New York and Tel Aviv – July 10, 2024 – 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’s also recently presented 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, 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.”
