Mitiga, provider of what it calls the first cloud-based solution for incident readiness and response in cloud and hybrid environments, said Wednesday that the company has raised $25 million in Series A funding to completely change the traditional incident response market by supplying unlimited active incident response support for subscribers. The company has now raised a total of $32 million from investors.
According to Mitiga, its solution for cloud and hybrid environments dramatically improves efficiencies around incident readiness and response by aligning around the client's goals. 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, the Israeli company said.
The funding round was led by ClearSky Security, Atlantic Bridge and DNX. According to the company, the latest 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.
"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."
"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."
Mitiga currently provides incident readiness and response services to Fortune 1000 companies, financial service institutions, banks, ecommerce, law enforcement and government agencies. It also provides emergency response to active network security incidents such as ransomware and data breaches for non-subscription customers, according to the company.
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 premiums increases, and some policies have become more difficult to obtain, Mitiga said.
In addition to its headquarters in Tel Aviv, the company founded in 2019 also has offices in New York and London.