More Signal. Less Noise.

V5 | Issue 43 | 10.25.23

RTX (formerly known as Raytheon) is selling its cybersecurity business. Accenture acquires MNEMO Mexico. CISO challenges, across sectors.

Summary

By the CyberWire staff

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.

Executive moves.

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.

Selected Reading

Marketplace

Microsoft to help Australia’s cyber spies amid $5bn investment in cloud computing (the Guardian) US-based tech company promises to boost Australia’s ability to identify and prevent cyber threats in joint announcement with Anthony Albanese

Microsoft Will Make Record Investment in Australia, Aims to Boost Cybersecurity (Wall Street Journal) The U.S. tech giant said it will make its largest-ever single investment in Australia and expand its cloud computing and AI infrastructure in the country.

ZeroFox Renews and Expands 8-Figure Contract with Critical U.S. Federal Agency (GlobeNewswire News Room) Extended partnership ensures essential threat intelligence and protection across the entire external attack surface...

Virtru expands public sector leadership team amidst record growth in defense markets (GlobeNewswire News Room) Momentum includes 140% year-over-year revenue growth and successful participation in Bold Quest exercises for the third consecutive year...

‘Huge potential for us to grow in the enterprise space’ (Financial Express) For B2B, our focus right now is to create a foothold and establish ourselves in India.

Who Got Poorer This Week: Three Tech Titans Lose $37 Billion (Forbes) Markets were slightly down this week but three of America’s top 30 richest —Dell Technologies’ Michael Dell, Nvidia’s Jensen Huang and Tesla’s Elon Musk—took especially big tumbles.

Cybersecurity Spending Slows as Investment Patterns Shift (Security Boulevard) There was a 65% drop in growth in cybersecurity spending during the 2022-23 budget cycle, according to an IANS report.

‘From This Abyss, Something Better Will Grow’: Israel’s Tech Leaders Brace for an Uncertain Future (The Information) Since the Hamas terror attacks of Saturday, October 7, Israel’s tight-knit tech community has rallied to the country’s defense. Some executives have children in the Israeli military or serve themselves; others immediately launched civil aid programs to support the Israel Defense Forces, war ...

Embroker Cyber Risk Index Finds Startup Founders More Likely to get Funding with Cyber Coverage in 2023 (Business Wire) Study finds cyber protection allows founders to close contracts and comply with new SEC rules

Google announces job cuts in news division (Computing) Google's news division has become the latest target of layoffs in what seems like a year of continuous downsizing for the tech giant.

Microsoft and Cyber Security Agency of Singapore deepen collaboration to share intelligence and jointly tackle cybercrime (Microsoft) Multi-year partnership builds on strength in policy, innovation and transnational collaboration to secure Singapore’s future

MSAB wins significant business in North America (MSAB) MSAB wins significant business in North America MSAB (Micro Systemation AB, publ), a world-leading company in digital forensics, receives an order of 10 MSEK from a federal authority in North America. “It is gratifying that we receive a substantial order already two weeks into the fourth quarter and, on the important North American market,” says Peter […]

Amentum Awarded $326.9 Million C5ISR Research Contract Driving Advanced and Emerging Technologies for the U.S. Army (Business Wire) Amentum has been awarded a five-year contract with a maximum value of $326.9 million by the U.S. Army to continue its important work on command, control, communication, computers, cyber, intelligence, surveillance and reconnaissance (C5ISR) systems. Amentum will engineer, integrate and test advanced prototype technologies and systems. The Army is managing the program out of the Aberdeen Proving Grounds in Maryland.

HPE North America layoffs, new hires come as part of 'specialty-led hunting' transformation (CRN) HPE is implementing a new ‘specialty-led hunting’ go-to-market model that includes the hiring of new sales specialists

Google and Other Alphabet Units Laid Off Staff as Industry Resumes Cost Cuts (The Information) Google and its parent company Alphabet has quietly laid off staff, spokespeople for the conglomerate said, as tech firms continue to tighten their belts following a marked slowdown in business growth. Divisions such as Google News, Alphabet’s healthcare analytics subsidiary Verily and ...

Cybersecurity M&A Roundup for First Half of October 2023 (SecurityWeek) More than a dozen cybersecurity-related M&A deals were announced in the first half of October 2023.

Major cyber attack could cost the world $3.5 trillion -Lloyd's of London (Reuters) A major cyber attack on a financial services payments system could lead to global losses of $3.5 trillion, with much of it not covered by insurance, commercial insurance market Lloyd's of London (SOLYD.UL) said on Wednesday.

