CyCognito, a company that creates bot technology to investigate potential cyberattack vectors, revealed today that it has secured $100 million in a fundraising round headed by The Westly Group and including Accel, LightSpeed Venture Partners, UpWest, Sorenson Ventures, and The Heritage Group.
The current round of funding, valued at $800 million, increases CyCognito’s total capital raised to $153 million, which CEO and co-founder Rob Gurzeev says would be used to improve the company’s platform and workforce further.
Hackers increasingly target firms speeding digital transitions amid the pandemic, increasing cyberattacks.
Data breaches revealed 36 billion records in the first half of 2020.
Companies’ payments to hackers increased by 300 per cent, in the wake of high-profile ransomware attacks against the Colonial Pipeline, the Steamship Authority of Massachusetts, JBS (the world’s biggest meatpacker), and the Washington, D.C. Metropolitan Police Department,
According to a recent Accenture poll, that may explain why 68 per cent of business leaders believe their cybersecurity threats are growing and why the global information security industry is expected to reach $170.4 billion in 2022.
By running a Smart Scan, you’ll enable the AV software to perform a quick check for active malware, but in some cases, that is not enough protection.
CyCognito uses a network of bots to scan, map, and digital fingerprint assets. CyCognito learns how to classify assets by their business context and organizational association using statistical methods, clustering, natural language processing, and the actions of its platform’s users.