IBM Ventures invests in Cyolo to modernize authentication for digital businesses
Together IBM Ventures and Cyolo plan to collaborate and help modernize authentication for digital businesses.
In today’s digital environment, organizations need to evolve their access and connectivity security to protect today’s distributed work environments. With 84% of organizations having experienced identity-based cyber-attacks, it’s no longer safe to grant employees universal access to an entire network.
Instead, access and connectivity should be granted on an individual basis and mapped to specific assets and data.
In addition to financial investment, IBM will provide cybersecurity expertise and technical resources in support of Cyolo’s Zero Trust Secure Access platform. Additionally, the teams will collaborate on go-to-market initiatives ranging from partner engagements to panel sessions in support of Cyolo’s mission to connect users to the assets they need to do their job simply, safely and efficiently.
IBM Ventures’ investment in Cyolo is further evidence of the urgent need for cybersecurity solutions that reduce complexity and work seamlessly across distributed workforces and environments. Earlier this year, IBM Ventures participated in Cyolo’s Series B, contributing to the company’s total raise of $60 Million. The new investment will help Cyolo to further scale its market presence.
“For many enterprises, the acceleration of remote workers has created both opportunities and challenges. The distributed model for people and assets has made connecting and securing them difficult,” said Prof. Yaron Wolfsthal, Head of IBM Cyber Security CoE, Israel.
“With IBM’s investment in Cyolo, we’ll continue our focus to make sure clients can break down silos and quickly provide secure access across the distributed environments,” said Ben Daniels, IBM Ventures Partner.
“As we see the demand for identity-based access solutions continue to grow, we’re excited to partner with such an industry leader like IBM to accelerate our growth and providing even greater cyber resilience to our already extensive market reach,” said Cyolo CEO and co-founder Almog Apirion.
“We look forward to working with IBM as we enable more companies to have ease of mind knowing that their digital assets have security protections in place from edge to core.”, Apirion continued.