Organisations have been laser focused on protecting their own networks, applications, physical premises and people against cyber security attacks but have neglected their exposure to suppliers. Indeed, over the past 3 years, a staggering 73% of organisations have been affected by a third-party security breach. Helping these businesses toughen their resilience against such attacks, cyber security business Risk Ledger is announcing it has raised a £6.25 million series A funding round to strengthen supply chains.
The funding round was led by UK investor Mercia Ventures, which joins Seedcamp, Firstminute Capital, Episode 1, Village Global as well as Finnish VC Lifeline Ventures as investors. To date, Risk Ledger has raised a total of £9.8 million in venture funding.
Recent cyber attacks on The Metropolitan Police and NHS Trusts through their supply chains have the potential to compromise the UK’s national security and private citizen data. A threat alert by the National Cyber Security Centre is also warning of increased state-sponsored attacks against UK critical national infrastructure.
Risk Ledger offers an innovative social network approach to supply chain risk management, allowing organisations to use the platform as both clients and suppliers, able to share with connected organisations a single profile of their controls across 12 security domains, including ESG and financial risk. This reveals relationships in many directions and allows for a unique visualisation of the entire supply chain ecosystem, and the uncovering of critical interdependencies, concentration risks and single points of failure well beyond immediate third party connections. It also results in more accurate and real time data, giving organisations the ability to make better decisions to protect their business from supply chain threats.
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