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Today, the Nashville, Tennessee-based Internet of Things (IoT) security startup Phosphor Cyber Security, announced that it had closed a $38 million series A funding round led by SYN Ventures and MassMutual Ventures. The organization intends to use the funds to enhance its Security of Things solution suite, acquire new engineering talent, and improve the user experience.
Phosphorus Cybersecurity’s flagship solution, Phosphorous Enterprise, provides users with a complete inventory of IoT devices across their environment, displaying IP address, make, model, and firmware for more transparency into the security posture of the device. IoT devices.
For businesses and decision makers, Phosphorous Cybersecurity’s solution helps against the growing threat of IoT-driven cybersecurity attacks.
The brave new world of IoT attacks
The announcement comes as the number of IoT devices in enterprise environments has skyrocketed, with the number of connected IoT devices for a total of 11.3 billion in 2020 and is projected to reach 27 billion by 2025.
It also comes as cybercriminals begin to see IoT devices as one of the key entry points into business networks, with IoT attacks increasing from 639 million in 2020 to 1.5 billion in 2021.
As the total number of IoT devices in use increases and they become a more important target for hackers, enterprises must be prepared to address new security vulnerabilities at the network edge that traditional security solutions are not. ready to board.
“In most corporate networks today, there are a plethora of these IOT devices, and yet few companies know how many or which ones they have and how at risk they are,” said Chris Rouland, founder and CEO of Phosphorous Cybersecurity. in an exclusive interview.
“Recently, we have seen several cases where corporate networks were attacked with ransomware after hackers first broke in through unprotected IoT devices such as camera systems and door controllers,” he said.
Part of the reason for this rise in IoT attacks is that attackers are looking for new ways to circumvent improved enterprise security measures. “As corporate security has improved recently, it has had the unintended consequence of forcing hackers to find alternative ways to get into the network, and IoT is one of the main targets.”
Phosphorus Cybersecurity aims to address this challenge by enabling users to discover IoT endpoints within the environment, so they can patch vulnerable devices, manage passwords, and monitor devices for signs of compromise.
Phosphorus Cybersecurity has established itself as one of the top prospects in the rapidly growing IoT Security Market, valued at $14.9 billion in 2021 and projected to reach $40.3 billion by 2026 as companies focus more on IoT threats.
When it comes to discovering IoT devices in enterprise environments, one of Phosphorus Cybersecurity’s main competitors is the IoT search engine. shōdanthat users can use to search for IoT devices and set up real-time notifications to let them know which devices are connected.
Shodan is an extremely popular solution with over 3 million registered users, including 89% of the Fortune 100 and five of the top six cloud providers.
It also competes against ecosystem-driven IoT security solutions like Microsoft Defender for IoTa network detection and response solution for IoT devices that was announced when the organization raised $10 billion in income for your security business, and Amazon IoT Device Advocatea managed service for auditing IoT device configurations.
However, Rouland argues that Phosphorous Cybersecurity’s solution stands out from IoT vulnerability research and discovery competitors because “it actually fixes vulnerabilities with a click, whereas the rest of the market just reports them,” he said.
“What we do is provide full scope IOT security. We not only enter and identify at least 90% of all your bypassed IOT devices on the network (down to model numbers and firmware version), but we also bring them to an automated remediation platform that is the only one of its kind. “, said.
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