BitLyft is a company that helps keep organizations safe by illuminating and eliminating cyber threats before they have time to harm the business. The company achieves this by providing a platform that combines the best of people and software for unparalleled protection of your organization. Pulse 2.0 interviewed BitLyft founder and CEO Jason Miller to learn more about the company.
Jason Miller’s Background
What is Jason Miller’s background? Miller said:
“Started my IT career in 1996 as a System Administrator and Network admin, I’m approaching a 30-year career in networking, security and cloud computing focused on secure architecture and proactive defense strategies. I am a repeat entrepreneur, having co-founded Reviora, an ERP SaaS delivery pioneer.”
“The company was acquired by Concerto Cloud Services in 2014. I founded BitLyft in 2016 to provide Managed Detection and Response (MDR) with expertise in SIEM, SOC-as-a-Service, and Automated Incident Response (AIR), protecting small to mid-sized companies in multiple verticals across the US.”
Formation Of The Company
How did the idea for the company come together? Miller shared:
“Over the course of 2015 and into the beginning of 2016, I closely monitored the evolving landscape of cloud computing and cybersecurity, particularly noting how successful cyberattacks were often due to inadequate system monitoring, insufficient knowledge about exposed systems, and poor vulnerability management. This observation led to the inception of BitLyft. My extensive review of breach reports revealed a pattern where many attacks succeeded because of a lack of expert log monitoring, inadequate alerting on indicators of compromise, and a slow response to emerging threats. BitLyft was conceived to address these critical gaps in the marketplace, aiming to enhance security through better monitoring, knowledge, and rapid response capabilities.”
Favorite Memory
What has been your favorite memory working for the company so far? Miller reflected:
“My favorite memory working for BitLyft so far has been the day when we faced simultaneous cyber attacks across several clients. It was a challenging time, but it showcased the incredible spirit of our team. Everyone stepped up, putting in all-nighters to ensure our clients got through this tough period. I was immensely proud to work alongside such dedicated individuals, who I see not merely as employees or workers, but as family and fellow teammates. We were all united, rowing the same boat towards our shared mission and vision: to protect our clients from cyber threats. That day, it was clear that everyone was fully committed to our purpose, and it filled me with pride to see us all band together for the same cause.”
Core Products
What are the company’s core products and features? Miller explained:
“BitLyft’s core features are anchored in True MDR Platform and BitLyft AIR, designed to deliver proactive, end-to-end cybersecurity protection. True MDR combines 24/7 threat detection, real-time monitoring, and a 100% U.S.-based SOC (Security Operations Center) team to quickly identify and mitigate cyber threats across networks, endpoints, and cloud environments. BitLyft AIR takes this a step further by automating incident response, with pre-configured playbooks ensuring threats are neutralized. Together, these features provide organizations with centralized visibility, proactive security, and tools to meet regulatory compliance requirements.”
Challenges Faced
What challenges has Miller and the team faced in building the company? Miller acknowledged:
“Recently, we’ve encountered several challenges in the cybersecurity sector, primarily due to the rapid evolution of threats and technologies. The cybersecurity landscape, including cloud computing and SaaS, changes so quickly that it often feels like attackers are one step ahead. Our response has been to continuously innovate in our detection and response strategies, focusing on isolating and neutralizing incidents before they escalate.”
“Another significant challenge has been managing client perceptions of value, particularly when we’ve done our job so well that incidents are minimal. There’s sometimes a misconception that if there are no visible cyber attacks, we’re not actively working. However, this ‘quiet time’ is actually a testament to our effectiveness over the past months or even years. It’s the result of diligent, proactive work behind the scenes that prevents incidents from occurring.”
“We strive to communicate this by regularly updating our clients about our preventive measures, sharing insights on the threats we’ve mitigated, and explaining the complexities of cybersecurity. We remind them that the absence of incidents is not due to a lack of activity on our part but rather the success of our strategies. This ongoing dialogue helps align the perceived value with the actual value we deliver, reinforcing that our hard work is what has allowed them to operate securely and with peace of mind.”
Evolution Of The Company’s Technology
How has the company’s technology evolved since its launch? Miller noted:
“Since launching, BitLyft’s technology has evolved significantly, driven by a commitment to addressing real-world cybersecurity challenges directly from the field. A key aspect of our development strategy has been empowering our Security Analysts to voice the genuine issues they encounter in the trenches. This approach ensures that our product development is not just theoretical but grounded in the actual problems our clients face. From 2016 to the present, we’ve focused on crafting solutions that are not hypothetical but are instead tailored to the firsthand challenges reported by our customers.”
“By listening closely to those in direct contact with cybersecurity threats, our product services have been continuously refined to execute precise, effective solutions, making our technology an ever-evolving tool that directly tackles the complexities of the cybersecurity landscape.”
Significant Milestones
What have been some of the company’s most significant milestones? Miller cited:
“Since our inception, we’ve achieved several key milestones that have marked our growth and impact in the cybersecurity field. One of our earliest significant achievements was securing our first organic sale, which validated our business model and confirmed the market’s need for our services. This was followed by reaching our first profitable quarter, a critical point that demonstrated our financial viability and operational efficiency.”
