The battle against cyberthreats is constantly growing. One thing is certain: Failure to prepare comes with a high price.
That creates an opportunity for emerging players in the cybersecurity market. Two recent high profile attacks in the US—one that targeted Miami-based software company Kaseya this month and the US’ critical energy infrastructure Colonial Pipeline in May—demonstrate just how costly ransomware attacks can be and why companies need to prioritise preventative measures. According to a study by British security company Sophos, the average bill for rectifying a ransomware attack over the past two years has climbed to $1.85 million.
The Harvard Business Review reports that since the start of the pandemic in 2020 ransomware attacks have increased by 150 percent.
Investing in Cyber Defense
Leading software investors like Insight Partners are seizing the opportunity to be part of the solution.
In June Insight Partners led a $75 million investment in the Series C round of Immersive Labs, an online platform teaching cybersecurity skills to corporate employees. Joining Insight in the round were Summit Partners, Citi Ventures, Menlo Ventures and Goldman Sachs Asset Management. According to Immersive’s press release, the funds will be used to expand its international presence, continue its fast growth and develop the “Cyber Workforce Optimization” platform.
Immersive’s “Cyber Workforce Optimization” platform claims to offer broad-level metrics and benchmarking, using data insights to understand where skills are required and inject role-specific training like crisis management with executives, secure software development amongst engineers and compliance in the legal team.
“With cyber risk becoming a problem for a growing number of business functions, cybersecurity knowledge and skills should no longer be the preserve of a few technical people hidden away in a back office,” Immersive Labs founder and CEO James Hadley said in a press release. “Everyone from the teams who build software, to the CEO, now need to play their part in addressing a pervasive company issue. This requires unlocking and evidencing skills in a much broader group of people.”
Immersive Labs has now raised $123 million in venture funding. Its customers include organizations such as HSBC, Vodafone and the NHS. Growing at over 100% year-on-year, it has recently been named in numerous industry and business awards as an innovation leader.
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