CAMBRIDGE, MA--(Marketwired - Jan 21, 2014) - Co3 Systems, a pioneer in Incident Response Management Systems (IRMS), today announced that 2013 was the company's breakout year. Bookings grew more than 400 percent over 2012, topping 50 percent quarter-to-quarter compound growth, and tripling the customer base. As the first mover in providing technology for companies of all sizes to prepare for, respond to, and manage security incidents and privacy breaches, the company not only grabbed the attention of customers, but of the market at large. So much so that security luminary Bruce Schneier, who had been a member of the Advisory Board, chose to join full time as the company's first Chief Technology Officer (CTO).
In a year that began with the accusation of systemic theft of American corporate information by Chinese hackers in the Mandiant APT 1 Report, ended with Target and a retail sector under siege, and saw a multitude of breaches in between -- the need for preparedness, efficiency and effectiveness in incident response has skyrocketed. With that as a backdrop, Co3 is poised for massive success, borne out by:
- Growing the average deal size by 500 percent, including top five Fortune 500 customers in financial services, software, engineering/construction and IT Services. Beyond the Fortune 500, the company is proud to serve small and large organization across multiple sectors, including technology, professional services, healthcare and retail.
- Significant product effectiveness -- One customer, a leading financial aid provider, USA Funds, now manage incidents in one tenth of the time that it took previously.
- Expanding the product to provide complete coverage of security incident scenarios and comprehensive support of breach regulations worldwide. Co3's privacy breach disclosure coverage now includes the U.S., Canada, the European Union and Asia-Pac regions.
- The company also enhanced the platform's capabilities by adding multiple automated threat and malware intelligence feeds (including iSIGHT Partners) and customizable dashboards.
- Establishing an Advisory Board of security and privacy elites to help shape the Co3 platform.
- Receiving industry accolades from influential test labs with endorsements such as, "Co3 Systems has done better than a home-run... it has knocked one out of the park" from SC Magazine and an Editor's Choice award from PC Magazine.
"The last twelve months couldn't have driven home any more forcefully that no matter who you are, you have to handle security incidents and breaches and most businesses are struggling," said John Bruce, CEO at Co3 Systems. "The billion dollar acquisition of Mandiant this month signals a rapid shift in the market; savvy companies are beginning to place as much emphasis on response as they've traditionally put on prevention and detection technologies. We are thrilled to be in a position to help organizations successfully navigate this critical transition in their security capability."
Co3 is making the market for Incident Response Management Systems (IRMS), a critical component of the incident response market that ABI Research expects to grow to $15B by 2017. Co3 enables organizations of all sizes to efficiently prepare for and rapidly manage the incident response process for security incidents or privacy breaches via a software application composed of two modules. The Co3 Privacy Module provides an easy, automated way to ensure consistency and accountability -- across teams, organizations and external stakeholders -- in managing incidents that concern personally identifiable information (PII) and the Co3 Security Module allows automated, single-pane incident management for general security incidents including malware infections, DDoS attacks, device or Intellectual Property theft and system intrusions.
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About Co3 Systems:
Headquartered in Cambridge, MA, Co3 Systems is leading the market for Incident Response Management Systems. The company's offering enables organizations of all sizes to efficiently prepare for and rapidly manage the response process for Security incidents or Privacy breaches. With funding from Fairhaven Capital, the company's executive team and advisors are comprised of security experts from world-leading security, software and service organizations. On the web at www.co3sys.com.