“Another milestone was the expansion of our team with our first external hire, symbolizing not just growth but also the increasing demand for our specialized services. We’ve celebrated numerous anniversaries, each one a testament to our resilience and adaptability in an ever-changing industry.”
“From a product development perspective, one of our proudest moments was when we launched our proprietary cybersecurity platform, which was directly influenced by the insights from our Security Analysts. This platform was designed to tackle real-world problems, not just theoretical ones, leading to significant customer satisfaction and trust.”
“Our commitment to our clients was further solidified when we managed to successfully navigate through a series of simultaneous cyber attacks for multiple clients, showcasing our team’s unity, dedication, and capability to respond under pressure. This event not only proved our technical prowess but also our team’s spirit and alignment with our mission to protect our clients from cyber threats.”
“On the global stage, we’ve expanded our footprint, notably with our first international sale, which opened new markets and highlighted our scalability. Additionally, our recognition in the industry, through awards and mentions in cybersecurity news, has been pivotal in establishing BitLyft as a thought leader and authority in CMMC compliance and managed detection response services.”
“Each of these milestones has not only marked our progress but has also reinforced our foundational values of innovation, customer-centric solutions, and team unity.”
Customer Success Stories
When asking Miller about customer success stories, he highlighted:
“One of our standout success stories is our work with UMBRA GROUP, a manufacturer for the Department of Defense. They needed to strengthen their infrastructure, automate processes, and address security vulnerabilities, all while working with a small security team.”
“During onboarding, we identified missing log visibility, which was limiting their ability to detect threats, and addressed misconfigurations in their Microsoft 365 security settings. M365 is a frequent target for attackers, and resolving those vulnerabilities was a priority. During our routine 24/7 monitoring, we flagged suspicious logins from an inactive account, which we quickly investigated and resolved, preventing potential malicious activity.”
“In addition to addressing immediate threats, we helped UMBRAGROUP implement long-term protocols, like automated computer resets for departing employees, to strengthen their overall security posture. Today, they trust BitLyft to monitor and protect their systems around the clock, ensuring they can focus on their mission with peace of mind.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Miller assessed:
“Water Utilities: The water utility sector is undergoing significant transformation due to the need for modernization of aging infrastructure, compliance with stringent regulations, and the push towards smart water management solutions. According to industry analyses, the global water utility services market was valued at approximately $67.30 billion in 2022 and is expected to grow to around $89.67 billion by 2030, growing at a compound annual growth rate (CAGR) of around 3.82% from 2023 to 2030. In the U.S., the market for water and wastewater utilities has a TAM of about $977 billion when considering opportunities for consolidation and ownership of customer connections. This sector’s TAM is driven by the need for water treatment, smart metering, and infrastructure upgrades, offering BitLyft a substantial market for cybersecurity solutions aimed at protecting critical water management systems.
CMMC DoD Manufacturers: The Cybersecurity Maturity Model Certification (CMMC) is becoming increasingly important for Department of Defense (DoD) contractors, with a vast number of small to medium-sized businesses needing to comply with these cybersecurity standards to secure contracts. While specific TAM figures for CMMC compliance are less straightforward due to the newness of the requirements, the U.S. defense industry itself is massive, with annual cybersecurity spending in this sector estimated to be in the billions. The introduction of CMMC mandates a significant market for cybersecurity services, especially for manufacturers within the DoD supply chain. This vertical presents a unique opportunity for BitLyft, as the demand for compliance solutions, risk assessments, and cybersecurity management tools aligns directly with our expertise, potentially capturing a significant portion of the market as compliance becomes mandatory.
Banking Industry: The total addressable market (TAM) for cybersecurity in the banking sector is vast, driven by the critical need to protect financial data, customer information, and online transactions from increasingly sophisticated cyber threats. Global cybersecurity spending in the banking and finance sector is expected to continue its upward trend, with estimates for the U.S. alone suggesting a market size in the tens of billions, given the sector’s heavy reliance on digital infrastructure. The sector’s move towards digital banking, cloud services, and the constant evolution of financial services technology (FinTech) necessitates robust cybersecurity solutions. BitLyft’s focus on managed detection and response can tap into this market by offering specialized services that cater to the unique threats faced by financial institutions, where data breaches can have catastrophic financial and reputational impacts.
By targeting these three verticals, BitLyft is strategically positioning itself within markets where cybersecurity is not just beneficial but essential. Each vertical has its own growth trajectory and compliance demands, collectively offering a substantial TAM that BitLyft can pursue through tailored cybersecurity solutions.”
Differentiation From The Competition
What differentiates the company from its competition? Miller concluded:
“BitLyft focuses on small to medium-sized businesses in the water utilities, banking, and CMMC DoD manufacturing industries. BitLyft is a trusted partner to these types of businesses. The team works hand-in-hand with its technology to guarantee a smooth and prompt response to challenges. The company is committed to not only offering a service, but building a lasting relationship, where the team looks out for its clients’ best interests.”
