Earlier today, SecurityGate.io announced it has raised a Series A funding round.
Cybersecurity risks are constantly evolving. 2020 is not yet halfway over and several countries around the globe have already reported attacks to their critical industry sector. In May, Taiwan’s state-owned energy company was hit by a ransomware attack. In April, a cyber attack targeted Israel’s water infrastructure.
And the list of incidents doesn’t end there.
Cybersecurity is no longer solely an IT problem. Malicious actors are increasingly targeting operational technology and industrial control systems, putting the global critical industry sector at risk.
“The introduction of IP based systems in OT environments is why cybersecurity is so important in the critical industry sector,” Cherise Esparza, CTO & Co-Founder of SecurityGate.io, tells Industrial Cyber. “All these systems that have been brought online for real-time data analysis and predictive maintenance for reducing nonproductive time are exposed to the same bad actors that routinely breach IT systems and steal data. However, in OT environments, it’s not just a risk of stealing data or crashing a website. The wrong attack can bring down an entire facility, multiplying nonproductive time exponentially, and putting worker’s lives in very real danger.”
SecurityGate is working to help organizations protect themselves. The cybersecurity software company helps organizations manage cyber risk in OT/ICS environments with an Integrated risk management platform purpose-built for OT cybersecurity.
Today, the company announced it has raised a Series A funding round to invest more resources into ML technology for predictive risk intelligence. The financing was led by Houston Ventures.
“Digital transformation is no easy task in highly dynamic environments, especially when the risk of cyberattacks keeps rising daily. We’re excited to partner with Houston Ventures who sees this market growing, and our clients that see our vision of the future,” SecurityGate CEO Ted Gutierrez said in a press release.
SecurityGate’s SaaS platform gives company leaders, governance risk and compliance departments, and IT teams enhanced visibility into OT/ICS environments. It uses intelligent systems to help organizations understand business risk and develop strategies to mitigate that risk. The platform enables teams to automate processes and more quickly implement prescribed tactics.
“The problems our platform solves have come directly from our experience building and running cybersecurity risk management programs in the OT/ICS space,” Esparza said in the release. “We were the ones running assessments, auditing reports, and providing guidance to leadership teams for some of the largest companies in the world. We were constantly saying, ‘There has to be an easier way to do this.’. That led to the start of SecurityGate.io.”
SecurityGate says integrated risk management is an underserved area of ICS security in the critical industry sector. According to the company, most offerings are focused on detection and response for threats already in-progress. Additionally, few technical advancements have been made to transform the highly manual, spreadsheet-based assessment and remediation processes often used to establish, evaluate, and advance cyber programs.
“It was very attractive to us how tightly tuned SecurityGate.io is to the needs of their customers,” Chip Davis, Managing Partner at Houston Ventures, said in the release. “Successful enterprise software companies generally know they are instruments of change for their customers. The code is but one element of a project where customer results are similar to the expectations going in. Our discussions with the company’s customers revealed a state of maturity of SecurityGate.io beyond what we typically see in younger companies. Based on customer feedback, we could not pass on this deal.”