New and Expanded Customer Relationships, Market Leading Product Releases, and Industry Recognition Drive Momentum for 2024
Arlington, VA, February 12th, 2023 – ThreatConnect, maker of leading Threat Intelligence Operations (TI Ops) and Risk Quantification (RQ) solutions, announced today the company’s accelerated business and product momentum throughout 2023, providing a foundation for strong performance in 2024 and beyond.
“2023 was a tremendous year for the company,” said Balaji Yelamanchili, CEO of ThreatConnect. “We delivered on ambitious product innovation plans, brought on numerous new enterprise customers, and expanded relationships with many others. With strong growth in TI Ops and growing leadership position in Cyber Risk Quantification, we’re exceptionally well positioned for 2024.”
Adding, Retaining, and Expanding Marquee Customer Relationships
ThreatConnect showed substantial new customer growth in both its threat intelligence operations and cyber risk quantification businesses A particular highlight was the growth in the cyber risk quantification (CRQ) market, where the business doubled.
In all, the company closed new deals with more than 40 enterprises, including:
- A top 10 software company
- A Fortune 500 investment management leader
- A top 5 global airline
- 10 global government agencies
- 7 banking and financial services leaders
In addition, more than 50 of the company’s existing customers demonstrated their commitment to its offerings by expanding their deployments. ThreatConnect now serves more than 200 enterprise customers, including:
- 3 of the top 5 software companies in the world
- 2 of the top 5 cybersecurity companies in the world
- 3 of the top 5 U.S. banks
- 2 of the top 5 airlines
- More than 10 US federal and defense agencies and 10 US state governments
Extending Market Leadership in Threat Intelligence Operations
ThreatConnect continued to extend its position as the innovation leader in threat intelligence operations. Key new product innovations include:
- Intelligence Requirements – Customers can now more efficiently and effectively align their resources and costs towards the greatest risks to their business by allowing cyber threat intelligence teams to document, manage, and action their intelligence requirements directly within the ThreatConnect platform. No other threat intelligence management solution offers this capability.
- ATT&CK Visualizer – Detect, prevent, and respond to threats faster by analyzing threat intelligence using the MITRE ATT&CK® Framework in an easy-to-use visualization tool that helps understand and memorialize threat actor behaviors.
- Enhancements to the CAL™ Automated Threat Library (ATL) – CAL ATL is an AI/ML engine unique to ThreatConnect, forming the core of the company’s rapidly expanding AI strategy. Today, CAL ATL saves hours of manual analyst effort every day by distilling over 60 definitive OSINT sources, such as blogs and social media, into a structured, ready-to-use threat intel feed. It automates aggregation and analysis using AI/ML and Natural Language Processing (NLP) to extract and tag MITRE ATT&CK® tactics and techniques. As the company expanded its AI/ML innovation in 2023, CAL became an even more valuable foundational element of the ThreatConnect platform:
- We’ve launched initial intelligence summarization capabilities in ATL and have big plans in 2024 to make analysts’ lives significantly easier through our research and delivery of Generative AI technology.
- The CAL repository grew by 44% to more than 241 Billion data points, providing a much larger data set to glean intelligence insights.
- Integration with the new Intelligence Requirements feature allowed customers to find nearly 3 million relevant intelligence insights across 1,500 topics.
- Native Reporting – By enabling in-platform report generation, ThreatConnect enables analysts to provide stakeholders with the necessary information and insights to make strategic, tactical, and operational decisions.
Meeting the Emerging Need for Cyber Risk Quantification
ThreatConnect added key innovations in data-driven Cyber Risk Quantification (CRQ) to support growing customer needs to meet SEC materiality and cyber insurance requirements and integrate with governance, risk, and compliance (GRC) solutions. This led to the doubling of the business in 2023 and set it up for even greater performance in 2024.
Specific innovations include:
- SEC Materiality and Cyber Insurance – RQ customers can now answer questions about SEC Materiality, whether they have adequate cyber insurance coverage, and how they compare to peer sets in terms of losses.
- ServiceNow Integration – ServiceNow GRC customers can quantify cyber risk in financial terms directly within their current risk assessment workflow.
- Custom Loss Models – Customers can now add custom loss models to our existing AI / ML models.
Achieving Industry Recognition
ThreatConnect continued to garner the attention of top-tier industry analysts and media, including:
- ThreatConnect’s Risk Quantifier (RQ) solution was named a Leader, with the strongest current capabilities, in Forrester’s inaugural Wave for Cyber Risk Quantification.
- ThreatConnect’s Threat Intelligence Operations Platform received widespread recognition in the press for our innovative Intelligence Requirements feature announced at Black Hat USA 2023. CRN named ThreatConnect as one of the ’20 Hottest New Cybersecurity Tools at Black Hat 2023.’
- Selected as a 2023 SC Media Trust Awards Finalist for Best Threat Intelligence Technology
- Won the Next-Gen Threat Intelligence award at the 11th Annual Global InfoSec Awards at RSAC 2023
- Named the winner of the Hot Company – Threat Intelligence award from Cyber Defense Magazine (CDM), the industry’s leading electronic information security magazine.
Dave DeWalt Joins as Executive Chairman of the Board
Underscoring the tremendous opportunity ahead, Dave DeWalt, former CEO of FireEye, McAfee, and Documentum and Founder and CEO of NightDragon, a dedicated cybersecurity, safety, security, and privacy investment and advisory firm, as Non-Executive Chairman of the Board.
Looking Ahead to 2024
Coming off the momentum of 2023, ThreatConnect is once again poised for growth in 2024 by continuing to provide enterprise customers with leading threat intelligence and risk quantification solutions.
Exciting new product capabilities, including the expanded use of AI to surface the greatest risks to our customers’ businesses, set the table for extending the company’s position as an innovation leader. Alongside product innovations, the company will extend its partnerships to open new routes to market and help our customers achieve more value faster.