Israeli-founded cybersecurity startup Mitiga, which provides incident readiness and response services for cloud and hybrid environments, announced last week that it raised $25 million in Series A funding. The investment round was led by ClearSky Security, Atlantic Bridge, and DNX, and brings the company’s total funding to $32 million to date.
Founded in 2019, Mitiga’s work emphasizes incident response rather than prevention. While the information gathered does help clients better prepare for future attacks, Mitiga says its focus is on immediate recovery after a cyber breach. The company does this through its cloud-based platform that detects when a breach occurs, investigates it, and quickly recommends next steps to its clients. This allows those clients to recover in hours rather than days or weeks and avoid a major cyber crisis.
Mitiga said the funding will go toward working with companies that are further prioritizing cybersecurity as they transition much of their workload and data to the cloud.
The pandemic has prompted many previously reluctant companies to make this change. Up to 90 percent of organizations will have a hybrid and multi-cloud environment by 2022, according to a company statement. This major shift also creates a large target for hackers. In the first four months of 2020 alone, the cybersecurity firm McAfee reported a 630 percent increase in external attacks on cloud accounts.
“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. I couldn’t be more excited about what Mitiga is going to do for cloud-first organizations who understand the importance of cybersecurity readiness and response.”
“The increased speed of adoption of cloud platforms has organizations rethinking how they prepare for and react to breaches,” said Patrick Heim, partner and CISO (chief information security officer) at ClearSky. “Organizations are moving away from mostly reactive incident response processes. Newer approaches focus on preparing companies for inevitable incidents, focusing 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. We’re excited to be on this journey with them and look forward to transforming the way incidents are managed.”