NASHVILLE, Tennessee., April 6, 2022 /PRNewswire/ — Phosphorus Cybersecurity™, the leading provider of full-scope security for Internet of Things devices, is pleased to announce the appointment of a security industry luminary Art Coviello Jr. as Chairman of its Board of Directors.
Coviello’s appointment reflects his belief in Phosphorus Cybersecurity™ as the only company with a robust and proven security solution to protect the Internet of Things from malicious cyber attacks and insider attacks. Coviello will provide strategic guidance to the Phosphorus Cybersecurity™ executive leadership team as the company prepares for significant growth following a $38 million Series A earlier this year led by SYN Ventures and MassMutual Ventures. The company is run by co-founders. chris ruland (CEO), Rebekah Rouland (CFO) and Earle Ady (CTO).
“We are honored to have Art’s commitment and support, and he will play an important role in helping us solidify our position as the leading global IoT security company,” he said. chris ruland, CEO of Phosphorus Cybersecurity™. “While there are many companies that can find IoT vulnerabilities, we are the only company that can truly protect these devices from attacks. We anticipate a huge growth period ahead, as the size of the IoT market is already 10 times larger than the market of traditional terminals and approaching $1 billion in total value”.
“Art is a legend in the industry and a visionary who understands how the cybersecurity market is changing and where the greatest needs are,” he said. Earle Ady, CTO of Phosphorus Cybersecurity™. “We look forward to his insights as we work with him to raise more awareness of these important security risks.”
Coviello has been a central figure in the information security industry for more than 25 years. He served as Chairman and CEO of RSA Security, one of the most iconic brands in cybersecurity. He is frequently a featured presenter at conferences and forums around the world, and has played key roles in various national cybersecurity initiatives.
“Phosphorus is a once-in-a-decade company in that it has created the only robust technology platform capable of remediating enterprise IoT risks at scale,” said Coviello. “IoT-based attacks are already the next big cyber threat facing enterprises, and they need advanced and reliable IoT security solutions in the same way they have relied on traditional endpoint security solutions for the past 30 years. With Phosphorus’ innovative technology platform and strong executive team, they are the only company ready to meet those challenges.”
Coviello serves on the boards of several public companies, including Synchrony Financial (NYSE: SYF), Tenable (NASDAQ: TENB) and Mandiant (NASDAQ: MNDT). He is also the Chairman of the Investment Committee of SYN Ventures.
Phosphorus Cybersecurity™ provides unprecedented IoT defense solutions for enterprise customers. Through its automated security solutions against the most critical IoT vulnerabilities, Phosphorus Cybersecurity™ enables organizations to scale IoT technologies without adding additional employees to protect them.
Phosphorus Cybersecurity™ found that 20-30% of today’s corporate networks consist of IoT devices, with little to no security programs in place. Across the enterprise, up to 25-30% of all IoT devices are at end of life and no longer support firmware updates from their manufacturer; and up to 50% have known vulnerabilities or default passwords, and 20% of those vulnerabilities are critical CVEs (CVSS score of 9 or higher). As an example of these current risks, Phosphorus Cybersecurity™ has recently observed hackers exploiting vulnerable IoT systems, including door controllers and camera systems, to launch ransomware attacks inside US business networks.
ABOUT PHOSPHORUS™ CYBERSECURITY
Phosphorus Cybersecurity™ is a leading provider of full-scope, automated Security of Things™ device protection solutions for enterprise and government customers. Founded in 2017 by chris ruland, Rebekah Rouland and Earle Ady, the company is a trusted partner of major financial institutions, the Fortune 500, and government agencies. Investors in Phosphorus Cybersecurity™ include SYN Ventures, MassMutual Ventures, General Advance and Atype Ventures. Website: www.phosphorus.io
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SOURCE Phosphorus Cybersecurity