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Local cybersecurity firm buys downtown HQ
November 6, 2024
A local cybersecurity startup is wrapping up 2024 with the rollout of its latest software product, shortly after it bought into downtown Richmond for a new headquarters.
Hive Systems plans to officially launch a new software offering called Derive next month.
Derive started off as an in-house tool, which Hive used it in the course of its consulting work. After clients expressed interest in having their own access to the program, a project kicked off that culminated in a software-as-a-service product spun out as its own company.
Derive allows users to compare the landscape of cyber risks like ransomware attacks and phishing attempts against their companies’ policies and tech infrastructure, and determine what kind of financial impact a breach would have. The subscription-based service costs $4,400 a month.
“What Derive does is it looks at all the ways that things can go wrong, and so it helps you understand what those risks and narratives are,” said Alex Nette, the CEO and co-founder of Hive.
Derive was inspired by what Nette said was a common problem for cybersecurity teams – quantifying their companies’ level of risk and what the consequences might be to bosses.
“It’s a problem we see consistently in companies across the world, from small startups here in Richmond all the way to companies out in Silicon Valley. And it’s that cybersecurity teams have trouble showing that they are a value-add to the business,” he said. “It helps those companies show that they are not only making the right strategic decisions, but that (cybersecurity teams) are offering something to the business.”
