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.

 

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
COVID-19: Latest Security News & Commentary
Dark Reading Staff 5/22/2020
How an Industry Consortium Can Reinvent Security Solution Testing
Henry Harrison, Co-founder & Chief Technology Officer, Garrison,  5/21/2020
10 iOS Security Tips to Lock Down Your iPhone
Kelly Sheridan, Staff Editor, Dark Reading,  5/22/2020
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: This comment is waiting for review by our moderators.
Current Issue
How Cybersecurity Incident Response Programs Work (and Why Some Don't)
This Tech Digest takes a look at the vital role cybersecurity incident response (IR) plays in managing cyber-risk within organizations. Download the Tech Digest today to find out how well-planned IR programs can detect intrusions, contain breaches, and help an organization restore normal operations.
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-5537
PUBLISHED: 2020-05-25
Cybozu Desktop for Windows 2.0.23 to 2.2.40 allows remote code execution via unspecified vectors.
CVE-2020-13438
PUBLISHED: 2020-05-24
ffjpeg through 2020-02-24 has an invalid read in jfif_encode in jfif.c.
CVE-2020-13439
PUBLISHED: 2020-05-24
ffjpeg through 2020-02-24 has a heap-based buffer over-read in jfif_decode in jfif.c.
CVE-2020-13440
PUBLISHED: 2020-05-24
ffjpeg through 2020-02-24 has an invalid write in bmp_load in bmp.c.
CVE-2020-13433
PUBLISHED: 2020-05-24
Jason2605 AdminPanel 4.0 allows SQL Injection via the editPlayer.php hidden parameter.