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Cytactic Raises $16 Million Seed Funding Round Led by Evolution Equity Partners to Help Companies Prepare and Respond to a Cyber Crisis

Cytactic, the platform pioneering cyber crisis readiness and management, announced today a $16 million seed funding round led by Evolution Equity Partners, a renowned cybersecurity venture capital fun...

Business Wire

As more businesses realize the importance of prioritizing cybersecurity readiness strategies, Cytactic's holistic and intuitive platform serves as a command center for all stakeholders and roles involved in cyber-crisis readiness, response, and recovery initiatives

NEW YORK & TEL AVIV, Israel: Cytactic, the platform pioneering cyber crisis readiness and management, announced today a $16 million seed funding round led by Evolution Equity Partners, a renowned cybersecurity venture capital fund.

Businesses are scrambling to fortify their defenses against cyber threats, recognizing the widespread impact and complexity of such crises. However, studies show that most companies are not resilient in case of a cyber crisis. A new approach is crucial—one that integrates cyber crisis preparation, response management, and recovery into a unified, user-friendly platform accessible to all relevant roles and market sectors. This is where Cytactic comes in.

Cytactic, a market-leading SaaS platform is an innovation-forward, holistic, intuitive solution that consolidates crisis readiness, response, and recovery tailored to versatile business profiles and risk landscapes. It empowers organizations to handle the mounting threat to their business in case of a cyber crisis with a simplified, orchestrated, step-by-step methodology involving all relevant stakeholders and roles.

Cytactic's platform emerged as a response to the devastating losses experienced by numerous organizations due to cyber incidents. Many of them are a direct result of poor synchronization among stakeholders, inadequate information flow, complex decision-making processes when rapid response is required, the involvement of numerous stakeholders, and more. Proper emphasis on readiness, coordinated management, and swift recovery can mitigate crisis impacts and potentially avert some threats altogether.

Recent numbers provide a clear picture. Leading research and consulting firm Gartner forecasts that by 2025, 75% of IT organizations will face ransomware attacks. With the average data breach costing $8.64 million last year, regulations are tightening in the US and EU. Consequently, CISO professional liability and insurance are becoming critical issues, underscoring the urgent need for robust cybersecurity resilience.

Gartner also recently published a cybersecurity study that places preparation and focus on synchronized readiness and management as a key factor to increasing the chances for a successful outcome when handling such complex cases: “Conducting incident response planning and having a formal third-party contingency plan increased Third-Party Cyber Risk Management effectiveness by 42% and 43% respectively.”

Cytactic’s platform mitigates the intimidating threat of a cyber crisis and helps business leaders prepare and train, as well as comply with growing regulatory requirements and insurer demands, explains Yuval Ben-Itzhak, General Partner at Evolution Equity Partners. “The increasing complexity in preparing for, managing, and recovering from a cyber incident has become more painful and difficult to overcome than ever before. It is no longer enough to know how to technically investigate and respond to a crisis with an incident response team. Cross-organizational action involving multiple stakeholders is required, making managing and navigating crises successfully even more difficult,” Ben-Itzhak added.

Cytactic founder and CEO Dr. Nimrod Kozlovski said, “Cytactic’s team’s accomplishments in successfully managing multiple crises clearly addresses a crucial and very much 'now' cybersecurity market need. We are proud to partner with Evolution Equity Partners. Given the strong demand, this investment will enable us to scale globally and expand our network of strong professional partnerships.”

About Cytactic

Cytactic was founded to help organizations mitigate the impact of cyber crises they might face. With a flexibly augmented cyber approach, Cytactic's SaaS platform digitally orchestrates cyber crisis management, readiness processes, and training, allowing various stakeholders to efficiently collaborate, utilizing data-driven insights to make them smart, effective, and fast. For more information visit: www.cytactic.com.

Testimonials:

“Cytactic’s unique solution will offer our global insurance company a much better way to manage claims. As a global broker managing hundreds of claims annually, we are always seeking innovation. We found Cytactic to be a perfect match.” — Shay Simkin, Global Head of Cyber for Howden

“In 2024, the rules are clear: cyber-attacks are inevitable. Readiness and crisis management are the core components of the 10x factor for the next decade. We sought a solution that offered personalized, actionable guidelines and unparalleled visibility into our cyber crisis readiness for all stakeholders. In Cytactic, we found everything we needed: tailored tabletops and playbooks, domain-relevant communication that is clear and effective, and simplicity in the midst of chaos.” Lior Barash, CISO, Cognyte

Fonte: Business Wire

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