Phosphorus Cybersecurity™, the leading provider of full-scope security for Internet of Things devices, is pleased to announce the appointment of security industry luminary Art Coviello Jr. as Chairman of its Board of Directors.
Coviello’s appointment reflects his belief in Phosphorus Cybersecurity™ as the only company with a robust and proven security solution for protecting the Internet of Things from malicious cyber-attacks and insider attacks. Coviello will provide strategic guidance to Phosphorus Cybersecurity™’s executive leadership team, as the company gears up for significant growth, following a $38 million Series A earlier this year led by SYN Ventures and MassMutual Ventures. The company is led by co-founders Chris Rouland (CEO), Rebecca Rouland (CFO), and Earle Ady (CTO).
“We are honored to have Art’s commitment and support, and he will play an important role in helping us solidify our position as the leading IoT security company in the global market,” said Chris Rouland, CEO of Phosphorus Cybersecurity™. “While there are many companies that can find IoT vulnerabilities, we are the only company that can actually secure these devices from attack. We anticipate a large growth period ahead of us, as the size of the IoT market is already 10X the traditional endpoint market and approaching $1 trillion in overall value.”
“Art is a legend in the industry and a visionary who understands how the cybersecurity market is changing and where the greatest needs are,” said Earle Ady, CTO of Phosphorus Cybersecurity™. “We look forward to his insights while working with him to drive more awareness about these important security risks.”
Coviello has been a central figure in the information security industry for more than 25 years. He served as President and CEO of RSA Security, one of the most iconic brands in cybersecurity. He is frequently a featured presenter at conferences and forums around the world, and he has played key roles in several national cybersecurity initiatives.
“Phosphorus is a once-in-a-decade company, as it has created the only robust technology platform capable of remediating enterprise IoT risks at scale,” said Coviello. “IoT-based attacks are already the next big cyber threat companies are facing, and they need advanced, reliable IoT security solutions in the same way they’ve relied on traditional endpoint security solutions for the last 30 years. With Phosphorus’s innovative technology platform and strong executive team, they are the only company ready to deliver on those challenges. ”
Coviello serves on the Boards of Directors of several public companies, including Synchrony Financial (NYSE: SYF), Tenable (NASDAQ: TENB), and Mandiant (NASDAQ: MNDT). He is also the Investment Committee Chairman at SYN Ventures.
Phosphorus Cybersecurity™ provides unprecedented IoT defense solutions for enterprise customers. Through its automated security solutions against IoT’s most critical vulnerabilities, Phosphorus Cybersecurity™ enables organizations to scale IoT technologies without adding additional employees to secure them.
Phosphorus Cybersecurity™ has found that 20% to 30% of today’s corporate networks consist of IoT devices, with little to no security programs in place. Across the enterprise, as high as 25-30% of all IoT devices are end-of-life and no longer supported with firmware updates by their manufacturer; and as many as 50% have known vulnerabilities or default passwords, with 20% of those vulnerabilities being critical CVEs (CVSS score of 9 or above). As an example of these current risks, Phosphorus Cybersecurity™ has recently observed hackers exploiting vulnerable IoT systems, including door controllers and camera systems, in order to launch ransomware attacks inside US company networks.