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In this article, we’ll explore the recent Series A funding round of Solcyber, how the company’s technological stack will help protect mid-market companies from cybercrime, and Solcyber’s plans to grow to 20 employees.
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Series A round led by ForgePoint Capital
Managed security service provider SolCyber recently raised $20 million in a Series A round led by ForgePoint Capital. The proceeds will be used to improve products and expand market access. Given the growing demand for cybersecurity, SolCyber is poised for continued growth. The company currently has 12 employees, but plans to increase this number later this year. It will also continue to seek out opportunities in the information security market.
SolCyber is positioning itself as the next generation MSSP by offering a comprehensive security management platform for mid-market businesses. The platform enables organizations to prevent, monitor, and respond to cybersecurity attacks. The firm has an innovative security strategy that is curated to meet specific customer needs. The funding will help the company expand its technology offerings, build market awareness, and support its aggressive hiring strategy.
The Series A funding led by ForgePoint Capital will be used to expand product offerings, improve brand awareness, boost customer acquisition, and support aggressive development of personnel. The money will also help expand the company’s sales and marketing efforts. The company will continue to hold shares in its invested companies.
SolCyber’s products provide mid-market companies with a curated security stack and streamlined services. Its goal is to help companies protect their digital assets by reducing complexity, minimizing risk, and improving their security posture. SolCyber’s products are currently available for purchase at a lower price than comparable enterprise-grade security solutions.
Solcyber’s technological stack
SolCyber offers a technology stack to help businesses protect their data from hackers and cyberattackers. Its solutions range from endpoint security and secure email to Active Directory abuse protection and admin exploit prevention. It also offers training for staff on how to avoid phishing scams and other online threats. These services are offered at a flat rate, so businesses can choose a plan that fits their budget and security needs.
The cybersecurity company has one customer: the Rizek Group, one of the largest business groups in the Dominican Republic. SolCyber’s technology has helped the Rizek Group improve its security posture with products that cover email, endpoint, and active directory services. The company recently raised an early-stage round of venture capital and participated in the ForgePoint incubator program.
The SolCyber 20m series technology stack offers endpoint protection, email security, and Active Directory abuse protection. It also includes a security operations center that provides 365-day log retention and 24-hour monitoring. These services are designed to protect businesses from sophisticated gangs and state-sponsored attackers.
Cybersecurity attacks do not discriminate against organizations of any size. Companies that have limited resources and budgets often find themselves a victim of a cyberattack. By contrast, SolCyber’s solution immediately uplifts a company’s security posture. Its cloud-based capabilities allow for barriers to dematerialize.
SolCyber has recently raised $20 million in series A funding to continue enhancing its technology and extending its go-to-market efforts. SolCyber’s technological stack is centered on the security market, and its website offers details on how the company has secured funding and is currently staffed by 10 people.
Cost of cybercrime to mid-market organizations
A new report shows that the cost of cybercrime is significantly higher for mid-market organizations. According to the study, a data breach can cost a mid-market company more than US$1 million. These costs are not only for setting up cybersecurity infrastructure, but also for labor costs, as well as for dealing with security compromises and insider security breaches. Unfortunately, mid-market organizations are among the most susceptible to cyberattacks. They experience data breaches almost as often as large companies, but have lower investment in security infrastructure.
As the use of the internet continues to grow, so does the threat of cybercrime. Businesses rely on internet connectivity and data to conduct business. While some cyberattacks may cause only a minimal disruption to operations, others can result in enormous losses and reputational damage. For example, a recent attack on a Florida water treatment facility led to over $8 billion in losses.
Cybercriminals often target mid-market organizations and small businesses because they lack the resources to prevent attacks and deal with the damage. Even with their smaller size, cyberattacks can disrupt their operations, and recovery can take years. In the worst cases, a small business may not recover at all.
Cybercrime affects every sector of business, but some industries are particularly vulnerable. For example, healthcare organizations store patient records and are at greater risk of being victimized. Similarly, corporations store intellectual property, client databases, and contract deals. Distributed denial of service (DDoS) attacks are also common and can shut down a company’s website or internet connection.
Cybercrime is growing rapidly and is not likely to slow down anytime soon. Organizations need to improve their security posture as much as possible. The most critical thing to do is prioritize protecting against internal threats. Luckily, there are some steps you can take to reduce the cost of cybercrime.
While cyberattacks have become a common threat, they’re increasingly targeted and sophisticated. Cybercrime is costly and will affect businesses for years to come. A recent Accenture study showed that 43% of cyberattacks occur against small-to-midsized businesses. Moreover, 66% of small businesses have suffered a cyber breach in the last 12 months.
Company’s plans to expand to 20 employees
The cybersecurity startup SolCyber has raised $20 million in a Series A round, and now plans to double its workforce to 20 employees by year’s end. The company is targeting the growing market for information security, which is expected to exceed $170 billion by 2022, according to Gartner. SolCyber will use the money to improve its products and gain access to new markets.
SolCyber is a managed security service provider (MSSP) that helps organizations mitigate cybersecurity threats. It markets itself as the first modern MSSP for midmarket companies, offering curated enterprise-grade security solutions and services for competitive prices. It also touts disruption in the market and a mission to simplify complex systems.
The company provides an integrated technology stack that covers email security, endpoint security, Active Directory abuse protection, and admin exploit prevention. It also provides other services to help organizations fight cybercrime. While it may be early for the company, its innovative approach may help it find its niche in the growing cybersecurity market.