Mitiga, a Tel Aviv, Israel-based startup developing a platform for cloud incident response, today announced that it raised $25 million in series A financing, bringing its total raised to $32 million. Cofounder and CEO Tal Mozes said that the capital will be used to support product R&D and grow Mitiga’s cybersecurity, engineering, sales, and marketing teams.
The pandemic has made apparent the need for robust cybersecurity solutions. Between January and April 2020, cloud-based cyberattacks rose 630%, according to Fintech News. Malwarebytes reports that remote workers have caused security breaches in 20% of organizations, and remote work has increased the average cost of a data breach by $137,000, IBM estimates.
Mitiga aims to prevent intrusions by providing emergency response to network security incidents (e.g., ransomware and data compromise), as well as pre-incident services for hybrid cloud environments. The company’s tech stack can be customized so that in the event of an attack, much of the manual work is automated. Mitiga’s team takes care of the rest, even providing talking points to PR teams.
Mitiga’s three cofounders — Ariel Parnes, Ofer Maor, and Mozes — come from consultancy, product, and operations backgrounds. Parnes, the chief operating officer, is a retired colonel in the Israel Defense Forces’ Unit 8200, which is considered among the foremost intelligence agencies.
“[In 2019, we all came] to the same conclusion that while there are lots of investment in cyber detection and prevention solutions, there aren’t enough in response and recovery,” Mozes told VentureBeat via email. “So we decided to build a technical solution that could support scalability and bring clients value, while at the same time lowering the impact of breaches.”
Gartner predicts that spending on cloud services will exceed $332 billion in 2021 alone, and by 2022, it’s expected that 90% of organizations will have a hybrid and multicloud environment. That could open the door for hackers to move between on-premises datacenters and cloud providers, Mozes warns, as well as lateral attacks from one cloud provider to another.
Mitiga’s solution is a system that reports to pre-designated personnel the detail of cyber events and provides remediation steps. For example, it might send a data security team a report highlighting the technical nature of a breach and its point of origin, or whether hostile activity still exists in the network. The system essentially goes through a company’s org tree, delegating steps while providing updates to board members, developers, and other stakeholders.
“Every company that’s in the cloud or transitioning to the cloud can prepare for [virtually] any type of breach with our solution,” Mozes said. “Our goal is to help clients recover rapidly without incurring any additional cost.”
Mitiga competes with tech giants including Accenture and IBM in an incident response market MarketsandMarkets anticipates to be worth $33.76 billion by 2023. But according to Patrick Heim, partner and chief information security officer at ClearSky, a Mitiga investor, the company has already attracted clients including financial institutions, ecommerce retailers, and law enforcement and government agencies.
“Organizations are moving away from mostly reactive incident response processes. Newer approaches focus on preparing companies for inevitable incidents with a focus on tools and services that enable rapidly restoring operations and limiting impact,” Heim said in a press release. “Mitiga is leading the way in building out this new discipline of cloud focused incident readiness and response.”
In addition to ClearSky, Atlantic Bridge and DNX participated in Mitiga’s latest funding round.
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