Cygnvs Emerges From Stealth Mode With Incident Response Platform

cygnvs-emerges-from-stealth-mode-with-incident-response-platform

Cygnvs, a California-based startup offering a secure communication and collaboration platform for cyber incident response, has emerged from stealth mode.

Founded in 2020, Cygnvs launched in stealth mode in May 2022 after raising $55 million in a Series A funding round led by Andreessen Horowitz, with additional investment from EOS Venture Partners and Stone Point Ventures.

The company says its platform was purpose-built as a guided cyber crisis solution that not only keeps key team members connected when responding to a cyber incident, but also ensures that they have the necessary visibility into response plan execution and that all steps of the operation are documented.

Cygnvs aims to fill a gap in communication and collaboration created by the need to work with members of different teams and with multiple third-parties when responding to a cyber incident, by providing each individual with the required level of visibility and management privileges.

“Each client has a whole bunch of 3rd parties that they need to work with in this space – outside counsel, forensics, consultants, insurance providers, etc. And the next client will have a different outside counsel, different forensics, different consultant, different insurance provider etc. What is required is a completely new way of managing tenancy,” Cygnvs founder and CEO Arvind Parthasarathi explains.

With cyber crises bound to happen – it is always a matter of when, not if – Cygnvs aims to help organizations be prepared to take the right steps toward resolving incidents and ensure that those steps are managed, secure, and auditable.

Cygnvs’ platform provides each participant to the cyber crisis response, regardless of whether they are connected to the internal network, at home, or mobile, with a secure environment with interactive and actionable processes and checklists. Everyone can be assigned a role and responsibilities, while tasks and workstreams can be easily updated as the situation evolves.

The solution is now available for purchase directly from Cygnvs, for those organizations that can afford their own experts, response processes, and playbooks, and through cyberinsurance providers, as a no cost benefit of insurance policies, for those organizations that lack the resources and expertise to implement their own cyber incident response teams.

“A benefit of working with the insurance industry is that insurance organizations have accumulated best practices due to the volume of their experience. Organizations [that] get Cygnvs through their insurance provider use the panel of experts the insurance provider has assembled and use the prebuilt playbooks and processes that the insurance provider has best practices on etc,” Parthasarathi says.

Cygnvs is now generally available in the US, Canada, EU, and the UK, in English, French, Spanish, German, and Japanese. The company says it already has 1,000 clients across the education, finance, healthcare, manufacturing, media, retail, technology, and utilities sectors.

The company says that the $55 million raised in Series A funding helps it improve its platform and expand sales operations.

Related: B2B Payment Security Firm NsKnox Raises $17 Million

Related: SASE Company Netskope Raises $401 Million

Related: Cyber Insurance Analytics Firm CyberCube Raises $50 Million

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Thoma Bravo to Buy Magnet Forensics in $1.3B Transaction

thoma-bravo-to-buy-magnet-forensics-in-$1.3b-transaction

Thoma Bravo’s shopping spree in the cybersecurity lane is showing no signs of slowing down.

The private equity giant has announced plans to spend $1.3 billion to acquire Canadian software firm Magnet Forensics, a deal that expands Thoma Bravo’s push into the lucrative cybersecurity category.

Magnet Forensics, based in Waterloo, markets a suite of tools in the digital forensics and incident response space to help businesses hunt for early signs of data breaches.

Thoma Bravo said its newly created Morpheus unit will acquire Magnet Forensics for approximately $1.3 billion and take the company private.

Once the deal closes, Thoma Bravo said the plan is to combine Magnet Forensics with Grayshift, a third company that also sells digital forensics software and tools. Thoma Bravo  has majority control of Grayshift after a strategic investment last July.

With the two combined entities, Thoma Bravo’s ambition is to create “a powerful end-to-end digital investigations platform” for public safety agencies to work on cybercrime cases. 

Grayshift markets mobile device digital forensics tools to help with lawful access and extraction.  

