Capital One Ventures has invested $24 million in cloud security intelligence firm Securonix in conjunction with a strategic partnership.
Under the deal, Securonix will collaborate with the Capital One team to develop new product use cases for monitoring cyberattacks, insider threats, fraud, application security, and OT/IoT security, and drive wider adoption of its Cloud Security information and event management platform across financial services and other industry segments.
Securonix currently serves five of the Global Fortune 10 and has a growing customer base across industry verticals and geographies.
“We are highly selective and strategic in choosing portfolio companies that define the future of enterprises in the cloud,” says Jay Emmanuel, partner at Capital One Ventures. “As a cloud-native security company, we understand the massive market opportunity Securonix has as organisations are increasingly exposed to the challenges of securing systems and digital services across complex cloud and distributed environments.”
In August last year, Capital One agreed to an $80 million fine from US regulators over a 2019 hack which exposed the personal information of more than 100 million customers and applicants.
The Office of the Comptroller of the Currency (OCC) levied the fine based on the bank's "failure to establish effective risk assessment processes prior to migrating significant information technology operations to the public cloud environment and the bank's failure to correct the deficiencies in a timely manner".