Mitiga, which has developed a cloud-based solution for incident readiness and response in cloud and hybrid environments, announced on Wednesday that it has raised $25 million in Series A funding, bringing total funding to $32 million. Mitiga’s funding was led by ClearSky Security, Atlantic Bridge and DNX.
The Israeli startup has set itself the goal to “completely change the traditional incident response market by supplying unlimited active incident response support for subscribers.” Mitiga’s cloud-based solution for cloud and hybrid environments is aimed at dramatically improving efficiencies around incident readiness and response by aligning around the client’s goals. Additionally, instead of the traditional time and materials invoicing, Mitiga clients only pay for its readiness service and receive unlimited incident response as part of their subscription. 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.
“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 events of the past year accelerated cloud adoption by allowing organizations to overcome their reluctance to move mission-critical workloads to the cloud. Gartner predicts spending on cloud services to run past $332 billion this year alone, which has also provided a new, lucrative target for hackers; in the first four months of 2020, McAfee reported a 630% increase in attacks on cloud services.
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 do to business, organizations have to endure cyber insurance premiums increases, which rose by 29% in 2020, according to Fitch Ratings, and some policies have become more difficult to obtain.
"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.”