Nozomi Networks, a leader in Operational Technology (OT) and Internet of Things (IoT) security and visibility, received 100 million dollars in series D funding. The company plans to improve its infrastructure for an added layer of protection and higher visibility for the biggest companies worldwide.
Triangle Peak Partners led the series D funding. They did alongside with Keysight Technologies, Forward Investments, Honeywell ventures, Porsche Digital, Telefónica Ventures, In-Q-Tel, and more. Nozomi Networks plans to spend this budget on product development, marketing, sales, and partnerships. This is to expand and enhance the company’s products to keep up with the times. Plus, resolve new OT and IoT market issues.
Nozomi Networks’ role in the OT and IoT security market has been crucial in protecting the most prominent infrastructure. The company claims that its optimum research and innovation are the reasons behind its success. Through funding, Nozomi Networks can provide features such as threat detection, network visibility, operational insight, and more.
A frequent surge of cyberattacks
During the start of the pandemic, more and more companies have been shifting to digital infrastructure. Companies have been dependent on the digital system due to lockdown restrictions. While this route might be conducive for the management and rank-and-file employees, it has one drawback — cyber attacks.
Indeed, there was a surge of cyber attacks last year because people saw an opportunity to hack the system for their gains. There were attacks on the ICS or Industrial Control Systems and the devices for water supplies, power plants, and other vital infrastructure.
According to a PurpleSec article, malware and ransomware attacks were at an all-time high during the pandemic. But the surge began to make CEOs and investors worry in 2017, where there was a 350-percent and 600-percent increase in ransomware, and IoT attacks, respectively.
In one study, the ransomware costs estimated to go over the $11.5-billion mark in 2019. And in 2020, that’s when all hell broke loose, and ransomware and malware attacks increased and worsened. This prompted Nozomi Networks and other cybersecurity companies such as Claroty and Dragos to improve their products for these new cybersecurity challenges.
In May, a Brazilian meat processor company JBS, also fell victim to these cyber attacks. JBS is America’s biggest beef and pork source. And since hackers penetrated their internal networks, the company shut down its industrial operations.
On the other hand, an oil and gas company Colonial Pipeline also had the same dilemma in May. The company’s internal networks were compromised, prompting the company to halt its operations.
Keeping the force strong
These new cybersecurity challenges might be too hard to handle. But companies like Nozomi Networks, Claroty, and Dragos can raise funding to enhance their cyber protection services. In fact, the three companies have garnered $350 million in funding from government, corporate, and institutional investors.
As these cyber threats continue to rise and keep their targets on high-value companies, Nozomi Networks is also one that doesn’t back down. And with this funding, the company’s enhanced SaaS platform will be leveraged to prevent minor and major cybersecurity issues moving forward.
