SEATTLE, WA OCTOBER 13, 2015
Praesidio announced today it has raised $3.2 million to continue the company’s growth and success with delivering cybersecurity solutions to financial institutions. All existing investors participated in this round and were joined by a select number of new investors. In conjunction with the funding, Sean Cassidy has been promoted to Chief Technology Officer. Mr. Cassidy was the first employee to join Praesidio in May of 2014, as Director of Technology, and has overseen the development of the platform to date.
Only in the last few years have technologies and tools become available to allow a new company, like Praesidio, to develop a novel approach that combines Big Data and machine learning to combat the bad actors in the cybersecurity arms race. Realizing that cybersecurity is not just an IT problem, Praesidio set out to create a system that would create a common platform across the organization and bridge the gap between those responsible for governance and those responsible for IT. With Praesidio’s real-time alerts and executive-level dashboard reporting encompassing all IT systems, stakeholders can rest assured that the organization is in real-time compliance with its policies, and risk is being managed effectively.
“Cybersecurity is harder to get right than many other technologies because we have adversaries. There needs to be constant investment into building systems that can adapt to new attacks and attackers,” Cassidy explains. “Here at Praesidio, we realized early on that we needed to look at data from multiple angles to get a complete view. We start by collecting the right data and then reporting the results of our automated analysis in a way that our customers can understand, without needing to be cybersecurity experts.”
Praesidio’s solution ties into already existing hardware and software systems present at financial institutions in order to provide a lightning fast SIEM and other advanced capabilities. The company has been a thought leader in defining an entirely new category of service providers that are focused around Cybersecurity Management (CsM); integrating facets of SIEM, incident management, log analysis, advanced endpoint threat protection, real-time analytics and more.
With this new funding round, Praesidio plans to continue its rapid growth by scaling its sales and engineering staff. By focusing on the financial industry, Praesidio has positioned itself as the only cybersecurity company exclusively dedicated to protecting financial institutions.
“The threat of cyberattacks or bad actors targeting financial institutions is real and growing. Financial institutions are three-times more likely to be attacked than any other industry. Our focus on protecting financial institutions has never been stronger. It is a testament to this laser focus and passion for protecting our customers that all of our founding customers participated in this recent funding round,” Praesidio CEO and Founder Edgardo Nazario said. “This funding allows us to accelerate onboarding of more institutions into our community and to expand our efforts to protect the financial industry.”
About Praesidio: Formed by bankers and technology experts, Praesidio bridges the gap between Governance and IT by linking cybersecurity policies with the millions of system events where threats hide. Praesidio aggregates data across all cybersecurity tools to provide real-time management reporting that proves to security teams, boards, auditors and regulators that a financial institution is actively managing and enforcing its policies. Praesidio’s integrated policies and best practices help financial institutions know definitively that they are safe.