Additional Investment in CyberconIQ
Dr. James Norrie was onsite in Hoboken, NJ consulting on cybersecurity with a large banking client. In the middle of a meeting, the client exclaimed, “This is so frustrating! It all just seems so random!” Dr. Norrie suddenly realized that cybersecurity risk is not random at all. People all learn different ways, and preventing cyber attacks requires education—which is a long term process, not an event. He claims: “We need to be aware without being afraid.”
That experience was the origin of CyberconIQ: an integrated risk management platform that reduces the risk of cyber attacks by focusing on the human vulnerabilities inherent in cybersecurity. It offers a differentiated, patented platform to strengthen the last mile of the “human firewall” against known and predictable cyber vulnerabilities.
The rationale behind utilizing human-centric cybersecurity has never been more relevant. According to Gartner, human vulnerabilities cause most cyber attacks.
Verizon reported in May 2022 that 82% of data breaches involved the human element — a telling statistic signaling to cybersecurity leaders that human behavior and the user experience need greater consideration. It also indicates that security programs founded on technology-centric investments are not delivering the full risk management outcomes expected.
The Security Awareness Training industry is predicted to grow to $10B annually in 2027; up from $1B in 2014. In addition, Gartner predicts that by 2027, 50% of large enterprise CISOs will have adopted human-centric security design practices to minimize cybersecurity-induced friction and maximize control adoption.
Through its proprietary research, CyberconIQ offers a full suite of software-based solutions that are proven to measurably reduce the probability of a human-factor related cybersecurity breach. These solutions, summarized as CYBERology, embed proven behavioral science methods targeting significant changes in on-the-job cyber hygiene.
Earlier this week, CyberconIQ announced their latest round of funding to help support these growing trends in cybersecurity. Led by Stonegate Capital, the company raised $4.1M to accommodate the accelerated growth they are seeing in the adoption of their product in the market. White Rose Ventures was fortunate to participate in this round, and continue our partnership started by our first investment in the company in December 2021.
Our collaboration with CyberconIQ goes further than our aligned goals around growth and profitability. White Rose Ventures and CyberconIQ both aspire to be significant contributors to the local entrepreneurial ecosystem. Dr. Norrie is a staple of the York entrepreneurial community: not only teaching classes at the York College of Pennsylvania, but creating seven student millionaires through his work. While they are a company with global reach, CyberconIQ is committed to creating jobs here in York, Pa. We are proud to support this growth and enhance our region’s economic development efforts.
The health of the regional entrepreneurial ecosystem is in good shape when it can support a company like CyberconIQ. We are thrilled to support Dr. Norrie and his growing team in York, Pa.