Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Analytics

10/30/2018
11:10 AM
Dark Reading
Dark Reading
Products and Releases
50%
50%

Arctic Wolf Lands $45 Million in New Funding to Accelerate Company Growth

Amidst Rapid Growth and Market Interest, SOC-as-a-Service Provider Plans for Expanded Offerings with New Products and Strategic Acquisitions

SUNNYVALE, CA — October 25, 2018— Arctic Wolf Networks (AWN), a leading security operations center (SOC)-as-a-service company, today announced it has raised $45 million in Series C funding, led by Future Fund with participation from new investors Adams Street and Unusual Ventures, as well as existing investors Lightspeed Venture Partners, Redpoint Ventures, Sonae Investment Management and Knollwood Investment Advisory LLC. To date, Arctic Wolf has raised $91.2 million. This new round validates the company’s leadership position during a period of exponential growth for the security services market. Gartner believes that “an increased focus on building detection and response capabilities, privacy regulations such as GDPR, and the need to address digital business risks are the main drivers for global security spending through 2019.”1

Arctic Wolf will use the new funding to accelerate company growth and meet the soaring demand for its SOC-as-a-service offering. Since its founding in 2012, Arctic Wolf has achieved a 219% year-over-year customer growth rate. To support this rapid expansion, the staff has more than doubled in the last year,  increasing to 166 employees working across the company’s four North American offices, including a new office location in Minneapolis.

“Our growing team of security engineers is redefining the economics of security to protect companies of all sizes,” said Brian NeSmith, CEO and co-founder of Arctic Wolf. “In addition to supporting continued company growth, the funding will accelerate expansion of our service offering, as we continue to scale and expand to meet our customers’ individualized needs. We look forward to continuing our momentum and building out our internal vulnerability assessment and endpoint detection and response capabilities, in particular.”

Arctic Wolf allows companies of all sizes to combat the cybersecurity skills shortage and cost-prohibitive nature of building their own SOC. In fact, a recent cost analysis from Frost & Sullivan revealed that organizations with few, if any, dedicated infosecurity personnel could spend up to nearly 10 times more over a three-year period building and operating their own SOC than if they implemented a SOC-as-a-service, such as Arctic Wolf’s AWN CyberSOC™ service.

The award-winning, turnkey SOC-as-a-service installs in minutes and provides value from day one, delivering superior threat detection and fewer false positives by leveraging key innovations, including Concierge Security™ engineers and Hybrid AI, the merging of a security engineer’s intelligence and intuition with the efficiency and productivity of artificial intelligence.

In the June 2018 Market Guide for Managed Detection and Response Services, Gartner found “MDR services are filling the need of organizations of all sizes that lack internal security resources and expertise, and want to expand their investments beyond preventative security technologies to address their detection, response and 24×7 monitoring gaps.”

“Arctic Wolf is a uniquely differentiated service and addresses a need in the cybersecurity market that is not met by pure product companies,” said John Vrionis, managing partner at Unusual Ventures. “By focusing on the outcome of detection and response, the company is one of the few service providers that are able to deliver the end goal of securing an enterprise from cyberthreats.”

Additional Resources


1 Gartner Press Release, Gartner Forecasts Worldwide Information Security Spending to Exceed $124 Billion in 2019, August 2019, https://www.gartner.com/en/newsroom/press-releases/2018-08-15-gartner-forecasts-worldwide-information-security-spending-to-exceed-124-billion-in-2019

NOTE: This document, while intended to inform our clients about the current data privacy and security challenges experienced by IT companies in the global marketplace, is in no way intended to provide legal advice or to endorse a specific course of action.

About Arctic Wolf:

Arctic Wolf Networks provides SOC-as-a-service that is redefining the economics of security. AWN CyberSOC™ is anchored by Concierge Security Engineers and includes 24×7 monitoring, custom alerting and incident investigation and response.  There is no hardware or software to purchase, and the end-to-end service includes a proprietary cloud-based SIEM, threat intelligence subscriptions and all the expertise and tools required. For more information about Arctic Wolf CyberSOC, visit https://arcticwolf.com.

 

 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
When It Comes To Security Tools, More Isn't More
Lamont Orange, Chief Information Security Officer at Netskope,  1/11/2021
US Capitol Attack a Wake-up Call for the Integration of Physical & IT Security
Seth Rosenblatt, Contributing Writer,  1/11/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
2020: The Year in Security
Download this Tech Digest for a look at the biggest security stories that - so far - have shaped a very strange and stressful year.
Flash Poll
Assessing Cybersecurity Risk in Today's Enterprises
Assessing Cybersecurity Risk in Today's Enterprises
COVID-19 has created a new IT paradigm in the enterprise -- and a new level of cybersecurity risk. This report offers a look at how enterprises are assessing and managing cyber-risk under the new normal.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2021-22166
PUBLISHED: 2021-01-15
An attacker could cause a Prometheus denial of service in GitLab 13.7+ by sending an HTTP request with a malformed method
CVE-2021-22167
PUBLISHED: 2021-01-15
An issue has been discovered in GitLab affecting all versions starting from 12.1. Incorrect headers in specific project page allows attacker to have a temporary read access to the private repository
CVE-2021-22168
PUBLISHED: 2021-01-15
A regular expression denial of service issue has been discovered in NuGet API affecting all versions of GitLab starting from version 12.8.
CVE-2021-22171
PUBLISHED: 2021-01-15
Insufficient validation of authentication parameters in GitLab Pages for GitLab 11.5+ allows an attacker to steal a victim's API token if they click on a maliciously crafted link
CVE-2020-26414
PUBLISHED: 2021-01-15
An issue has been discovered in GitLab affecting all versions starting from 12.4. The regex used for package names is written in a way that makes execution time have quadratic growth based on the length of the malicious input string.