Critical Infrastructure Protection Firm Indegy Raises $18M in Financing Round

critical infrastructure protection
Photo by Zorba the Greek

Critical infrastructure protection firm Indegy closed Aug. 28 on an $18 million Series B round of financing led by Liberty Technology Venture Capital, a subsidiary of Liberty Media.

Energy firm Centrica, O.G. Tech Ventures, and existing investors Shlomo Kramer, Magma Venture Partners, Vertex Ventures, and Aspect Ventures also participated in the financing round.

Centrica supplies energy and services to 25 million customers mainly in the UK, Ireland, and North America through British Gas, Direct Energy and Bord Gáis Energy. Centrica made the investment through its Innovations arm.

“With a growing customer portfolio that spans 35 countries, we’re working to bring businesses world-leading energy management solutions that will allow customers to take greater control of their energy,” said Christophe Defert, vice president of ventures for Centrica Innovations.

“In an increasingly connected world, we’re looking forward to working with Indegy as we explore ways to deploy distributed energy resources with the optimal security solution.”

Indegy will use the money to accelerate growth and expand market initiatives for its critical infrastructure protection suite of products, which protect systems used in manufacturing, energy, water, pharmaceuticals, and other critical infrastructures from cyberattacks.

“Recent reports by the DHS and FBI regarding attacks against critical infrastructures have created a greater sense of urgency among industrial organizations to shore up their defenses, and produced a major spike in new business for Indegy,” said Indegy CEO Barak Perelman.

“This capital infusion provides the financial resources required to scale up the company and capitalize on this market opportunity,” he added.

Scotto, Warwick Join Indegy

Furthermore, Indegy appointed two new executives to its management team. Joe Scotto joins as chief marketing officer, and Todd Warwick takes over as vice president of sales for the Americas.

Scotto joins Indegy from BAE Systems, where he served as vice president for Americas marketing. Previously, he held positions with KPMG, Avaya and Time Warner, where he led product and solutions marketing for their multichannel global SMB business.

Warwick joins Indegy from Imperva, where he served as AVP of sales. He has held sales management positions at Check Point Software and Alcatel-Lucent which was acquired by Nokia in 2016.

CVE Program Takes Heat from Republican Lawmakers

CVE programRepublican leaders of the House Energy and Commerce Committee are calling for changes to the CVE program, which provides common identifiers for known cybersecurity vulnerabilities.

Common Vulnerabilities and Exposures (CVE) program is sponsored by the Department of Homeland Security (DHS) under contract with MITRE.

The lawmakers want DHS to transition the CVE program from a contract-based funding model to a cost-neutral dedicated program, project, or activity line item in the department’s annual budget. In addition, they want DHS and MITRE to perform biennial reviews of the program’s stability and effectiveness.

CVE Is Critical Cyber Infrastructure

“The CVE program has become inextricably integrated with cybersecurity practices during its nearly 20-year existence. Yet the documentation produced to the Committee suggests that neither DHS nor MITRE fully recognize CVE’s status as critical cyber infrastructure,” wrote Energy and Commerce Committee Chairman Greg Walden (R-OR), Oversight and Investigations Subcommittee Chairman Gregg Harper (R-MS), Communications and Technology Subcommittee Chairman Marsha Blackburn (R-TN), and Digital Commerce and Consumer Protection Subcommittee Chairman Bob Latta (R-OH) in letters to DHS and MITRE.

“The historical practices for managing the CVE program are clearly insufficient. Barring significant improvements, they will likely lead again to challenges that have direct, negative impacts on stakeholders across society,” the lawmakers noted.

“The Committee understands and appreciates that DHS and MITRE have already undertaken reforms to try and address the issues that prompted the Committee’s initial request. However, many of these reforms target symptoms that stem from what the Committee considers to be underlying root-causes – the contract-based nature of the program and the lack of oversight – which have yet to be addressed. For DHS and MITRE to address these deep-seated issues, they will have to make significant changes to the very foundation of the CVE program.”

The committee gave DHS and MITRE until September 10 to respond to the lawmakers’ recommended changes.

DHS Falls Short in Achieving its Cybersecurity Mission, Says GAO

mainframe computers

The Department of Homeland Security (DHS) has fallen short in fulfilling its mission to lessen cybersecurity risks on federal and private-sector computer systems and networks, judged the Government Accountability Office (GAO) in a recent report.

In particular, DHS has failed to develop metrics to measure and report on the effectiveness of its cyber risk mitigation activities or the IT security posture of the eight critical infrastructure sectors for which it is the lead federal agency, the report found.

The department’s National Cybersecurity and Communications Integration Center has failed to develop metrics and methods to evaluate its performance against statute-defined implementing principles.

Also, DHS’s National Cybersecurity Protection System had only partially met its objectives of detecting and preventing intrusions, analyzing malicious content, and sharing threat information.

The department has not identified all of its cybersecurity position, has not assigned codes to filled and vacant positions, and has not determined critical skill requirements for those positions.

“Until DHS fully and effectively implements its cybersecurity authorities and responsibilities, the department’s ability to improve and promote the cybersecurity of federal and private-sector networks will be limited,” the GAO concluded.