Cyber security company serving IIoT clients grabs $18M Series B

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CyberX, an IIoT and industrial control system (ICS) security company raised a $ 18M Series B round led by Norwest Venture Partners, early investors in cybersecurity leaders FireEye and Fireglass (acquired by Symantec). Existing investors that participated in the round include Glilot Capital Partners, Flint Capital, ff Venture Capital, and OurCrowd.

To date, CyberX raised a total of $ 30M in venture funding. The company plans to use the proceeds to expand in the United States and Europe, product development, and to grow security research and threat intelligence teams.

CyberX’s continuous ICS threat monitoring platform uses ICS-specific self-learning that enables it to map and predict information security threats (in operational technology) in less than an hour.

A key factor that differentiates CyberX is it does not rely on rules, specialized skills, or any prior knowledge of a user’s environment.

The company’s target market includes companies from energy, oil & gas, and manufacturing. The customers can protect their operational technology from attackers performing cyber reconnaissance to sniff passwords and crucial network credentials.

CyberX Sanbox

It appears that cyber incidents like WannaCry and NotPetya have made executives from legacy industries like manufacturing and oil & gas nervous. There are reasons for the worry.The latest research by CyberX, based on analyzing 375 industrial control networks via Network Traffic Analysis (NTA), reveals that every one out of three industrial sites is connected to the public internet making it vulnerable to cyber-attacks. The company also found that un-patchable Windows operating system is found everywhere in the industrial settings. It reported such systems can be easily compromised by malware such as WannaCry/NotPetya.

“As a top-tier global VC, NVP’s investment in CyberX is recognition that we are successfully delivering differentiated technology and expertise enabling us to win over the world’s most sophisticated and demanding customers.” Omer Schneider, CyberX co-founder and CEO.

Pointing towards CyberX’s technology, Dror Nahumi, general partner at Norwest Venture Partners dais that “there is a growing need in many enterprises to connect their IIoT and ICS networks to corporate IT networks for performance, monitoring, and manageability reasons. This trend creates a new security risk which requires a modern, IIoT-optimized, security solution”.

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JPMorgan Is Considering Giving Their Clients Access to a New Bitcoin Product

JPMorgan and Bitcoin

Bitcoin has had an exciting year. It has split in two, become more accepted as a form of payment, and soared in value, now resting above $ 8,000. There’s also that small matter of the Chicago Mercantile Exchange (CME), the world’s leading derivatives marketplace, announcing plans to introduce bitcoin futures in 2017 — an announcement that some credit with pushing the cryptocurrency above the $ 8,000 threshold.

The bitcoin developments continued on November 21 when The Wall Street Journal reported that JPMorgan Chase is considering giving their clients access to CME’s bitcoin future via their own futures-brokerage unit.

As the WSJ explains, the move would enable JPMorgan customers to bet on bitcoin’s prices — specifically, whether they increase or decrease. JPMorgan, meanwhile, would charge a fee for providing access to CME’s service, presumably in the hopes of profiting from it.

This would be a somewhat ironic development for JPMorgan because CEO James Dimon has criticized bitcoin in the past, telling attendees at September’s Delivering Alpha conference that the crypto is a “fraud” and “just not a real thing.” At another event, he said that anyone trading bitcoin is “stupid” and that any JPMorgan traders caught doing so would be fired. That said, no employees have claimed to have lost their jobs for such reasons just yet.

Impending Launch

CME is expected to launch their bitcoin futures contract before the end of 2017, though that launch could be delayed or put on hold by the Commodity Futures Trading Commission, which has to grant approval. As for JPMorgan’s reported service, its launch largely depends on demand, according to the WSJ’s source — if enough JPMorgan customers aren’t clamoring for bitcoin futures, it probably won’t happen.

The actions of other companies, such as Goldman Sachs Group Inc., Bank of America Merrill Lynch, and Morgan Stanley, could influence JPMorgan’s decision as well.

Goldman Sachs is currently exploring ways to trade cryptocurrencies, while Morgan Stanley — according to the WSJ’s source — is contemplating a move similar to JPMorgan’s. JPMorgan likely wouldn’t want to be left out if the majority of other companies were involved in bitcoin trading.

Only time will tell how this situation plays out, but bitcoin’s growing popularity and continually increasing prices suggest the crypto is not going away anytime soon. JPMorgan CEO James Dimon may soon find himself forced to acknowledge that bitcoin is “a real thing.” Many others certainly have.

Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.

The post JPMorgan Is Considering Giving Their Clients Access to a New Bitcoin Product appeared first on Futurism.


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