The transaction is expected to close by the second quarter this year.

Over recent years, Thoma Bravo has bought into the cybersecurity business in a big way, shelling out billions to acquire Ping Identity ($2.8 billion deal), SailPoint ($6.9 billion all-cash) and Sophos ($3.9 billion).

The private equity firm’s portfolio also includes Imperva, LogRhythm, AppOmni, Proofpoint and Venafi.

Related: KKR to Acquire Barracuda Networks From Thoma Bravo

Related: Thoma Bravo to Acquire Ping Identity for $2.8 Billion

Related: Thoma Bravo to Take SailPoint Private in $6.9B All-Cash Deal 

Related: Thoma Bravo to Acquire Sophos for $3.9 Billion

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Mississippi Creates New Cyber Unit, Names 1st Director

mississippi-creates-new-cyber-unit,-names-1st-director

A new unit to handle cybersecurity in Mississippi is in place and has its first director.

The Mississippi Department of Public Safety on Friday said the Mississippi Cyber Unit, a component of the Mississippi Office of Homeland Security, will be the state’s centralized cybersecurity threat information, mitigation and incident reporting and response center.

The department named Bobby Freeman as its first cybersecurity director.

“The ability to provide a trustworthy and stable cyber environment is vital to the success of Mississippi,” the department said in a news release.

The unit will focus on monitoring and identifying threats to Mississippi networks, sharing real-time threat intelligence and providing support to cyber incidents within the state.

“Cyber threats are rapidly increasing across the globe,” Gov. Tate Reeves said. “Mississippi takes these threats seriously and recognizes that there’s never been a more important time to ensure that our state and her people are protected.”

Before joining homeland security, Freeman served full time as the cyber operations officer for the Mississippi Army National Guard. He has more than 20 years of military experience in information technology and security.

“Director Freeman has a bevy of experience and is well-positioned to build the newly created Mississippi Cyber Unit,” said Baxter Kruger, executive director of Homeland Security. “Addressing threats to Mississippi’s critical infrastructure and her citizens is my office’s primary focus, and I am confident that under Bobby’s leadership, Mississippians will be better protected from cyber threats than ever before.”

Related: New York Department of Financial Services Launches Cybersecurity Unit

Related: EU Announces New Joint Cyber Unit to Protect Against Critical Attacks

The post Mississippi Creates New Cyber Unit, Names 1st Director appeared first on SecurityWeek.

Thoma Bravo to Buy Magnet Forensics in Billion-Dollar Deal

thoma-bravo-to-buy-magnet-forensics-in-billion-dollar-deal

Thoma Bravo’s shopping spree in the cybersecurity lane is showing no signs of slowing down.

The private equity giant has announced plans to spend $1.3 billion to acquire Canadian software firm Magnet Forensics, a deal that expands Thoma Bravo’s push into the lucrative cybersecurity category.

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CircleCI Hacked via Malware on Employee Laptop

circleci-hacked-via-malware-on-employee-laptop

Software development service CircleCI has revealed that a recently disclosed data breach was the result of information stealer malware being deployed on an engineer’s laptop.

The incident was initially disclosed on January 4, when CircleCI urged customers to rotate their secret keys.

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Microsoft Flags Ransomware Problems on Apple’s macOS Platform

microsoft-flags-ransomware-problems-on-apple’s-macos-platform

Security researchers at Microsoft are flagging ransomware attacks on Apple’s flagship macOS operating system, warning that financially motivated cybercriminals are abusing legitimate macOS functionalities to exploit vulnerabilities, evade defenses, or coerce users to infect their devices.

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Microsoft Flags Ransomware Problems on Apple macOS Platform

microsoft-flags-ransomware-problems-on-apple-macos-platform

Security researchers at Microsoft are flagging ransomware attacks on Apple’s flagship macOS platform, warning that financially motivated cybercriminals are abusing legitimate macOS functionalities to exploit vulnerabilities, evade defenses, or coerce users to infect their devices.

read more