CyberCube | July 14, 2022
CyberCube, the provider of the world’s leading cyber risk analytics for the insurance industry, today announces that McGill and Partners, the specialist (re)insurance broker, is using its Portfolio Manager and Broking Manager cyber risk analytics platforms.
Launched in 2019 by insurance veteran Steve McGill, McGill and Partners is rapidly growing to become a major force in the insurance and reinsurance market, quickly developing its offering in both cyber reinsurance and insurance. Today the firm has over 430 staff and offices in the UK, US, Bermuda and Ireland. The deal with CyberCube is part of McGill and Partners’ continued development of its cyber (re)insurance strategy.
CyberCube’s Portfolio Manager is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. Portfolio Manager stress tests portfolios of insurance and reinsurance risks against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
Broking Manager is the first software-as-a-service application CyberCube has built specifically for the insurance broking community. It offers a streamlined approach to analyzing potential financial exposure impacts arising from cyber events that helps clients make informed decisions on coverages and limits.
“We are excited to be working with the team at McGill and Partners and be part of the company’s cyber (re)insurance growth strategy on both the direct insurance side via Broking Manager and on its reinsurance side via Portfolio Manager.”
Alejandra Donoso, CyberCube’s Principal Client Account Manager
Neil Sharma, Partner – Reinsurance at McGill and Partner, said: “We are looking to bring all stakeholders in the cyber value chain together; collaborating between our insurance and reinsurance teams and partnering with CyberCube’s platforms which help deepen our understanding of the risks allowing us to provide best-in-class solutions to our clients.”
CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation.
DATA SECURITY,PLATFORM SECURITY,SOFTWARE SECURITY
Cymulate | September 07, 2022
Cymulate, the market leader in Extended Security Posture Management (XSPM), today announced a $70 million Series D investment led by existing investors One Peak, together with Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth and Dell Technologies Capital. Cymulate has raised $141M to date.
The latest investment, which is among the largest for continuous security testing vendors, doubles Cymulate's funding raised to date and accelerates the Company's global expansion and pace of innovation.
In a recent report on Continuous Threat Exposure Management (CTEM) GartnerⓇ analysts observed, "Previous approaches to managing the attack surface are no longer keeping up with digital velocity — in an age where organizations can't fix everything, nor can they be completely sure what vulnerability remediation can be safely postponed. CTEM is a pragmatic and effective systemic approach to continuously refine priorities, walking the tightrope between those two impossible extremes."* The global shortage of 2.72 million cybersecurity professionals, and overstretched in-house security resources further exacerbates the need for Cymulate's real-world solutions which closes security gaps quickly and efficiently, rationalizes technology, helps upskill staff and improves processes.
"We are thrilled to lead this round of investment in Cymulate," said David Klein, Managing Partner of One Peak. "Cyber posture management and continuous security validation have dramatically increased in popularity in response to the onslaught of ransomware and cyber warfare for businesses across all size ranges. Cymulate is the clear leader in the sector, and we look forward to continuing to support the Company in further accelerating its already strong growth trajectory."
Cymulate sets the industry standard for organizations to use automation to continuously validate their threat exposure and cyber posture, by testing their cloud and on-premise networks against the latest threats in the wild. The Company's Extended Security Posture Management platform leverages its native offensive security technology and capabilities to widely support customers' security and business needs. XSPM incorporates four fundamental pillars tied together with analytics to provide actionable security posture insights: Attack Surface Management, Continuous Automated Red Teaming, Breach & Attack Simulation, and Advanced Purple Teaming. Cymulate's customers see their cyber risk reduced by nearly 50% during the first three months of use. Running daily risk assessments, the cyber risk of Cymulate's customers continues to decrease in the first year without any security drift.
The Series D funding will be used to extend Cymulate's technological capabilities and further accelerate its global growth. The Company more than doubled its ARR in 2021 and grew more than 200% in North America alone. Cymulate has more than 500 customers globally, including Fortune 500 companies and strategic partners such as Optiv and Wipro. By the end of this year, Cymulate plans to further expand its staff by 75% to continue supporting its go-to-market efforts.
"In a market where every business must be prepared to fight advanced threats, I am proud of our team's ability to innovate and respond quickly to the constant turbulence of cybersecurity. "Our funding from existing investors is a further testament to their confidence in our company, direction, and continued vision. We look forward to reaching our next innovation milestones and expanding into new markets across the globe."
Eyal Wachsman, CEO and Co-Founder of Cymulate
Alongside their Series D funding, Cymulate also recently announced two C-level executive appointments to bolster the company's leadership, namely the appointment of Maria Mastakas as Chief Operating Officer and Carolyn Crandall as Chief Marketing Officer and Chief Security Advocate of Cymulate.
