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Friends and Colleagues,
I am thrilled to announce the close of our Series B investment of $35M in partnership with a remarkable group of investors – More Provident and Pension Funds and REV Venture Partners on lead, with additional participating investors, including CrowdStrike Falcon Fund, Elron Ventures, SonaeIM, and OurCrowd.
After we closed our prior funding round in 2020 – if you had told me that the world would experience both a global pandemic and a conflict in Europe within two years, I would not have believed you. It seemed that the world had to change the way it worked overnight, and WFH (work from home) became the standard in the technology industry. The profile and resources of threat actors changed, and the frequency and severity of attacks and breaches indisputably rose. Companies had to rethink how to survive and even thrive under these unprecedented conditions. As a CEO, I had to consider this every day for my company, clients, and the industry.
What changed about the way we work? With the dramatic global increase in employees working from home using multiple devices connected to the Internet – companies’ vulnerability to attack and data leaks rose accordingly and from previously unconsidered sources. Even as more people now return to a physical office, this issue of WFH vulnerability will never go away.
What changed with the profile of threat actors? An increasing number are State-motivated with a high level of sophistication and access to even greater computing power in their attacks. The old defensive approach surrounding the enterprise with firewalls is no longer sufficient to address this. Companies must extend their cybersecurity efforts beyond their walls - and focus on detecting and thwarting attacks before gaining a brief beachhead inside the organization.
For both of these reasons – issues around WFH culture and empowered threat actors – companies are increasingly moving their views of cybersecurity from damage control to detection. By assuming a more proactive rather than a reactive posture, different choices are being made about which technologies to use in their cyber-defense.
While this attitude has been unfolding inside companies, there has been an ongoing consolidation in the security industry – with prominent vendors acquiring niche companies to create what they see as one-stop-shop cybersecurity solutions. While a good solution for the security technology company, it’s not the best outcome for companies seeking more flexible and effective ways to address the security challenges they face today.
In a world of constant and rapid change, being independent and flexible is increasingly essential. In opposition to the ‘one-stop shop’ for tech cybersecurity, the ability to integrate with several ‘best in breed’ cyber solutions is vital to serving as many different groups inside an enterprise’s cybersecurity organization. That’s the business we are in.
So, what did I learn over the past two years that I hope to apply over the next two years or even two weeks? When the greater world is increasingly out of your control, you need to rely on your business experience, intellectual creativity, your team of experts in their respective areas and trusted partners to see new ways to connect the dots and solve problems that have never existed before. That belief is what has given Cybersixgill the resilience it has and the preparation for the privilege of working with an increasing number of companies determined to meet their cyber-security challenges.
As always, I want to thank our customers and investors for leaping into the future with us.
Thank you to the Cybersixgill team. You are passionate, determined and bold. I am proud to be working alongside a group of forward-thinking minds every day.
For all of us – customers, investors, and employees – the next few years are going to be big ones. Buckle up!
Sharon Wagner, CEO, Cybersixgill
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