Investors poured $11.5B of venture capital financing into cybersecurity startups in the first half of 2021 to solve these problems, more than double the same period in 2020. Throughout 2021, new products debuted raises of $50M and $100M to validate demand for problem-solving through technology.
However, herein lies a problem. Regardless of benefits provided by newly popular cybersecurity tools, qualified cybersecurity leadership is highly needed to set strategies and deliver results alongside even the most embraced technological ideas. The volume of talent with the experience to attain this is a market issue that is yet to be solved. Data shows the largest percentage of new cybersecurity jobs are posted towards advanced-level talent, which makes sense considering how complex cybersecurity is and how much domain knowledge is required to have mastery as a cyber leader. The current talent pool can only fulfill 60% of the open job requests posted, which will continue to significantly outpace other business roles in the upcoming years.
"Every company should have access to someone to guide and deliver for them as a CISO in some regard, but this has not been a feasible option for most," says Megan Fulton, COO, VioletX. "This is the problem-set we have committed to resolve."
Helping CISOs and founders to manage their cybersecurity, compliance, privacy programs through strategies and execution is VioletX. “Our clients like that we can make an agreement and kick off our work on the same day,” says Fulton, "We can start to deliver with accuracy immediately."
VioletX supports CISOs, who often do the work of many, to move through the volume of work required in their role. As for founders, the company works directly with them to provide the guidance and on-the-ground execution that is typically reserved for companies with the budget for a highly-skilled CISO or cyber team.
VioletX has been able to help many prestigious clients, such as a large Fintech, who they helped exit to a Fortune 500 company, along with many of its mature customers in modernizing and refreshing their cybersecurity to match innovations in their brand.
What differentiates VioletX is the variety of cybersecurity experience and exposure they bring to the table. "We have the opportunity to partner with some of the most innovative and forward thinking companies. We see what works and we see what fails. This sharpens our approach to bring practical and up-to-date solutions that align to our clients' business. We then use our expertise to establish a solid grounding in security,” says Fulton. The company has worked as practitioners inside large and small companies, CISOs, incident responders, and as consultants inside companies as large as Microsoft. They have solved problems within healthcare companies, insurers, and startups. The CISO talent on VioletX’s team has credibility, like holding industry certifications, but more than on paper, they have responded reactively to large public breaches and created proactive programs that enable companies to reduce breaches and establish resilience.
"Our clients are innovative," shared Fulton, "They need us to know what we are doing, while staying flexible enough that we reduce, rather than create friction in their day-to-day operations." Fulton believes the cyberspace has worked long and hard to define and establish the role of cybersecurity at the decision-making table. VioletX, in this regard, is positioning itself to work between the cyber and business communities to contribute to an emerging time of cyber that is just beginning. "There is an opportunity for those who have been working in cyber for the past few decades to put their earned domain knowledge to work towards growth-oriented companies in the mid-market, as well as large enterprises that are refreshing their infrastructure with new digital and cloud approaches," shares Fulton, "It is an exciting time to make substantial cybersecurity accessible as a business differentiator."