In the current uncertain economy, cybersecurity budgets are under pressure.
Findings from a 2023 survey conducted by IANS and Artico Search show that over a third of chief information security officers (CISOs) kept their security spending at the same level or even decreased it in 2023. Furthermore, a report from PwC predicts that one in five organizations will observe their cybersecurity budgets stagnate or decrease this year.
Given these challenging circumstances, CISOs are seeking solutions. Garrett Hamilton, co-founder of Reach Security, has a unique approach.
Reach Security, conceptualized by Hamilton and Colt Blackmore in 2021, distinguishes itself as a cybersecurity platform that integrates with a company’s existing IT and security products. This platform collects attack data and recommends strategies to counter them using the company’s existing security tools.
Prior to founding Reach, Hamilton held a position at Palo Alto Networks, while Blackmore was engaged in data science at cybersecurity firm Proofpoint. Hamilton emphasizes the importance of optimizing existing security tools to combat evolving threats effectively, rather than relying solely on acquiring new tools.
It’s evident that organizations face a challenge managing a vast array of security tools. A survey by Panaseer revealed that organizations typically manage between 64 to 76 security tools, with only a third expressing confidence in the effectiveness of their security controls.
The Reach Security central dashboard.
Reach aims to help organizations identify attackers, their targets, access points, and attack methodologies, offering tailored solutions using existing tools. By automating security tool configurations, Reach helps prevent attacks and streamlines response actions based on attack patterns.
Hamilton explains that Reach goes beyond conventional security practices by customizing security control recommendations for each customer’s unique threat landscape. Reach facilitates direct deployment of security changes, bridging the gap between identifying threats and implementing solutions.
Several organizations, including Autodesk, have adopted Reach’s tools, prompting a recent $20 million funding round led by Ballistic Ventures. This funding diversifies Reach’s investor base, signifying confidence in its approach to optimizing existing security tools.
Geoff Belknap, LinkedIn’s CISO, commends Reach Security for addressing the challenge of maximizing existing security tools efficiently. Belknap suggests that Reach is a valuable solution for security leaders aiming to enhance the return on their security investments.
In the midst of a cybersecurity funding downturn, Reach’s success in securing substantial funding showcases its relevance in a challenging market. DataTribe’s findings indicate a decline in cybersecurity funding deals, underscoring the need for solutions like Reach that prioritize maximizing the effectiveness of existing security controls.
Hamilton underscores Reach’s growth potential in a sector where optimizing security controls is paramount. As Reach scales its operations, Hamilton emphasizes a disciplined approach to ensure that investments align with tangible outcomes.
