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CyberX Raises $18M to Address Industrial Cybersecurity

March 29, 2019 / Michael Vizard

As concerns about Internet of things (IoT) cybersecurity continue to mount, money to address these issues is starting to pour in from investors. CyberX, a provider of a platform for securing industrial networks, revealed it has picked up an additional $18 million in funding, which brings the total funding poured into CyberX this far up to $48 million. Phil Neray, vice president of industrial cybersecurity at CyberX, said that level of funding reflects how important it has become to secure critical infrastructure such as power plants, which increasingly are being targeted by hackers launching attacks using, for example, the WannaCry malware. Because many of those hackers are working on behalf of any number of nation-states that provide access to almost inexhaustible resources, many of the entities that manage these environments are simply being overwhelmed, he said.