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Bishop Fox Triples Annual Recurring Revenue and Reports Record Customer Growth

Bishop Fox today announced a record-setting year in both its annual recurring revenue (ARR) and customer growth, and recapped recent accolades, technical achievements, and significant milestones. The 16-year offensive security veteran drove substantial growth in its business by tripling ARR in 2021. While all areas of the business saw impressive gains, increasing demand for Bishop Fox’s continuous offensive security platform, Cosmos (formerly CAST), resulted in significant growth. Notably, the platform was awarded the coveted 2021 Best Emerging Technology by SC Media.

“As cybersecurity challenges increase in complexity and intensity, we are seeing commensurate demand for the innovative solutions we are bringing to market through our Cosmos platform and continuous offensive security offerings,” said Bishop Fox Co-founder and CEO Vinnie Liu. “By assembling the best technical minds in the industry and drawing upon insights gleaned from thousands of customer environments, Bishop Fox is driving innovation and fueling the expansion of our offerings to stay ahead of attackers, which is incredibly rewarding.”

Highlights and Milestones

Customer Growth & Retention

To date, Bishop Fox has worked with more than 1,000 customers to improve their security. This includes more than a quarter of the Fortune 100, half of the Fortune 10, eight of the 10 top global technology companies, and all of the top global media companies. The company’s customers span multiple industries, each with their own unique business and security needs, including Google, Equifax, John Deere, Sonos, and Zoom.

In 2021, Bishop Fox earned an impressive net promoter score (NPS) of 81, underscoring the company’s commitment to deliver world-class customer experience and its reputation for delivering the highest quality work. The Cosmos platform has clearly resonated with customers, resulting in near perfect retention in 2021 after launching in early 2020.

Technical Achievements

Bishop Fox achieved a significant milestone in transforming the offensive security space with the recent patent grant award of the company’s innovative technique known as perceptual analysis (US Patent No. 11,218,496). Perceptual analysis enables Bishop Fox to reveal anomalies and outliers that could indicate the presence of a vulnerability at unprecedented scale and efficiency.

Additionally, Cosmos customers reported 30% greater attack surface coverage compared to similar solutions and zero false positives, with 2.3 billion operations executed and 13,000+ exposures identified weekly.

In December 2021, Bishop Fox was selected by the ioXt Alliance as an authorized lab to test IoT products and devices to ensure they are secure and more resilient to cyberattacks. With the number of active IoT devices expected to surpass 25.4 billion in 2030, the ioXt SmartCert certification program provides much-needed security assurance to consumers and enterprises.

Organizational Leadership

2021 saw significant growth in Bishop Fox’s leadership team with six executive hires – four of whom are women. Executive hires include Patty Wright, senior vice president and general manager of consulting; Julie Albright, chief marketing officer; MJ Porcello, vice president of team people; Joe Green, vice president of engineering; Allison Arvizu, vice president of sales; and Tony Needler, associate vice president of consulting managed services.

Additionally, Bishop Fox welcomed notable industry leaders as new board advisors, including Alex Stamos, partner at Krebs Stamos Group and former Facebook chief security officer; Barmak Meftah, co-founder and general partner of Ballistic Ventures and former president of AT&T Cybersecurity; Evan Wolff, partner at Crowell & Moring and co-chair of the firm's Privacy & Cybersecurity Group; and Martina Lauchengco, former Microsoft, Netscape/AOL marketing and product executive. They join existing board members Don Dixon, co-founder and managing director of Forgepoint Capital; Will Lin, co-founder and managing director of Forgepoint Capital; Steve Huffman, chief executive officer of Reddit; and Francis Brown, co-founder of Bishop Fox.

Committed to Making the World More Secure

Bishop Fox is on track to double headcount in less than three years, expanding an elite team of security experts, researchers, and testers, many of whom are active in the cybersecurity community. Bishop Fox’s experts are repeatedly sought after by global organizations, governments, and leading media outlets to provide insights into the latest security threats and trends.

Over the past two years, Bishop Fox has published 17 security advisories and contributed six new tools to the open source community: IAM Vulnerable, GadgetProbe, Dufflebag, RMI Scout, H2C Smuggler, and Eyeballer 2.0. In addition, the company was a leading contributor of resources and insights to aid in response to real-time threats like Log4j, LEXSS, and JSON interoperability vulnerabilities, and shared groundbreaking research on IoT security issues affecting 35 billion devices worldwide.

In June 2021, the company joined two dozen cybersecurity vendors cautioning against Section 1201 of the Digital Millennium Copyright Act (DMCA) and urged policymakers to reform Section 1201 to allow security research tools to be provided and used for good faith research.

International Expansion

The company expanded its presence in the Americas, opening a new entity in Mexico in September 2021, to support businesses as they develop applications, manage their attack surfaces, and protect sensitive and confidential data. Bishop Fox is also leading the charge in closing the global cybersecurity talent shortage by establishing diploma programs in offensive security with CUCEI and the University of Guadalajara. The Mexico entity complements the company’s previous expansion to the European market, where it has offices in Spain.

“While we’re blown away by our extraordinary growth over the last year, we are most proud of the positive impact we have on the security of the applications and products people use every day, and our ability to proactively protect our customers by delivering the best ‘forward defense’ available,” commented Liu.

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