Cybersecurity crisis response startup CYGNVS Inc. is exiting stealth mode today with $55 million in early-stage funding and a mission to empower companies to stay connected, in control and compliant as they face down cyberattacks on their information technology infrastructure.
Today’s Series A round was led by Andreessen Horowitz, with the participation of Stone Point Ventures and EOS Venture Partners.
CYGNVS, which is an acronym of “CYber GuidaNce Virtual Space” is all about helping companies to reduce risk before they’re hit by cyberattacks by ensuring they’re prepared and have practiced their response to any such crisis.
To do this, CYGNVS has created what it says is a guided platform for cyber crisis preparedness and response management. The platform can be thought of as a guided virtual space where companies can prepare, plan and practice, to ensure they are ready to deal with virtually any kind of cyber crisis if and when it comes.
The company believes it’s an idea that will appeal to many enterprises, in light of findings from IBM Corp.’s 2022 Cost Of Data Breach report. It was found that prepared organizations save themselves an average of $1.38 million in direct costs relating to a security breach.
Within the CYGNVS application, security leaders can create and onboard a response plan and team in a matter of minutes. From there, it guides users through the tailored response plan, assigning role-specific tasks to each team member, while managing different access rules for the various users and any outside experts who may be contracted to help.
The app enables all participants of the response team to stay connected from any location and on any device, even if the corporate network is inaccessible. It guides teams through each step on the way to averting the crisis, automatically documenting the key processes toward business recovery. The CYGNVS app can also be used to test out response plans to various different scenarios, ensuring that companies are prepared to handle any situation.
“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.”
CYGNVS said it’s partnering with the cyber insurance firm American International Group Inc. to provide its cyber crisis response app to hundreds of that company’s clients. Having already witnessed hundreds of cyber breaches in the past, AIG has identified various challenges that prevent companies from optimizing their response processes.
These challenges include a lack of visibility and secure, post-event communications, as well as friction when working with external response providers such as breach counsel and forensic consultants. AIG was therefore able to apply this knowledge as it worked with CYGNVS to develop its cyber crisis response plans.
“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,” said founder and Chief Executive Arvind Parthasarathi.
The company said its platform is now generally available, with its app and planning tools supporting English, French, Spanish, German and Japanese languages. Its service can be purchased direct or accessed as a no-cost benefit through multiple leading cyber insurance firms.
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