The main purpose of the name change is to provide a launching point for product expansion. While protecting the financial services industry is still its core business, the company aims to expand to offer cloud security to enterprises across a variety industries. DefenseStorm notes it has had many companies outside the financial sector interested in the technology expressing, “if it’s good enough to meet banking regulations, it’s good enough for us, too.”
CEO Edgardo Nazario explains, “When we formed our company, we did so in the belief that it was time for a new approach to cybersecurity. Our name change and expansion beyond the financial services sector and the launch of our cloud security solution shows that true to our roots, we’re still on a path to shake up the cybersecurity industry…”
In a blog post announcing the change, Nazario states that DefenseStorm will be rolling out the new cloud security capabilities over the course of the next six months. According to GeekWire, the company is also anticipating another $2 million in funding, “from at least some of the same investors,” Nazario adds.
Last fall, the 23-person company raised $3.1 million, bringing its total funding to almost $5 million. In November of last year, DefenseStorm was one of 10 companies to receive the Banking CIO Outlook Award for providing cost-effective and flexible cloud solutions.
Founded in 2014, DefenseStorm CTO & co-founder Sean Cassidy took the stage at FinDEVr New York 2016 in a presentation titled, Role Based Behavior Analytics – Patterns and Anomalies in User Behavior as Indicators of Attack. In it, Cassidy explained how DefenseStorm’s anomaly detection works for banks.