Mitiga, the first cloud-based solution for Incident Readiness and Response in cloud and hybrid environments, today announced the company has raised $25 million in Series-A funding, bringing total funding to $32 million, to completely change the traditional incident response market by supplying unlimited active incident response support for subscribers. Mitiga’s cloud-based solution for cloud and hybrid environments dramatically improves efficiencies for incident readiness and response by aligning around the client’s goals. Additionally, instead of the traditional time and materials invoicing, Mitiga clients only pay for its readiness service and receive unlimited Incident Response as part of their subscription. By preparing responses ahead of an attack, Mitiga customers are able to return to operational normalcy in hours instead of days or weeks, as is the case using traditional, services-based incident response techniques.
Mitiga’s funding was led by ClearSky Security, Atlantic Bridge and DNX. The funding will be used to address the changing mindset for security obsessed enterprise organizations when it comes to incident readiness and response in their ever-growing cloud and hybrid environments.
The events of the past year accelerated cloud adoption by allowing organizations to overcome their reluctance to move mission-critical workloads to the cloud. Gartner predicts spending on cloud services to run past $332 billion this year alone, which has also provided a new, lucrative target for hackers; in the first four months of 2020, McAfee reported a 630 percent increase in attacks on cloud services.
By 2022, It is predicted that 90 percent of organizations will have a hybrid and multi-cloud environment. This opens up the potential for hackers to move between on-premises data centers and cloud providers, as well as lateral attacks from one cloud provider to another. Aside from the damage attacks to do business, organizations have to endure cyber insurance premium increases, which rose by 29 percent in 2020, according to Fitch Ratings, and some policies have become more difficult to obtain.
As the first incident response solution for cloud-based environments, Mitiga has attracted top talent in cyber readiness and response, and armed them with an innovative technology stack to bring speed and transparency to the incident response space. The effect is to bring post-attack return to
normalcy down to just hours, vs. days or even weeks with traditional incident response. Post attack responses need to focus on efficiency, and current cloud and hybrid environments have made traditional on-premises approaches to incident readiness and response outdated.
“We have seen firsthand how demoralizing and detrimental slow responses are to cyber attacks,” said Tal Mozes, co-founder and CEO of Mitiga. “The cloud represents new challenges for incident readiness and response and we’re bringing the industry’s first incident response solution in the cloud, for the cloud. This funding will allow us to further our engagements with heads of enterprise security who are looking to recover from an incident in real-time, attract even more of the most innovative cybersecurity minds in the industry, and expand our partner network. I couldn’t be more excited about what Mitiga is going to do for cloud-first organizations who understand the importance of cybersecurity readiness and response.”
Today’s enterprise environments are threatened on an hourly basis with unpredictable incidents. Mitiga’s approach to provide unlimited active incident response meets the needs of regulators and business leaders that understand the importance of a resilient incident response solution and allows them to return to business as usual fast. In addition, Mitiga is able to document each event which allows an organization to fix the cause in order to prevent future attacks.
“The increased speed of adoption of cloud platforms has organizations rethinking how they prepare for and react to breaches,” said Patrick Heim, Partner & CISO at ClearSky. “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. Mitiga is leading the way in building out this new discipline of cloud focused Incident Readiness and Response. We’re excited to be on this journey with them and look forward to transforming the way incidents are managed.”
Mitiga’s hybrid managed services currently provide Fortune 1000, financial service institutions, banks, ecommerce, law enforcement and government agencies with Incident Response to handle real-time incidents and Incident Readiness that accelerates post-incident bounce back from days down to hours. The company also provides emergency response to active network security incidents such as ransomware and data breaches for non-subscription customers.