Israeli Cybersecurity Startups: Impact of a Growing Conflict (Dark Reading) For Israeli startups and those closely linked to the country, the deepening crisis in the Middle East following the deadly Hamas attacks of Oct. 7 pose a fraught mix of complications.

Products, Services, and Solutions

New infosec products of the week: October 20, 2023 (Help Net Security) The featured infosec products this week are from: Arcitecta, AuditBoard, BackBox, Prevalent, and Thales.

\We're thrilled to announce that Agency is now officially partnering with CrowdStrike! (LinkedIn) Together, we’re pushing the boundaries of cybersecurity and ensuring…

J.P. Morgan Payments Selects Trulioo to Power Global Identity Verification Services (Business Wire) World’s leader in payments taps identity expert to support a more simplified payment experience

Immuta announces integration with Data Fabric Security on AWS (PR Newswire) Immuta, a data security leader, today announced its integration with Data Fabric Security (DFS) on Amazon Web Services (AWS), a solution...

Verint Launches New Specialized Bot to Help Protect Sensitive Customer Data and Reduce Compliance Risk (Verint) MELVILLE, N.Y. , October 17, 2023 — Verint® (NASDAQ: VRNT), The Customer Engagement Company®, today announced the launch of the Verint Personal Identifiable Information (PII) Redaction Bot giving organizations a way to automate compliance, reduce risk, and protect their customers’ sensitive personal data such as credit card and social security numbers, dates of birth, etc. “With […]

ABS Consulting and Dragos Expand Strategic Partnership to Strengthen OT Defenses (Business Wire) The organizations will offer a robust suite of integrated solutions and services to meet the growing cyber needs of critical infrastructure industries

BackBox Introduces Network Vulnerability Manager (BackBox Software) BackBox announces its Network Vulnerability Manager (NVM), the first platform to offer deep integration of network automation with vulnerability management.

FortMesa Commemorates Cyber Awareness Month with Internal Use NFR for Free (FortMesa) FortMesa is excited to announce its commitment to the IT service provider community by offering a one-year, internal use of NFR access to its most popular features exclusively.

New infosec products of the week: October 20, 2023 (Help Net Security) The featured infosec products this week are from: Arcitecta, AuditBoard, BackBox, Prevalent, and Thales.

ABS Consulting and Dragos Expand Strategic Partnership to Strengthen OT Defenses (ABS Group) This strategic partnership will build on the companies’ existing work together, further integrating Dragos’ world-class OT cybersecurity technology with ABS Consulting’s award-winning OT risk management expertise.

Druva Supercharges Autonomous Protection With Generative AI (Druva) Data resiliency pioneer launches Dru, the industry’s first AI copilot for backup, to increase productivity and support better IT decision-making

Strider Technologies Announces Generative AI Search Capability (PR Newswire) Strider Technologies, Inc. ("Strider"), the leading provider of strategic intelligence, today announced Spark AI, a new generative AI-powered...

Mastercard uses AI to sharpen payment resiliency (Finextra Research) With the relentless demand on banks to maintain consumer trust in an ever-evolving payments landscape, Mastercard has launched a new suite of enhanced solutions using game-changing AI to help them make good on the promise of ‘always-on’ payments.

Orca Security Integrates with Google Workspace to Strengthen Visibility and Security (Business Wire) Expanding on its Partnership with Google Cloud, Orca Now Provides Comprehensive Coverage and Mission-Critical Analysis for Google Cloud Estates

Huntress Expands Managed Security Offerings to Identity Protection with New MDR for Microsoft 365 (GlobeNewswire News Room) Powerful New Solution Provides SMBs with Enhanced Protection Against Costly Business Email Compromise (BEC) and Account Takeover Attacks (ATO)...

QuSecure Launches New Program to Enable Partners to Capitalize on Rapidly Growing Post-Quantum Cryptography Opportunity (Business Wire) Channels Veteran Stuart Oliver Named to Lead New Global Partner Program to Equip Partners with Ability to Grow Revenue by Selling Industry’s Leading Post-Quantum Cryptography Solution

NetSPI Enhances Social Engineering Penetration Testing Solutions During Cybersecurity Awareness Month (NetSPI) Latest updates from offensive security leader address how organizations can better protect themselves against the sophisticated techniques behind modern-day phishing attacks

Trend Micro Container Security Evolution Saves SOC Teams Up to Two Weeks of Time Per Incident (Trend Micro) Businesses reduce cloud security risks with latest addition to centralized platform

The Quilt Increases Cyber Protection and Connectivity Access for Its Member Agencies With GTT (GlobeNewswire News Room) The Quilt increases cyber protection and connectivity access for its member agencies with GTT benefiting schools, universities and community organizations...

