Balbix accomplished many milestones in 2019. We grew our revenue more than 4x, closed several multi-million-dollar contracts, and with over fifty large enterprises in production we continue to extend our leadership in the emerging cyber-risk visibility and transformation market.
The enterprise attack surface is exploding. CISOs and CIOs are struggling with poor visibility of their cybersecurity posture and don’t really know which of their projects have meaningful impact on reducing their breach risk. The industry spends over $25B/year in understanding cyber risk, but this expense is ineffective with organizations getting breached repeatedly due to some weakness in their defenses. Analyzing and improving cybersecurity posture is not a human-scale problem anymore. In 2019 we saw this insight resonate in conversation with hundreds of prospects across four continents.
This is Balbix’s opportunity to disrupt and redefine: using AI to enable organizations to gain 100x better understanding of their cybersecurity posture, and then use our insights, gamification and orchestration capabilities to transform their cybersecurity posture and become cyber-resilient. By becoming the AI-powered brain of the enterprise cybersecurity practice, Balbix hopes to create a large and enduring franchise. Our platform approach is helping us rise above the competitive noise of dozens of point products.
As 2020 dawns, a growing number of enterprises look for new ways to make their cybersecurity efforts more predictive, outcome oriented and automated, as opposed to reactive, project driven, and people heavy. Our competition takes the form of large companies making incremental improvements on top of their legacy approaches, or point-product startups. Our goal is to move quickly to solidify and extend our current position by focusing on delivering a very high degree of customer satisfaction and building a culture of innovation that produces the best possible outcomes for our customers.
It’s all about building the next big cybersecurity company
Leveraging specialized AI and automation is the only way to do cybersecurity in the future. When CIOs and CISOs look at Balbix’s approach, they are not just looking at gaining better cyber-risk visibility – their overall requirement is for cybersecurity posture visibility, transformation and maintenance. We believe this new market redefines and subsumes existing markets including vulnerability assessment, threat and vulnerability management, and security analytics. We want to be the market leader in AI-powered cybersecurity posture management!
Obsession over Customer Satisfaction
In 2020, we will continue to focus relentlessly on our customers’ success. From the beginning we realized that the enterprise cybersecurity practice is based on opinions and incomplete data that result in poor quality decisions. We noticed a huge gap between perceived cyber-risk at the board and c-suite level versus the actual on-network ground truth. Even simple questions like “what is the risk to our intellectual property” or “to our customer data” were impossible to answer.
We are enabling enterprise cybersecurity teams to become truly data-driven for the first time. In this process, we are learning a lot about operational challenges that customers face to improve their cybersecurity posture, even when provided with high-quality risk insights. Working closely with them, we have been able to make the necessary adjustments and enhancements to Balbix platform features for our customers to operationalize cybersecurity posture transformation.
The learnings from our focus on customer outcomes are very valuable and have enabled us to challenge our customers to go for big risk reduction objectives based on plans built on our experience elsewhere.
Our mission is not at all easy or straightforward, and it will take a lot of hard and smart work to achieve our objectives. Our success in 2019 was the product of a fantastic group of people, and it is my privilege to be a part of this great team.
We encourage Balbix team members to be curious, take ownership and focus on delivering fantastic customer outcomes. We strive to be an organization where every team member becomes the best that they can be, creating impact with their work and without ever compromising integrity. It’s not easy to work here and Balbix is not for everyone, as I have described in a blog for prospective employees. In hiring and promotions, we look for people who exemplify our cultural values.
We are incredibly fortunate to have this group of dedicated individuals whose sacrifices and passion are helping to build Balbix. We will continue to focus on hiring and retaining versatile and talented employees. We recognize that our success will be directly affected by our ability to attract and retain a motivated employee base. We will continue to work hard to spend wisely and maintain our lean culture. We use data-driven techniques to reinforce a cost-conscious company culture where everyone thinks about return in growth value of dollars spent.
2019 has been an incredible year. The Balbix team is grateful to our customers for their business and trust, and to each other for our hard work. We are also very thankful to our board members, advisors, investors and shareholders for their continuing support and encouragement.