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SolCyber, a managed security service provider, today emerged from stealth with $20 million in series A funding led by ForgePoint Capital. The company says the proceeds will be put toward enhancing its products and services and extending its go-to-market efforts, particularly as it gears up for growth.
The year 2020 holds the record for the most cyberattacks and breaches worldwide ever. According to one survey, nearly 80% of senior IT employees and security leaders believe their companies lack sufficient protection against cyberattacks despite increased IT security investments. The average time to identify and contain a breach now stands around 80 days, and cybercrime is projected to cost the world $10.5 trillion annually by 2025.
SolCyber was founded by ForgePoint Capital in light of the growing demand for more robust cybersecurity solutions. Scott McCrady was appointed CEO to start and build the business.
“Since inception, we’ve been laser-focused on building a comprehensive security stack for our customers based on hundreds of conversations with end users. With today’s announcement, we are now prioritizing customer acquisition … We currently have a handful of customers in beta and are on track to have a thousand end users by mid-August,” McCrady told VentureBeat via email.
Security-focused tech stack
SolCyber offers a tech stack that includes endpoint with extended detection and response capabilities, email security, protection against Active Directory abuse, and admin exploitation prevention. Beyond this, customers get services like security training and employee phishing training, as well as security operations center capabilities to deliver correlations, 365-day log retention, 24-hour monitoring, and more.
“All of this will be part of the package in an easy-to-consume per user pricing model … SolCyber is taking a different approach to the … space,” McCrady said. “A use case we hear a lot from customers is ‘What are the top 5 things I need to do to significantly increase my security posture?’ This is especially true when it comes to getting cyber insurance. There needs to be foundational security in place. We solve this need by delivering technology and the services that quickly increase their security and also answer many questions cyber insurance companies ask in relation to what security controls are in place.”
SolCyber, which has 12 employees, says it has “relatively limited amounts of revenue” at present. But the company plans to expand its workforce to 20 by the end of the year, angling to tackle an information security market where spending is set to exceed $170.4 billion in 2022, according to analysts at Gartner.
“[Cybersecurity companies], like many security products and services, have been given a tailwind by the pandemic. The walls of the enterprise continue to dematerialize due to cloud (and now remote) work functions,” McCrady said. “This all adds to the need for solid security solutions and services that can keep organizations protected regardless of the different types of networks and working locations that are developed due to the pandemic.”
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