TEL AVIV, Israel and HACKENSACK, N.J., Oct. 21, 2015 (GLOBE NEWSWIRE) -- Cytegic, a provider of cybersecurity risk management solutions, today announced its expansion in North America with the opening of its U.S. headquarters in Hackensack, New Jersey. CEO and co-founder Shay Zandani has relocated from Israel to New Jersey to oversee the company’s growth in the U.S., building on its established market momentum in Europe and Israel. The company, which exited stealth a few months ago, also appointed Josh Morris as vice president of North American Sales.
Separately, Cytegic announced today that it closed its second round of angel funding, securing an additional $3 million from a prominent set of individual technology investors.
Cytegic has created the first cyber risk management platform that enables security teams to qualify and quantify risk for an executive audience. Its suite consists of three products that, when used together, enable organizations to assess the risk posed by external threats in context of their internal environment, providing a snapshot of what the greatest risks are, why and what it would take to mitigate them.
“What attracted me to Cytegic is how its platform bridges the gaps between CIOs, CISOs and their executives and boards to solve the cyber risk problems every organization faces – understanding their situation, communicating with one another, prioritizing their investments and providing oversight,” said Morris. “There’s no rip and replace. Cytegic provides strategic value above what an enterprise already has and brings your whole cybersecurity program into a singular alignment.”
The new funding and expansion moves are the latest in a string of achievements this year, including:
- Introducing one of the industry’s first products optimized for cyber audits for the emerging cyber insurance industry that can help insurers and the insured evaluate risk and continually monitor security preparedness
- A partnership with security intelligence innovator Sixgill to integrate technology that automatically collects, monitors and analyzes information from the Darknet
Cyberattacks will cost the average U.S. business $15 million in 2015— 19 percent more than last year, according to a Ponemon Institute study.
“Now is the time to intensify our efforts in the U.S.,” said Zandani. “New York is the headquarters for many of the world’s pre-eminent companies. Industry analysts state that more than 50 percent of the cybersecurity spend will be in the U.S., and we are here to help businesses invest in the proper solutions for their firms.”
For more information, please visit http://www.cytegic.com.
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About Cytegic
Cytegic offers the first cyber risk management platform that enables Information Security leaders to communicate the business impact of cyber risk to senior executives and board-level audiences. Its suite is comprised of three products: the Cyber Decision Support System (CDSS), Cyber Maturity Assessment (CyMA) and Dynamic Trend Analysis (DyTA) solutions. These can be used as stand-alone solutions for intelligence analysis, continuous monitoring and decision support, or be combined.
Based in Tel Aviv, Israel and Hackensack, New Jersey and founded in 2012, Cytegic is led by a renowned team of cybersecurity and risk assessment experts. CEO Shay Zandani founded the Israeli Air Force's Information Warfare department, and Executive Chairman, Ambassador Carmi Gillon is the former head of Shabak, Israel's domestic intelligence agency. Cytegic President Elon Kaplan, Ph.D., is a strategy and organizational psychology expert, with 25 years’ experience with large financial institutions and information technology firms. Customers include Amdocs, PwC and Bank Leumi as well as other large Israeli banking institutions. For more information, visit www.cytegic.com.