Cybercrime is predicted to cost the world a staggering $6T (nearly €5.1T) annually by 2021. According to a study, there has been a 67% increase in security breaches between 2014-2019. It also suggests that organisations could benefit from US$5.2T (approx €4.43T) of future revenues between 2019-2024, by prioritising technologies that improve cybersecurity protection. This would help in garnering better trust from clients and customers.
Amid the COVID-19 pandemic, every big organisation has to overcome cybersecurity breaches besides managing data usage and other factors despite the remote working environment. This is where Copenhagen-based cybersecurity startup LogPoint can help.
Logpoint has announced $30M (approx €25.5M) in Series B funding led by the Germany-based Digital+ Partners with significant participation from existing investors, including Evolution Equity Partners. With the Series B investment, LogPoint has raised a total of $42M (approx €36M).
LogPoint claims to be a leading European SIEM provider, and the only EAL3+ certified SIEM solution in the global market.
SIEM, a.k.a Security Information, and Event Management is a subsection within the field of computer security. It is an approach towards security management that combines SEM (Security Event Management) and SIM (Security Information Management) functions into one security management system.
Jetter will join the LogPoint Board of Directors, which includes Evolution Equity Partners’ founder and managing partner, Richard Seewald. “Our key focus is supporting global scale-up strategies, and with more than 1.000 customers globally, LogPoint is ready to scale,” says Thomas Jetter, co-founder and managing director of Digital+ Partners
Convert data into actionable intelligence
The Danish company enables organisations to convert data into actionable intelligence in markets like cybersecurity, compliance, IT operations, and business analytics.
Furthermore, the company’s modern SIEM with UEBA provides analytics and automation tools that enable companies to securely build-, manage, and transform businesses. It also serves as a platform for MDR providers, effectively tripling the annual addressable market.
UEBA, short for User and Entity Behavior Analytics is a security process focusing on monitoring both suspicious user behavior as well as other entities such as cloud, mobile or on-premise applications, endpoints, networks and external threats.
UEBA utilises machine learning to build baselines for every entity in the network and actions are then evaluated against these baselines. The company also acquired Orange Cyberdefense’s agileSI, LogPoint has added security for ERP systems to the portfolio with LogPoint for SAP.
Main image credits: Logpoint