LOS ALTOS, Calif. - Wednesday, 25. January 2023
With 1000 clients already on the platform, CYGNVS™ to scale operations backed by $55M Series A funding
(BUSINESS WIRE)-- CYGNVS Inc. today emerged from stealth backed by $55 million in series A funding and unveiled its pioneering guided cyber crisis platform purpose-built to empower organizations to stay Connected, Confident, in Control and Compliant as they prepare for and respond to any cyber crisis.
“No matter how much is spent on cybersecurity, cyber crises are inevitable and every organization in the world needs to prepare and plan for that eventuality,” said Marc Goodman, global security advisor and The New York Times bestselling author of “Future Crimes.” “Successful response is surprisingly complex, and most victims fail because they try to cobble together their response at that time. Being prepared and having a practiced plan is critical to any organization’s cyber resilience."
When a cyber crisis does occur, preparation and practice can make a big difference. From data in The Cost of Data Breach Report 2022, organizations that are better prepared and practiced save an average of $1.38 million in direct costs.
CYGNVS (an acronym of CYber GuidaNce Virtual Space) empowers organizations to reduce their risk before a cyber crisis through preparation and practice and then reduce cost and impact of a cyber crisis with a guided, accelerated response.
Partnering With Insurance
Just as the insurance industry helped drive adoption of building sprinkler systems, which greatly reduced fire risk, the cyber insurance industry has deep expertise in cyber crisis preparation and response.
CYGNVS has partnered with AIG, a leading worldwide provider of cyber insurance. After responding to thousands of cyber breaches, AIG identified various critical challenges to optimize breach response, such as a client’s visibility into the entire end-to-end response process, secure post-event communications, and working effectively and consistently with external response providers including breach counsel and forensic consultants. AIG helped CYGNVS develop the requirements by providing guidance based on AIG’s experience, expertise and thought leadership in cyber claim resolutions, enabling CYGNVS to develop a robust platform to address the problems of organizations worldwide.
Today, CYGNVS insurance customers together represent half the cyber insurance market and CYGNVS is being rolled out to clients by leading insurers and brokers complementing their cyber insurance policies.
Back To Business, Faster
With CYGNVS, organizations can quickly assemble everyone contributing to the cyber crisis response in a safe, secure environment out of band from internal channels. The platform converts static breach response plans into interactive and actionable processes and checklists. Internal teams and outside experts can be assigned roles and responsibilities, tasks are communicated in a digestible fashion and plans and workstreams can be easily and quickly updated as people, assets, regulations and threats change.
“CYGNVS was founded with the mission of making the world’s organizations lower their cyber risk by addressing the critical areas of preparation and response. We purpose-built CYGNVS as a guided cyber crisis platform to empower organizations to be Connected, Confident, in Control and Compliant before, during, and after a cyber crisis,” said Arvind Parthasarathi, Founder and CEO of CYGNVS.
CONNECTED
Out-of-band, Secure, Mobile
Accessible Anytime, Anywhere – mobile apps for iOS/Android and all browsers
Pre-setup, Pre-configured and Ready-to-go
Rapidly assemble team, assign roles, and initiate response
CONFIDENT
Pre-built playbooks and Industry Templates
Rapidly plug in ecosystem of already onboarded external experts like lawyers, forensics, insurance
Practice and Simulate to build muscle memory
Guided workflow supports new or inexperienced team members
CONTROL
Guided, step-by-step, response execution
Single Unified Command Center
Visibility, Tracking, Alerts across Workstreams
Ensure all required steps are performed with no missteps
COMPLIANT
Fine grained access control across internal and external teams
Help maintain privilege by managing information access
Audit trail of documented evidence
Simplify reporting to Regulators, Customers, and other stakeholders
CYGNVS is SOC2 Type 2 certified and ISO 27001 compliant and has been built from the ground up with industry-leading security standards, including multi-factor authentication (MFA), encrypting all data in transit and at rest, and separation and isolation best practices.
$55 million Series A Funding Round
Led by Andreessen Horowitz, with participation from Stone Point Ventures and EOS Venture Partners, CYGNVS will use the series A funding to further enhance the platform while expanding sales operations.
"Traditional multi-tenant cloud architectures don't work for the complex access and security challenges in a cyber crisis preparation and response," said Angela Strange, General Partner, Andreessen Horowitz. "The experienced cloud and security team at CYGNVS has built a robust end-to-end cyber crisis operating system from the ground up for successful crisis preparation and response."
Available Today
CYGNVS is now generally available across all segments and offered in English, French, Spanish, German, and Japanese. CYGNVS can be purchased direct or accessed as a no-cost benefit of cyber insurance policies from leading insurers and brokers. To learn more or schedule a demo, visit www.CYGNVS.com.
About CYGNVS Inc.
CYGNVS is a guided cyber crisis response platform purpose-built to empower organizations to be Connected, Confident, in Control and Compliant before, during and after a cyber crisis. Backed by a $55 million series A round from Andreessen Horowitz, Stone Point Ventures, and EOS Venture Partners, CYGNVS is headquartered in Silicon Valley, with offices in Canada, India, and Ireland. For more information, visit www.CYGNVS.com.
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