Cybersecurity Ventures estimates that the global cost of cybercrime is expected to reach $6 trillion in damages per year by 2021 — up from $3 trillion in 2015. This is provoking a call to action across businesses to strengthen their cyber defenses. As a result, companies are increasingly needing to outsource security professionals to complement and fortify their organization’s cybersecurity operations and strategy. One of the companies addressing this need is Saint Petersburg, Florida-based intelligence-driven managed security services company deepwatch.
deepwatch recently announced it has raised $23 million in Series A funding led by ABS Capital Partners. With this round of funding, deepwatch plans to accelerate research and development for its machine learning security analytics platform and expand its go-to-market expansion plans. In conjunction with this funding round, ABS Capital venture partner Michael Avon is going to be joining the board of directors at the company.
“Cybersecurity leaders immediately recognize deepwatch’s truly revolutionary approach to managed security services. Cybersecurity teams are overwhelmed, and deepwatch is the answer as demonstrated by our 3,631% growth rate over the last 3 years, which places us among the Top 100 fastest growing companies,” said deepwatch CEO Charlie Thomas in a statement.
deepwatch launched in 2015 as the vSOC business unit within GuidePoint Security. And the company has seen rapid growth and adoption of its advanced security services platform by Fortune 500, Global 2000, and mid-sized enterprises since then. The demand for managed security services continues to accelerate has been continuing to accelerate amid a global shortage of cybersecurity personnel. And the company’s solutions are driven by its relentless focus on customers and unrivaled cloud SecOps platform.
“When starting vSOC, our goal was to disrupt the managed security services industry. We succeeded through our relentless focus on customers, as well as providing a flexible, transparent, and carefully curated platform. Our vision is to redefine the industry, realizing the promises of data analytics and machine learning for our customers,” explained deepwatch founder and CTO Justin Morehouse.
deepwatch addresses a number of issues that cybersecurity leaders have longed for like exclusive maturity models, Cloud SecOps Platform, Data-Centric Deployment Models, Named Delivery Squads, real-time collaboration, and Portability & Access.
deepwatch’s exclusive maturity models index customers’ cybersecurity program maturity, benchmarks against industry peers, and provides detailed maturity roadmaps (mapped to common frameworks like NIST CSF and MITRE ATT&CK). deepwatch’s Cloud SecOps Platform continuously evaluates, integrates, and tunes leading technologies into its platform to ensure the ability to support customers’ fast-changing requirements. The Data-Centric Deployment Models offers hosting options in 30 worldwide locations and data is stored in-country — which meets data sovereignty requirements like GDPR and BDSG while providing centralized views and reporting for global audiences. In terms of Named Delivery Squads, deepwatch ensures customers are assigned named resources across all roles and shifts to ensure they maintain context. For real-time collaboration, customers view deepwatch’s personnel as an extension of their cybersecurity teams rather than a third-party service provider because of the flexibility of multiple communications channels. And the Portability & Access feature allows customers to access their data anytime and take it should they leave without any proprietary formats or hoops to jump through.
“deepwatch has developed an innovative security operations platform as evidenced by its very impressive growth and momentum,” added Avon. “We look forward to partnering with deepwatch as it continues to disrupt and redefine the modern managed security services industry to help its customers protect their brands and critical assets against a continuously advancing threat landscape.”
