The investment by IBM Ventures enables further collaboration to accelerate the adoption of modernized identity-based connectivity for today’s digital organizations.
TEL AVIV, ISRAEL — October 12, 2022 — Cyolo, creator of a Zero Trust identity-based access solution for IT and OT, announced today a new investment from IBM Ventures. 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.
Cyolo helps organizations in the IT and OT spaces to stay both secure and productive in an era of distributed workforces and unprecedented cyber threats. Cyolo’s next-generation zero trust network access solution (ZTNA 2.0) enables all users, including employees, third parties, and remote and on-site workers, to seamlessly and securely connect to their working environments via modern identity-based access. With one unified solution that integrates with the existing tech stack and deploys easily in the cloud, on-prem or in a hybrid model, Cyolo empowers the global workforce to securely access applications, files, servers, and workloads from any device on local networks or in the cloud. To learn more, visit https://cyolo.io.
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