Btech Consortium Fund Invests in DefenseStorm to Protect Community Banks
01 May 2024 - 8:00PM
Business Wire
Existing Investor Participation in Raise Shows Confidence in
Company Direction
DefenseStorm, the leading provider of cyber risk management
solutions and co-managed services to financial institutions,
recently completed a Series C-1 raise. The round was led by a
number of existing investor partners, including Georgian, Curql,
and Live Oak Ventures. Joining the round is new investor the Btech
Consortium Fund, a group of community banks leveraging technology
to better serve their customers.
Community banks are innovating their technologies and services
to meet customer demand for accessibility and convenience, improve
operational efficiency, and compete better against larger banks.
While needed for growth, innovation creates risk, with
cybercriminals poised to exploit the vulnerabilities exposed by
change. All banks, regardless of their size, must proactively
manage cyber risk, which includes pre-emptive and continuous action
to assess and address risks caused by innovation.
“DefenseStorm and the Btech Consortium Fund are committed to
providing community banks access to the latest technologies,
offering a comprehensive cyber risk approach that ensures they can
protect their assets, customers, and reputations,” said Steve
Soukup, CEO of DefenseStorm. “Our integrated technology platform is
purposefully “Built for Banking”, meaning it is designed to meet
all the demanding requirements and regulations that are unique to
banks. And our team of highly trained cyber experts provides the
much-needed resources that many smaller banks can struggle to hire
and retain. It’s a true partnership, ensuring community banks can
effectively respond to the constantly evolving world of cyber
threats.”
Working together, the Btech Consortium Fund and DefenseStorm are
building a community of trust, so all banks can grow and thrive
together. It involves bringing together financial institutions,
business partners, government agencies, and others to share and act
on incidents, making the industry better as a whole. It’s a
concerted effort to make communities a better place by putting a
stop to threat actors that hold businesses hostage with ransomware
or steal an individual’s credit card.
“We are honored to invest in DefenseStorm”, says Kevin Covert,
Managing Director at the Btech Consortium Fund, “As community banks
rapidly deploy modern technology to streamline efficiencies and
innovate, we believe DefenseStorm’s products will prove critical
for achieving security and compliance. We are recommending
DefenseStorm to all our bank consortium members and the hundreds of
community banks with whom we communicate.”
About DefenseStorm
DefenseStorm provides an integrated platform of cyber risk
assessment, governance, security, and fraud solutions that ensure
financial institutions achieve and maintain cyber risk readiness.
The only system specifically built for banking, it accounts for all
the daunting challenges, regulations, and technology requirements
financial institutions face. Their intelligent data engine, GRID
ACTIVE, ensures real-time access, analysis, and action on all
critical threat data. The Cyber Threat Surveillance Operations (CTS
Ops) team provides access to managed resources 24x7x365, delivering
the help and expertise needed by financial institutions. For more
information visit: https://defensestorm.com/company/about-us/
About the Btech Consortium Fund
The Btech Consortium Fund is a partnership between U.S.
community banks, Elizabeth Park Capital Management, and Strandview
Capital. The mission of the consortium is to empower community
banks through technology to better compete with larger national
banks, become less reliant on legacy core technology, and to better
serve their customers. The banks in our consortium are
tech-forward, high-performing banks. They have joined forces to
gain market leverage and a competitive advantage through insights
into emerging bank technology, access to new vendor relationships,
access to new vendor relationships, and sharing of technology best
practices among bank peers. For more information visit:
https://btechconsortium.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20240501722515/en/
David Cross VP, Marketing for DefenseStorm
David.Cross@defensestorm.com
Theodor Nordegren VP, Strandview Capital | Btech Consortium
Theodor@strandview.com