Cyber security funding

Research undertaken by Thetius, HFW and CyberOwl and published in ‘The Great Disconnect’ report, found that shipowners pay more than US$3 million on average in ransom on cyber-attacks with the industry an attractive target for criminals.

“Cyber-securing shipping systems has become mission critical,” said Daniel Ng, chief executive of CyberOwl.

“This funding round gives us the rocket fuel to continue being the sector’s frontrunner. It enables us to ensure that our customers continue to experience the high-quality thought leadership, engagement, technology and service that CyberOwl is known for,” he added.

Securing shipboard systems can be challenging; a variety of legacy systems, constraints in bandwidth, intermittent internet connectivity and a lack of knowledge all place shipowners in a vulnerable position.

CyberOwl says that Medulla addresses these challenges by providing remote monitoring of both IT and OT assets.

During the recent funding round, CyberOwl secured follow-on investment from existing investors, 24Haymarket and Techstars in addition to confirming new investments from Brookstreet Equity Partners and Phaze Ventures.

The funding will be used to expand into global markets and fund product development.