Our Investment in Mitiga — a hybrid managed service for Incident Response
With the accelerated trend of cloud-first environments these days, IT teams at companies are not ready for cybersecurity incidents — at all. Mitiga helps them proactively prepare for the potential incidents even before threats arise.
Traditional Incident Response Doesn’t work for Cloud Environment
According to IBM’s Cost of a Data Study, incidents are costing enterprise companies $3.92 million dollars on average worldwide. The study also found that data breaches in the U.S. are vastly more expensive — costing $8.19 million: an increase of 130% over the past 14 years. In total, the security service market in 2020 is approximately a $40 Billion dollar market.
One of the reasons for the high cost of data breaches, for example, is most organizations take too long to respond to security incidents. Traditionally, organizations hire third-party Incident Response professionals to investigate a security breach once they recognize the issue and almost always learn what happens after the fact as they lack in-house security analyst talents who stay current with the cloud environment. Therefore, from assessing the potential problem, understanding the regulatory impact, then coming up with a PR plan and board explanation, to having a mitigation plan for future incidents, the average time to contain a breach is a staggering 279 days. However, with Mitiga’s solution, this number goes down to a matter of just a few days.
What is Mitiga?
Mitiga, a hybrid managed service for Incident Response, is reinventing the old and unchanged Incident Response solution to fit our current full and hybrid cloud environment. We are thrilled to share that we, along with other investors Clearsky Security, Glilot Capital, Flint Capital, Rain Capital, are partnering with Mitiga for their $7M Seed round financing. Business Insider covered it here.
With its new and reimagined IR technology stack, Mitiga enables organizations to automate manual labor, have complete visibility and assessment of cloud infrastructure, and proactively gain control in executing the mitigation plan which brings the response time down from about 300 days to a mere couple of days. Mitiga currently serves organizations in Banking, E-commerce, Pharma, and Government with plans to expand beyond.
The Mitiga team, led by three co-founders Tal Modes, Ofer Maor, and Ariel Parnes, has an exceptional pedigree and familiarity with the problem in this Incident Response space and it’s an extreme honor to be able to work with this fantastic team to solve this daunting problem.
Large Market Demand for Incident Response Services is a Global Phenomenon
Increasing Cloud and Application usage is generating larger market demand for Incident Response Services across the globe and the gap between the supply of and demand for such services is only widening. Japan is not the exception in addressing cyber attacks. While Twitter was going through an incident in the US recently, Japan’s leading defense and infrastructure player’s database was compromised and highly sensitive information of Japan-Self Defense Forces was leaked to foreign hackers.
While The Defense Ministry has announced the plan to increase the number of personnel in its cyberspace unit from 220 to 290 by the end of 2020, that number compares dismally to those of 6,000 in the United States, 100,000 in China, and 7,000 in North Korea.
Lack of security professionals, the impact it has on security protocol, ever-increasing probability, and the actual number of security incidents: these are worldwide problems, and Mitiga has taken the first step toward solving them.
Article Written by Natsuki Zihnioglu