FINANCIAL SERVICES SAAS
VIOLETX VIRTUAL CISO
Following a $30M raise, a FinTech company competes with security
IMPACT : ABILITY TO ENTER NEW MARKETS
Our customer is a software company built to facilitate financial transactions between large financial institutions and their customers. Their platform includes proprietary workflows and houses sensitive data. Across their banking customers, our customer touches thousands of end users.
The company makes an impact on thousands of consumers each month.
The company had scaled quickly, moving through rounds. They had adopted necessarily compliance programs, but knew that these programs only reported on controls and had not helped them to build an enterprise cybersecurity program.
Like many SaaS companies, they leaned on compliance to fulfill the cyber and privacy functions of their business, which was a weakness they knew would hinder their acquisition options.
In order to grow into a mature organization, our client decided to make the investment that would allow their cyber program to be as innovative as their product.
We were chosen by our customer to implement enterprise cybersecurity as their Virtual CISO. The program began by building a strategic roadmap for the Chief Technology function. The project extended across roles.
The organization, supported by top-level engagement, transformed from a startup to an enterprise.
VioletX helped the company to prioritize, delegate and build towards a new strategy that focused on sound cybersecurity principles.
Through the process, the company became engaged and educated around cybersecurity in their day-to-day functions.
As a result, they were able to secure new business that allowed them to report over 100% growth.
Simultaneously, they were able to scope, identify and hire supporting talent to uphold an ongoing, holistic cybersecurity program that matched those of their acquisition targets.
While the body of work was an effort that leaned on the business as a whole, the startup was able to visualize and report on security in ways that they previously could not. They were able to advance from a company that was providing SOC2 reports and the sense of a program, to a mature enterprise.
The effort paid the team back when they suspected an incident resulting from the exit of a contractor. Because of controls put in place, the team was able to remediate the incident before it had any impact of value.
Leadership in the company were able to lean on pre-existing tools to navigate the scenario, that lasted one day rather than many. As a result, their customers did not require contacting.
The company continues to advance through funding rounds, while growing their cybersecurity function. The work of a Virtual CISO was able to create a foundation that the company is able to cost-effectively nuture alongside business growth.