In an ever-changing digital landscape, it is crucial to keep pace with the trends in cyber threats. However, SMEs and SMBs are struggling to keep up with the required cyber security efforts. With over 40% of the world’s companies having 500 or fewer employees, the middle market is a prime target for hackers. One-in-six firms attacked say their survival was threatened.
Hence it is important to have effective cybersecurity management, however, it requires an experienced, professional security team led by a CISO. Here’s where Cynomi aims to address the growing cyber threats in the middle market by delivering enterprise-grade cybersecurity solutions at scale. The global cybersecurity market was valued at $163.53B in 2019 and by 2030, the market is forecast to have a value of $430.46B.
Recently, the company raised $3.5M funding in a seed round led by Flint Capital. Other investors, including SeedIL, Lytical Ventures, and a group of business angels, including Nir Giller, co-founder of CyberX (acquired by Microsoft), also participated. Additionally, the company also received two grants totalling $500K from Innovate UK. The funds will be used to scale its R&D efforts and expand and strengthen the company’s presence in the US and UK markets.
Cynomi, which is led by a team of ex-Israel Defense Forces cybersecurity veterans empowers cybersecurity professionals to effectively manage cyber risk, compliance, and operations with automated enterprise-grade cybersecurity services at an unparalleled scale. Its AI-based algorithm helps quickly build and execute an effective tailor-made cyber strategy.
Automated cyber risk, vulnerability, and posture scans allow MSPs to rapidly grow sales pipeline, accelerate deals, increase upsells and drive revenue. The team is already working with HOT, one of the largest telecoms in Israel, and with a growing number of MSPs and MSSPs in the US, UK and Israel.
In this regard, we at Tech Funding News had a conversation with David Primor, CEO & co-founder, Cynomi to know more about his professional background, the company, its competitors, road maps, and much more. Take a look.
What was your professional background before founding Cynomi?
I have spent most of my career in the public sector. I was a Lt. Colonel in 8200, the biggest technology unit in the Israeli intelligence corps, and was later a founding member of Israel’s civil cyber authority, also acting as its technology director. During this time, I also managed to squeeze in a Ph.D. at CERN. When I left public service a few years ago, I acted as a cybersecurity advisor to many startups and midsize companies.
During that time, I witnessed first-hand the gap between state-level readiness and preparedness of an average company on the market, including some businesses run by good friends of mine that experience cyberattacks. This is what inspired me to found Cynomi.
What is Cynomi? How does the technology work? and who will use it the most?
In an enterprise setting, a company usually employs a CISO – a Chief Information Security Officer – who is responsible for understanding the company’s posture, vulnerabilities, and priorities. In small organisations, overall cyber responsibility is given to the IT department. But IT and cybersecurity are two different disciplines.
Our cloud-based product collects as many data points as it can about a given business to assess its cybersecurity posture and generate a remediation plan.
Who are your competitors? and How are you different from them?
We take a holistic approach. The company’s penetration testing tool will help you find breaches in your perimeter, but to use an analogy, it will tell you whether the fence around your house has any holes that an attacker can use. Cynomi is here to tell you how to build that fence in the first place.
What was the process of receiving £3.5M seed funding from Flint Capital and other investors?
We were looking for investors that could add clear value to our business. It was clear from our first meeting with Flint Capital that they fit this bill – they have a wealth of knowledge and proven credentials in the cybersecurity field and are always happy to roll up their sleeves and help.
What are your goals and mission for Cynomi in 2022 and beyond?
When we look at the current stats for the numbers of small and midsize companies being hit annually, we find them unacceptable. Ultimately, we hope that Cynomi will help to dramatically change these figures for the better. Specifically for 2022, we’re looking to triple the number of our MSP and MSSP partners, with particular emphasis on North America.
What are the trends shaping the future of the global cybersecurity market?
First, we’re seeing hackers and cybercriminals expand their activities and simultaneously move down the value chain. This means that smaller businesses, who may have been fine with just a firewall and a VPN a few years ago, now find themselves in imminent danger.
Second, we are seeing, at the macro level, that insurers are taking big hits on their cybersecurity policies. This means that cyber insurance will not only become more expensive, but that to purchase such a policy the companies will need to demonstrate that their cybersecurity posture meets a certain threshold.
Third, Garner is forecasting that the demand for virtual CISO services on the part of small and medium-sized businesses is expected to grow from 1% in 2021 to 20% this year.