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Cynomi, the provider of the virtual CISO (vCISO) platform, announced yesterday that it had raised બીજ 3.5 million in seed funds, which it will use to expand its research and development and its presence in the US and UK.
Cynomy’s solution is designed to provide managed service providers (MSPs) an AI-based vCISO platform with automated features that they can use to scale their existing CISO operations.
Features include automated evaluation and AI sanity checks so they can gain more visibility on their customers’ security status and organize automated action plans to better protect them against current threats.
This solution essentially offers scalable vCISO solutions to technical decision makers and MSPs that they can use to guarantee customers access to remote support from a cybersecurity expert without the upfront investment of CISO recruitment.
Offers security support to mid-sized organizations
The announcement comes as the mid-market organization’s safety standards lag behind those of larger organizations. In 2020, 33% of middle market executives said they experienced a ransomware attack or demand in 2020.
Yet in 2021, mid-market organizations were still unprepared to protect against ransomware threats propagated by phishing attempts, with only 1% having email malware protection or Wi-Fi phishing protection.
“It is no secret that mid-market cyber security is almost in a state of crisis. We believe that the root cause of this situation boils down to experts. The responsibility lies with IT, but IT and cybersecurity are two different disciplines, “Roy Azole, co-founder and COO of Synomy, told VentureBeat.
“We believe that this approach is beginning to gain recognition in the market. Gartner recently shared that vCISO services will support 20% of the market (over 1% in 2021). Given the lack of cyber security expertise, we look at our role in providing technology to support this transformation, “he said.
vCISO: An alternative to penetration testing?
Cynomi is a segment of the global cyber security market, valued at $ 163.53 billion in 2019 and is expected to reach $ 430.46 billion by 2030. While the organization has no direct vCISO platform competitors, it competes against automated penetration testing tools that can automatically help organizations. Scan their environment for vulnerabilities.
The penetration testing market is growing rapidly, valued at 80 580 million in 2020 and is expected to grow at a CAGR of 24.3% between 2021 and 2026 as the proportion of cyber threats increases and the list of compliance requirements increases.
One of Cyanomi’s main penetration testing competitors is Intruder, which offers cloud-based vulnerability scanners, and has raised 1.2 million so far.
Similarly, Cynomi is also competing against purple-team platform provider PlexTrac, which is not a direct penetration testing solution but instead enables managed service providers to find scanners and automate routine security tasks. This approach has been extremely successful, with the organization recently raising $ 70 million in Category B funding.
However, Sinomi aims to provide CISO insights rather than traditional penetration-testing tools that automated tools cannot provide.
“We take a holistic approach. The penetration testing tool will help you find a breach in your perimeter, and to use the analogy, it will tell you if there are any holes in the fence around your home that an attacker could use. Sinomi wants to tell you how to build that fence in the first place, “said Azole.
Yesterday’s funding round was led by Flint Capital with the participation of CDIL, Litical Centuries and Business Angel investors, including CyberX co-founder Neer Giller.
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