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Vulnerability management, Application security
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INTEREST IN FINANCE SECURITY CONTINUES AS VENDOR RECEIVES CASH INFUSION

Karen HoffmanSeptember 14, 2022

Sheets of one dollar bills run through the printing press at the Bureau of
Engraving and Printing on March 24, 2015, in Washington. (Photo by Mark
Wilson/Getty Images)

Drawbridge, a cybersecurity software and services provider to private investment
firms, last week announced it had received a “strategic growth investment” from
Francisco Partners for an unnamed amount, as financially focused cybersecurity
upstarts continue to gain ground.

The four-year-old cybersecurity firm has worked with more than 750 clients,
mostly involved in private equity, hedge funds, venture capital, family
financial offices and asset managers, including Calmwater Capital, Levine
Leichtman Capital Partners, OpenGate Capital, Soleus Capital and Vance Street
Capital, according to the Drawbridge website. Drawbridge had at least one other
major investment last year from private investment firm Long Ridge Equity
Partners, according to Crunchbase. The Palm Beach Gardens, Florida-based service
provider had already counted Long Ridge Equity Partners and Drawbridge’s own
management team as stakeholders in the company.

“Drawbridge was founded to provide financial services firms with the
state-of-the-art software and solutions they need to simplify and manage the
complex and evolving cyber risk landscape,” said Jason Elmer, Drawbridge founder
and CEO, in the company’s release announcing the investment. “The industry is
facing increased cyber threats and escalating due diligence demands, and this
new investment will enable Drawbridge to provide an even greater level of
support to our customers.”

The partnership and financial boost from Franscisco Partners, which has raised
more than $45 billion in capital over the past two decades and invested in more
than 400 technology firms, is expected to “further enhanc[e] our leading
offering across an expanding customer base,” Drawbridge President and COO Scott
DePetris added in the release.

Unlike many well-known financial cybersecurity vendors, which focus on the
broader market of mainstream banks, investment firms and even insurance
companies that deal with the average U.S. customer, vendors like Drawbridge have
honed in on a high-stakes market that may be smaller, but arguably will require
at least as much security support as basic consumer and small business banking
and investment companies going forward.

Like many sectors over the past two and a half years, the overall financial
industry has seen an exponential increase in attempted or successful
cyberattacks that include phishing, business email compromise, social
engineering, denial of service, ransomware, and combinations of the above. While
private investment firms may not draw as many potential bad actors or daily
breach attempts as a super-regional bank with a household name and tens of
millions of customers, sophisticated cyberattackers have increasingly realized
that breaking into the inner digital sanctum of a high-end private investment
firm could pay off in an even bigger way since they deal in larger accounts,
wealthier customers and arguably more highly guarded information.

Hence, protecting these high-end financial firms and their digital interests
will represent an attractive area of venture capital investment and outside
funding. Market research giant Gartner pegged global cybersecurity spending at
just over $86 billion in 2017. More recently, the same market is expected to be
nearly five times that size five years from now, reaching a whopping $403
billion by 2027, according to BrandEssence, a market research firm. The
financial services sector, including private investment, will likely represent a
significant portion of that expenditure, according to industry experts.

Funding deals similar to Drawbridge’s have not happened in isolation. Case in
point: A day after Drawbridge’s investment was announced last week, CIBC
Innovation Banking said that it would handle $40 million in debt financing for
Huntress, to enable the cybersecurity vendor to small-and-midsized businesses to
grow, especially in managed security and employee awareness training.

“Like most criminals, cyber hackers want an easy life,” Drawbridge CEO Elmer
said in an IBS Intelligence opinion piece in March. “Just as burglars prefer
forgotten open windows over picking front door locks as a way in, so their
digital counterparts are looking for targets that offer maximum return for
minimum effort. ... Put simply: Don’t be an open window.”


Karen Hoffman


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