Living Security, a provider of security awareness software for enterprise customers has announced a $5 million Series A funding round. The round was led by Silverton Partners with participation from existing investor Active Capital and new investors Rain Capital and SaaS Venture Partners.
Texas based Living Security was launched in 2017 with its innovative Cyber Escape Room, a hands-on, interactive training experience aimed at building cybersecurity awareness. Since then, the company has focused on building out an online cyber security training platform that leverages gamified learning with live action storylines, role-based micro modules, and reporting.
The company now works with over 70 large enterprises increasing security awareness using immersive learning techniques and leveraging behavioral science to form positive security behaviors. According to the company, retention is 16X greater when learning through experience versus traditional methods of delivering training.
Living Security CEO Ashley Rose said, “The Series A financing builds on an exceptional year for Living Security, which saw a rapidly growing roster of clients, executive appointments, and market momentum. Given the current pandemic, we have seen a tremendous increase in remote workforce. We expect many of these positions to remain remote, placing businesses at an increased risk. We want to help ensure our clients are protected as they get back on their feet. The funding will be used for expansion of SaaS product development and growth of our sales and marketing functions.”
The need for increased cybersecurity awareness has been a seen as a top priority as many workers fail to keep sensitive data protected and adher to security protocols. According to a recent survey by Egress‘s, 78% of IT heads believe their company’s data had been made accidentally vulnerable by its staff over the past year, with 75% thinking employees had purposefully breached data over the same time period. The study also found that just half of IT leaders said they are using anti-virus software to combat phishing attacks, 48% are using email encryption and 47% provide secure collaboration tools. 58% say employee reporting is more likely than any breach detection system to alert them to an insider data breach.
With many companies are adopting work from home models due to COVID-19, it is becoming increasingly important to train employees in good cybersecurity practices and policies. In an interview with CNN in April 2020, David Kennedy, a cybersecurity consultant, said had seen a more than “500 percent increase in attacks directly related to work from home individuals” as a result of the Coronavirus pandemic.