model that is commonly used. Right-Hand and our customers see this as the future for human layer security.”
A report by IBM Security and Ponemon Institute estimates that a company breach in Singapore costs SGD 3.65 million (USD 2.7 million), while in Australia, cybercrimes cost businesses and individuals over AUD 1.4 billion (USD 1.0 billion) in 2020, according to the Australian Cyber Security Centre (ACSC). Since most breaches are caused by human error, behaviour change and the human’s role in cybersecurity have never been more important.
“As an investor and entrepreneur, I’ve seen far too many companies try to tackle cybersecurity challenges solely from the perspective of perimeter defenses that overlook the human element – the opposite of Right-Hand’s approach,” said Selby. “Right-Hand is breaking this dogma of ‘check of the box’ security training by creating a platform that changes behaviours and significantly reduces security risks in real-time. I’m proud to support such a purposeful team and company in Right-Hand.”
“We’re pleased to be working with Right-Hand Cybersecurity, utilising the company’s innovative, adaptive and gamified approach to help train our employees in cybersecurity as part of our ongoing efforts to minimise fraud,” said Victor Vinogradov, Chief Information Security Officer of Western Alliance Bank, one of the largest banks in the U.S. “Right-Hand’s focus on people and how human behaviour relates to cybersecurity is a smart way to support risk management in this critical area.”
Michael Hart, the Chief Technology Officer of Sleek, also commended Right-Hand, offering similar approval and endorsement of their Human Risk Management platform.
“Sleek has been a Right-Hand customer for several years. Their platform has enabled our organisation to achieve compliance requirements, and also strengthen our cyberculture and employee security behaviours,” said Hart. “With Right-Hand’s Human Risk Management platform, we’ve been able to automate security training for new hire onboarding and deliver relevant content based on our user and business needs. We’re excited for Right-Hand’s continued innovation and security centric approach to user training.”
