Calling custom security awareness training the answer to social engineering, Riot raises $12M
Summary
The company today announced it has raised $12 million as part of a series A funding round led by venture capital fund Base10.Riots security awareness training platform offers a catalog of more than 20 text-based courses based on various scenarios including CEO fraud and spear phishing, which can be issued year-round via Slack and Microsoft Teams. And, according to Verizon, 82% of data breaches are caused by human error.Riot founder Benjamin Netter pointed out that the problem is that many cookie-cutter training solutions are too generic, decreasing the likelihood of engagement and positive learning outcomes.The current industry standard consists of cartoon videos sent to all employees, followed by a quick quiz to assess their retention and comprehension. Although this spray-and-pray approach ticks the compliance box, it doesnt improve employee security, said Netter.Instead, Riot generates training materials based on certain contextual factors and triggers. For instance, its solution can detect whether an employee has multifactor authentication enabled; it can then generate a course to highlight the importance of authentication for those who dont employ MFA.Riots solution falls within the security awareness training market, which Cybersecurity Ventures predicts will reach a value of $10 billion annually by 2027.One of Riots main competitors is Knowbe4, acquired by Vista Equity Partners for $4.6 billion in February 2023.Knowbe4s platform offers what the vendor claims to be the largest library of security awareness training materials with automated training campaigns and scheduled reminder emails. Thoma Bravo acquired Proofpoint for $12.3 billion in August 2021.At this stage, the key differentiator between Riot and competitors is its use of customized training materials based on contextual factors.
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