Boston’s cybersecurity market is on fire, and it’s not uncommon for Israeli-based firms to choose the Hub over New York City to launch their U.S. offices, due to our rich talent pool and already booming security scene.
One such startup is ObserveIT.
Founded in 2013, the threat management solution provider opened up shop in Boston in 2014, and later selected the 21st floor of the John Hancock building (directly across from fellow security startup Cybereason) as its home.
“One of the biggest challenges companies face is their ability to properly identify, manage and mitigate insider threats."
Though ObserveIT is roughly half the size of Cybereason at 51 employees, the company is growing — and fast.
As 2017 came to a close, the startup announced its third consecutive record-breaking quarter, featuring 60 percent year-over-year sales growth and multiple strategic new hires, including CFO Brian Popiel, said ObserveIT CEO Mike McKee.
The cybersecurity firm’s rapid expansion has been driven by customers’ need to decrease risks via advanced insider threat detection and prevention, he added.
“One of the biggest challenges companies face is their ability to properly identify, manage and mitigate insider threats,” McKee said. “Whether intentional or not, members of any organization and its extended network — from employees to contractors to business partners — pose a security threat to the organization’s internal systems and data.”
In fact, McKee said that over 60 percent of all attacks today are carried out by insiders, resulting in roughly $5 million in total costs for every breach.
That’s why ObserveIT’s goal is to help its customers identify and eliminate these threats through its people-focused insider threat management solution, which is built to help companies detect risky behavior, streamline the investigation process and prevent data exfiltration.
Today, more than 1,700 customers are using ObserveIT’s technology, including five of the top 10 financial services companies, three of the top five banking institutions, and two of the top five asset management firms.
What makes the company’s technology unique in the cybersecurity market is that its solution unifies user activity, data activity and user analytics into a single interface, McKee said — and it only takes customers one or two weeks to install.
“In addition, businesses are increasingly choosing ObserveIT over solutions such as data loss prevention (DLP), user and entity behavior analytics (UEBA) or user activity monitoring (UAM), as they seek to mitigate the risk of insider threats,” McKee added.
In 2018, McKee said he will be focused on improving the customer experience by broadening their professional services offerings and offering 24/7 technical support. He also hopes to mirror the success ObserveIT saw in 2017 in North America in overseas markets like Germany, Australia, China, Singapore, Indonesia and the U.K.
If fighting cyber threats sounds like your joie de vivre, ObserveIT is currently looking for a number of talented professionals to join their marketing, product and engineering teams.