ZeroFox Wins “Incident Response Solution of the Year” 2023 CyberSecurity Breakthrough Award (GlobeNewswire News Room) Company recognized for innovative, recently-enhanced incident response solutions that will be on display at the NetDiligence Cyber Risk Summit in Beverly...

Radiflow Partners with Cyolo to Secure OT Networks Against Unauthorized Device Access (automation.com) <p>“Having a central point of entry allows us to better understand OT network activity,” said Ilan Barda, co-founder and CEO of Radiflow.</p>

Cyber Monks, Mastercard Unveil New Cyber Marketplace (Channel Futures) Cyber Monks and Mastercard have launched a new cyber marketplace that aims to simplify the acquisition of cybersecurity solutions.

IOActive Becomes a Founding Provider for New Framework from Open Compute Project Foundation to Improve Data Center and Cloud Security Posture (IOActive) Newly launched Security Appraisal Framework and Enablement program elevates security standards for data center providers and device manufacturers

Thales Brings Passwordless Authentication to Enterprise (Thales) Thales FIDO Bio Smart Card - a passwordless authentication via fingerprint offers a secure & quick way for users to access applications with just their fingerprint.

AuditBoard Announces AI and Analytics Capabilities (Business Wire) Purpose-built extensions allow Audit, Risk, and Compliance teams to leverage transformative automation and data insights to manage risk more efficiently.

ConnectWise Provides More Endpoint Protection Options for ConnectWise MDR (ConnectWise) ConnectWise, a leading provider of software solutions and services for technology solution providers (TSPs), today announced that ConnectWise MDR™ (managed detection and response) seamlessly integrates with SentinelOne EDR (endpoint detection and response), giving TSPs the choice to use Bitdefender’s EDR, Microsoft Defender for Business, SentinelOne EDR, or ConnectWise. ConnectWise MDR customers can now leverage and combine leading EDR solutions with the ConnectWise SOC Services™ (Security Operations Center), delivering greater levels of threat research, detection, and remediation.

People

Tanium Welcomes Tony Beller as Senior Vice President of Global Partner Sales (Tanium) KIRKLAND, WA, October 24, 2023 – Tanium, the industry’s only provider of Converged Endpoint Management (XEM), today announced the arrival of industry veteran Tony Beller to its award-winning channel team. As senior vice president of global partner sales, Beller will be responsible for leading the company’s next phase of channel growth and expanding a robust […]

Cymulate Expands Sales Leadership Team to Drive Growth in EMEA and APAC Global Markets (Business Wire) Mikko Jarvinen joins as Vice President of Sales, Europe, Middle East, Africa, while Ben Fitzpatrick comes aboard as Vice President of Sales, Asia Pacific and Japan.

Jagdish Mahapatra Joins ColorTokens as Senior Vice President of Sales (PR Newswire) ColorTokens Inc., a leading Unified Zero Trust Platform provider, today announced the appointment of Jagdish Mahapatra as the company's Senior...

Toni Townes-Whitley Elected as the New CEO of SAIC (HS Today) Toni Townes-Whitley became CEO and was elected to SAIC’s Board of Directors last week.

Plume Strengthens Executive Leadership Team with Key Appointments in Marketing and Revenue (PR Newswire) Network services and consumer experience pioneer, Plume® today announced the appointment of two new executives to its leadership...

Swiss Re’s Podmore takes senior cyber broker role at Aon (Insurance Insider) Aon has appointed Alex Podmore as senior cyber broker.

Tim Massey Promoted to Chief Growth Officer Role at Radiance Technologies (GovCon Wire) Looking for the latest GovCon News? Check out our story: Tim Massey Promoted to Chief Growth Officer Role at Radiance Technologies. Click to read more!

Living Security Announces New Channel Partner Program 2023 (Living Security) Living Security announced today the launch of its channel partner program and the appointment of Peter Streips as Vice President of Channel Sales.

Rubrik Appoints Ismail Elmas as Group Vice President of International Business (GlobeNewswire News Room) Former Zscaler GVP joins to help drive international business pipeline and advance Rubrik’s mission to secure the world’s data...

API Security Trailblazer Salt Security Bolsters Leadership Team to Propel Global Growth and Innovation (PR Newswire) Salt Security, the leading API security company, today announced that Matt Quarles and Michael Callahan have joined the company as Chief...