Cytactic, the platform pioneering cyber crisis readiness and management, announced today a $16 million seed funding round led by Evolution Equity Partners, a renowned cybersecurity venture capital fund.
Businesses are scrambling to fortify their defenses against cyber threats, recognizing the widespread impact and complexity of such crises. However, studies show that most companies are not resilient in case of a cyber crisis. A new approach is crucial—one that integrates cyber crisis preparation, response management, and recoveryinto a unified, user-friendly platform accessible to all relevant roles and market sectors. This is where Cytactic comes in.
Cytactic, a market-leading SaaS platform is an innovation-forward, holistic, intuitive solution that consolidates crisis readiness, response, and recovery tailored to versatile business profiles and risk landscapes. It empowers organizations to handle the mounting threat to their business in case of a cyber crisis with a simplified, orchestrated, step-by-step methodology involving all relevant stakeholders and roles.
Cytactic’s platform emerged as a response to the devastating losses experienced by numerous organizations due to cyber incidents. Many of them are a direct result of poor synchronization among stakeholders, inadequate information flow, complex decision-making processes when rapid response is required, the involvement of numerous stakeholders, and more. Proper emphasis on readiness, coordinated management, and swift recovery can mitigate crisis impacts and potentially avert some threats altogether.
Recent numbers provide a clear picture. Leading research and consulting firm Gartner forecasts that by 2025, 75% of IT organizations will face ransomware attacks. With the average data breach costing $8.64 million last year, regulations are tightening in the US and EU. Consequently, CISO professional liability and insurance are becoming critical issues, underscoring the urgent need for robust cybersecurity resilience.
Gartner also recently published a cybersecurity study that places preparation and focus on synchronized readiness and management as a key factor to increasing the chances for a successful outcome when handling such complex cases: “Conducting incident response planning and having a formal third-party contingency plan increased Third-Party Cyber Risk Management effectiveness by 42% and 43% respectively”
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Cytactic Raises $16 Million Seed Funding Round Led by Evolution Equity Partners to Help Companies Prepare and Respond to a Cyber Crisis
Cytactic, the platform pioneering cyber crisis readiness and management, announced today a $16 million seed funding round led by Evolution Equity Partners, a renowned cybersecurity venture capital fund.
Businesses are scrambling to fortify their defenses against cyber threats, recognizing the widespread impact and complexity of such crises. However, studies show that most companies are not resilient in case of a cyber crisis. A new approach is crucial—one that integrates cyber crisis preparation, response management, and recoveryinto a unified, user-friendly platform accessible to all relevant roles and market sectors. This is where Cytactic comes in.
Cytactic, a market-leading SaaS platform is an innovation-forward, holistic, intuitive solution that consolidates crisis readiness, response, and recovery tailored to versatile business profiles and risk landscapes. It empowers organizations to handle the mounting threat to their business in case of a cyber crisis with a simplified, orchestrated, step-by-step methodology involving all relevant stakeholders and roles.
Cytactic’s platform emerged as a response to the devastating losses experienced by numerous organizations due to cyber incidents. Many of them are a direct result of poor synchronization among stakeholders, inadequate information flow, complex decision-making processes when rapid response is required, the involvement of numerous stakeholders, and more. Proper emphasis on readiness, coordinated management, and swift recovery can mitigate crisis impacts and potentially avert some threats altogether.
Recent numbers provide a clear picture. Leading research and consulting firm Gartner forecasts that by 2025, 75% of IT organizations will face ransomware attacks. With the average data breach costing $8.64 million last year, regulations are tightening in the US and EU. Consequently, CISO professional liability and insurance are becoming critical issues, underscoring the urgent need for robust cybersecurity resilience.
Gartner also recently published a cybersecurity study that places preparation and focus on synchronized readiness and management as a key factor to increasing the chances for a successful outcome when handling such complex cases: “Conducting incident response planning and having a formal third-party contingency plan increased Third-Party Cyber Risk Management effectiveness by 42% and 43% respectively”
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This entry was posted on July 10, 2024 at 9:16 am and is filed under Commentary with tags Cytactic. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.