CyberOwl, a cybersecurity company that safeguards operational assets in the maritime, defence and industrial sectors from attacks, has secured £1.8m in funding from 24Haymarket, Mercia and the MEIF Proof of Concept & Early Stage Fund.

The current pandemic is driving unprecedented change in the way operators manage their industrial assets, and is driving rapid adoption of digitalisation, remote working and remote control. This rapid adoption, where poorly managed, is exposing operators to more vulnerabilities and increased cyber risk.

CyberOwl helps asset operators gain visibility of the cyber risks to their distributed, remote assets. Its technologies provide near-real-time visibility of the behaviours of these assets and their communication patterns. It detects and raises early warning of cyber attack tactics, techniques and procedures; identifies anomalous and suspicious activity; and monitors for non-compliance with cyber security policies.

The latest investment will allow CyberOwl to continue vital work in securing the maritime and industrial sectors; extending its managed service offerings and building on the growth to date in Greece, Singapore and the rest of Europe and Asia Pacific.

“The world may be adjusting to a new reality, but cyber attackers have had years of experience in remote working and thrive in chaotic environments like this. As soon as the initial shock of Covid-19 passes, asset operators are going to realise they have to quickly double down on managing their cyber risks. This round of investment puts us in a strong position to help asset operators continue to secure and comply through these unprecedented times.” said Daniel Ng, CEO of CyberOwl.

“As complex control systems become more and more connected, so the risks increase. I’m very pleased that CyberOwl has secured this funding to build on its market lead and grow internationally to help its customers protect their critical assets.” said Matthew Bowcock, Investor Director with 24Haymarket.

David Baker, Investment Manager with Mercia, added: “Mercia has supported CyberOwl from the early days and we are pleased to do so once again in this latest funding round. CyberOwl has made real progress in generating interest from businesses in the past year and is emerging as a leader in cybersecurity for the maritime industry. This further investment will allow it to capitalise on the opportunities created to date.”