*Gartner, Implement a Continuous Threat Exposure Management (CTEM) Program, July 2022.
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
Cymulate's SaaS-based Extended Security Posture Management (XSPM) provides security professionals with the ability to continuously challenge, validate and optimize their on-premises and cloud cyber-security posture with visualization end-to-end across the MITRE ATT&CK® framework. The platform provides automated, expert and threat intelligence led risk assessments that are simple to deploy and use for organizations of all cybersecurity maturity levels. It also provides an open framework to create and automate red and purple teaming by generating penetration scenarios and advanced attack campaigns tailored to their unique environments and security policies.
Coro | July 28, 2022
Coro, the all-in-one cyber security platform for mid-market organizations, growing businesses, and lean IT teams, today announced the launch of its unique Incubiz program. This program is designed to help entrepreneurs build and grow a successful business in one of the hottest markets today - cyber security - with zero risk, upfront costs, or experience needed.
Incubiz will debut in Chicago, Illinois, the location of Coro’s newest U.S. office. Small businesses account for 99.6% of Illinois' private enterprise, making them a vital part of the state's economy. Additionally, Illinois is the 7th largest tech employer in the country, employing over 318 thousand people. According to Zoominfo, Chicago and the surrounding suburbs are home to about 219,000 small to mid sized businesses and more than 4,000 mid-market companies. It is also one of the hottest startup markets in the U.S. With more than six thousand technology companies and 378 startups founded in the city in the past five years, these companies are all vying for cybersecurity help, making Chicago the perfect hub for the next step in Coro’s growth.
Driven by a robust talent pipeline, the state of Illinois is on the way to achieving Tier-1 tech hub status. In 2021, it had the fourth largest increase in technology job postings, and only three states added more tech jobs than Illinois over the past decade. But with the state’s employment opportunities shifting away from manufacturing and toward service- and knowledge-based work, many medium-wage jobs have been eliminated and many workers do not have the skills or education to attain higher-wage employment. A recent Illinois Future of Work report found that there is a need to create “stronger on-ramps for high wage jobs” in the state, citing that not having a bachelor’s degree is holding many back from being considered for higher-earning positions. This is further polarizing the job market, given that only 35.5% of Illinois adults have a bachelor’s degree.
In support of the state’s drive to make higher-earning jobs available for more workers, to build off Chicago’s tech momentum, and to close the cyber security skills gap our nation is facing, Coro has created an innovative, one-of-a-kind program to provide job opportunities in one of the hottest markets today, without any prior cyber security experience or college education.
The Incubiz program is open to entrepreneurs looking to start a cyber security business, buy into a franchise, or start a managed service provider/managed security service provider (MSP/MSSP) that provides outsourced security monitoring and management. Incubiz provides the potential for employees to achieve higher earnings without the prerequisite of many similar job openings. Individuals accepted into Coro’s 18-month Incubiz program will be provided with the training, support, and infrastructure needed to build a valuable skill set and ultimately launch their own cyber security business. Not only are there no costs to participants, they will be paid a competitive salary as a Coro Authorized Security Consultant. Upon completion of the program, participants will be able to operate independently, but with access to continued support and residual income from any customers brought in during the incubation period.
“Coro’s mission is to continually innovate and develop the best cyber security tools possible. We’re excited to offer our expertise and resources to help the next generation of cyber entrepreneurs through our new Incubiz program. “The Illinois job market is at a crossroad, and this program is a great opportunity for workers to attain a higher-paying job without needing a predefined skillset or degree. Chicago is the perfect market to launch IncuBiz, and we are eager to add to the city’s flourishing tech scene and offer more equitable employment opportunities within the state.”
Jim Tarantino, Chief Revenue Officer at Coro
Coro developed its powerful cyber security platform to address the noticeable cyber security gaps in the mid-market and SMB segments, making enterprise-grade security accessible to any business at a fraction of the cost of other solutions. Coro is one of the fastest growing cyber security companies today and has seen significant momentum with 300% year-over-year growth for each of the past three years and into 2022. Earlier this year, Coro announced $80M in funding and a rapid expansion in the Chicago market.
Coro is one of the fastest growing security solutions for the mid-market, providing all-in-one protection that empowers organizations to defend against malware, ransomware, phishing, and bots across devices, users, and cloud applications. More than 5,000 businesses depend on Coro for holistic security protection, unrivaled ease of use, and unmatched affordability. Built on the principle of non-disruptive security, the Coro platform employs innovative AI technology to identify and remediate the many security threats that today's distributed businesses face, without IT teams having to worry, investigate, or fix issues themselves. Investors in Coro include Balderton Capital, JVP, MizMaa Ventures, and Ashton Kutcher’s Sound Ventures.