At a glance.
- RTX (formerly known as Raytheon) is selling its cybersecurity business.
- Accenture acquires MNEMO Mexico.
- Spec raises $15 million.
- State of security: financial services.
- CISO challenges, across sectors.
Mergers and acquisitions.
RTX (formerly known as Raytheon) is selling its cybersecurity business to an undisclosed buyer for approximately $1.3 billion, NBC Boston reports. A company spokesperson stated, "We regularly review our portfolio to ensure our business is best positioned to deliver for our customers, stakeholders and employees. Based on that review, we decided to divest our Cybersecurity, Intelligence and Services business. We believe this gives the business greater autonomy to deliver on customer missions and allows it to serve as a platform for innovation well into the future."
Accenture has acquired managed cybersecurity services firm MNEMO Mexico for an undisclosed amount. The company stated, "MNEMO Mexico’s cybersecurity professionals will join Accenture Security’s workforce of more than 19,500 professionals globally, extending Accenture’s local resources and capabilities in Mexico / Latin America while addressing the growing regional demand for managed security services."
Investments and exits.
Fraud detection company Spec has raised $15 million in a Series A round led by SignalFire, with participation from Legion Capital and Rally Ventures. The company says the funding "will power Spec's continued growth and innovation."
London- and San Francisco-headquartered generative AI security company Harmonic Security has launched with $7 million in seed funding from Ten Eleven Ventures, with participation from Storm Ventures and private investors.
Australian searchable data encryption company CipherStash has raised $3 million in a seed funding round led by Skip Capital, with participation from SixThirty Ventures. According to SecurityWeek, "The new investment will help the startup expand its digital defense offerings to keep pace with the increasingly complex tactics that cybercriminals employ."
French Software-as-a-Service application security startup Zygon has secured $3 million in seed funding led by Axeleo Capital, with participation from Kima Ventures. The company stated, "With the $3M seed funding, Zygon will bring its product to a wider audience of enterprises who struggle to scale their security model at the pace of the SaaS sprawl."
Singaporean cyber risk management firm Protos Labs has raised SGD$3 million (approximately $2.2 million USD) in seed funding from BEENEXT, VinaCapital Ventures, Artem Ventures (in partnership with FWD Insurance), Plug and Play Silicon Valley, Investible, Gan Konsulindo, 1337 Ventures, and Gobi Partners.
Island, a pioneer in the enterprise browser category, has announced a $100 million C-round. The investment, led by Prysm Capital and joined by Canapi Ventures and existing venture investors Insight Partners, Stripes, Sequoia, Cyberstarts, and Georgian, gives Island a valuation of $1.5 billion. Island is headquartered in Dallas and has R&D facilities in Tel Aviv.
Plume has appointed Valerie Buckingham as Chief Marketing Officer and Adrian Fitzgerald as Chief Revenue Officer.
Contrast Security has appointed Peter Daley as Chief Financial Officer.
ColorTokens has named Jagdish Mahapatra as Senior Vice President of Sales.
Tanium has hired Tony Beller as Senior Vice President of Global Partner Sales.
Cymulate has appointed Mikko Jarvinen as Vice President of Sales for EMEA and Ben Fitzpatrick as Vice President of Sales for the APAC region.
Rubrik has appointed Ismail Elmas as Group Vice President of International Business.
Living Security has named Peter Streips as Vice President of Channel Sales.
State of security: financial services.
Swimlane has published a report looking at the state of cybersecurity in the financial services sector, finding that “20% of respondents have had at least one breach with a total cost of $5 million in the last 12 months.” Additionally, 42% of respondents had a breach that cost at least $1 million in the past year. The top threats seen by financial services organizations are phishing (34%), ransomware (31%), cloud security threats (25%), and insider threats (21%).
The report notes, “[T]he impact of successful cyber-attacks is assessed differently depending on the type of financial institution. Wealth management and investments banks rate downtime as the largest concern associated with cyber breaches, but retail banks (whose customers can more easily change service providers) are more concerned with loss of reputation and customer trust.”
Another look at the sector comes from Veracode, which this morning released a report looking at “the key factors influencing flaw introduction and accumulation” in the financial services sector. The researchers found that “[w]hile nearly 72 percent of applications in the Financial Services sector contain security flaws, this is the lowest of all industries analyzed and an improvement since last year.”
CISO challenges, across sectors.
A survey by Onyxia has found that “89% of CISOs measure the maturity and performance of their full security program at least once each quarter, and more than half of CISOs measure monthly.” The report also notes:
- “The average Mean Time to Respond (MTTR) CISOs report is 9 hours, with the IT industry being the fastest to respond to threats, in under 7.4 hours.
- “The Financial Services industry, which many expect to be ahead of the curve in security, is actually at 9.3 hours.