Cyolo, a startup that creates a platform for users to access applications, servers, desktops and files of their organization, today announced that it has raised $21 million in funding led by National Grid Partners and a strategic investment by Glilot Capital Partners. Merlin Cyber and existing backers include Flint Capital, Global Founders Fund and Differential Ventures. Ciolo said the funds will be used to accelerate development and research, as well as help new customers transition to the trust system.
Organizations today face numerous breaches and vulnerabilities that can cause reputational and financial damage. In 2021, there were 9.8 million records in 106 cases in June, according to IT Management analysts. That’s why some businesses are taking action by accelerating the adoption of networks built around zero trust. Zero-trust links abstract access mechanisms so that security engineers and staff can take full responsibility for them, eliminating the excessive trust required to allow staff to operate.
Cyolo consistently identifies and authorizes devices, users, and individuals within the system, providing access to organizational resources, applications, data, software, and more. Incorporating IT and application technology, Cyolo does not have access to customer data, ensuring that the organization does not compromise on sharing information or secrets.
“Cyolo was created in 2019 by a former commander of the Israeli Navy’s CyberUnit to provide organizations with flexibility, resilience and productivity,” founder and CEO Almog Apirion told VentureBeat via email. “The pandemic has accelerated digital transformation in almost every industry and vertical, and the fundamental change is secure connectivity for computers based on network virtual features. Cyolo brings trustless connectivity and identity-based authentication to cyberspace and connects users to devices, computers, and services.”
A platform of trust
Cyolo works in existing environments and does not require infrastructure changes, adapting to different locations, networks or platforms, according to Apirion. Any device running a modern operating system can be identified by an authentication pass or identity, and each entity on the platform can identify another identity before authenticating a connection.
Apirion gave the example of Rapac Energy customers, who work with Cyolo to access systems related to suppliers and support teams. The new solution must provide security features that meet strict regulatory and regulatory requirements managed by Rapac’s security team.
“Rapac used to use a VPN, but the access was slow, there was a lot of usage, and the employees didn’t like using it,” Apirion said. “Before opening Cyolo, Rapac … believed that it was necessary to build the necessary solutions from several applications and systems that would be integrated [together]. Cyolo’s … solution for Rapac is used internally to provide trustless reliability between systems and applications for employees. At Rapac, the implementation takes only one day, including training the system and including cyber support.”
Okta, Citrix Workspace, Duo Security, Perimeter 81, Claroty, CyberArk, Connect Secure and NetMotion are expected to grow the zero-trust market at $59.43 billion by 2028. among its competitors. to gain greater traction by expanding its marketing and sales teams, particularly in the US and UK.
As the world moves to a more hybrid remote work culture, it faces new data vulnerabilities. “Achieving the right zero-trust architecture for businesses and organizations means finding an identity-based solution like Cyolo that can support flexible and ubiquitous business environments.”