Arctic Wolf announced the addition of Bob Skelley as Senior Vice President of Global Channels. In this new role, Skelley will lead Arctic Wolf’s channel organization with a near-term focus on developing the company’s international distribution strategy and partner ecosystem.
Bob Skelley brings more than 25 years of channel leadership expertise to his new role. Before joining Arctic Wolf, Bob served as the Chief Executive Officer of The Channel Company, where he oversaw the team responsible for being the IT Channel’s go-to source for communication, recruitment, enablement, engagement, demand generation, and market intelligence.
Before joining The Channel Company, Bob served in senior channel leadership roles at Dell, Microsoft, and EqualLogic.
“Year after year, the channel has sold new security tools that promise to help keep organizations secure, but the number of security incidents experienced by their customers continues to grow,” said Bob Skelley, Senior Vice President of Global Channels, Arctic Wolf.
“Arctic Wolf’s vendor-neutral platform and Concierge Security Team are the keys to helping organizations be more effective in their security operations, and I am excited about the opportunity to introduce Arctic Wolf ‘s vision to a new set of channel partners around the world.”
In mid-2019, Arctic Wolf adopted a 100% channel sales model and made significant investments in growing its internal channel team and building out hundreds of security-minded and cloud-focused resale partners.
Over the past year, those investments have resulted in Arctic Wolf experiencing a 106% growth in revenue, a 282% growth in the number of new channel partners, and the company becoming the first Managed Detection and Response (MDR) vendor to achieve a valuation of over $1 billion.
Arctic Wolf’s Vice President, Americas Channels and Programs, Will Briggs, will continue to oversee all aspects of Arctic Wolf’s channel program in North America while also working closely alongside Skelley to bring Arctic Wolf’s innovative channel program to new international markets.
“Our company and our channel program have been experiencing tremendous growth over the past year. As we begin to plan our market entry overseas, Bob’s unmatched knowledge of the global IT channel ecosystem makes him the perfect fit to lead Arctic Wolf’s international expansion,” said Will Briggs, Vice-President, Americas Channels and Programs, Arctic Wolf.
“We truly believe we have the best channel team and program in the business, and I look forward to working alongside our domestic and international partners to help end cyber risk.”
While there has been a year-over-year decrease in publicly disclosed data breaches, an Arctic Wolf report reveals that the number of corporate credentials with plaintext passwords on the dark web has increased by 429 percent since March.
For a typical organization, this means there are now, on average, 17 sets of corporate credentials available on the dark web that could be used by hackers.
With access to just one corporate account, attackers can easily execute account takeover attacks, which allow them to move laterally within an organization’s corporate network and gain access to sensitive data, intellectual property, competitive information, or funds.
Cybersecurity incidents now occur after hours
The sharp increase in corporate credential leaks underscores the need for organizations to have dedicated 24×7 monitoring of their network, endpoint, and cloud environments in order to prevent targeted attacks that could happen at any time.
Of the high-risk security incidents observed, 35% occur between the hours of 8:00 PM and 8:00 AM, and 14% occur on weekends; times when many in-house security teams are not online.
“The cybersecurity industry has an effectiveness problem. Every year new technologies, vendors, and solutions emerge. Yet, despite this constant innovation, we continue to see breaches in the headlines.
“The only way to eliminate cybersecurity challenges like ransomware, account takeover attacks, and cloud misconfigurations is by embracing security operations capabilities that fully integrate people, processes, and technology,” said Mark Manglicmot, VP Security Services, Arctic Wolf.
COVID-19 increasing the number of security operations challenges
- A 64 percent increase in phishing and ransomware attempts – Hackers have created new phishing lures around COVID-19 topics and adapted traditional lures seeking to take advantage of remote workers.
- Critical vulnerability patch time has increased by 40 days – A combination of higher common vulnerabilities and exposures (CVE) volumes, more critical CVEs, and the emergence of a remote workforce have significantly slowed the patching programs at many organizations.
- Unsecured Wi-Fi usage is up by over 240 percent – Remote workforces connecting to open and unsecured Wi-Fi networks outside of their office or home are now facing increased risks of malware exposure, credential theft, and browser session hijacking.
Arctic Wolf, a leading security operations center (SOC)-as-a-service company, announced it has raised $60 million in Series D funding, led by Blue Cloud Ventures and Stereo Capital, with additional participation from several new and existing investors, including Delta-v Capital and NextEquity Partners.
This new round of funding will allow Arctic Wolf to introduce new service offerings, address new markets and help further cement a leadership position in the Managed Detection and Response (MDR) market.
In 2019, soaring SOC-as-a-Service demand contributed to the growth of Arctic Wolf’s customer base by over 130 percent. Paired with the company’s 4300 percent revenue growth over the last four years and a doubled security team to over 400 employees across four North American offices, the increased market need was a driving force that helped Arctic Wolf be named the 25th fastest growing company in North America on Deloitte’s 2019 Technology Fast 500.
“Arctic Wolf’s approach of providing businesses with dedicated experts who know their security landscape, and a predictable pricing structure they can understand, has resonated with organizations of all sizes who are looking to better secure their data,” said Brian NeSmith, CEO and Co-Founder of Arctic Wolf.
“This new round of funding will allow us to accelerate the growth of our business so that we can provide even more companies with the personal, predictable protection that Arctic Wolf is known for.”
With today’s businesses facing an ever-increasing number of cyber threats, leadership teams turn to Arctic Wolf for help in addressing the challenges of finding experienced cybersecurity experts and building an internal security operations center of their own.
The Arctic Wolf SOC-as-a-service provides Arctic Wolf Managed Detection and Response (MDR) and Arctic Wolf Managed Risk services through the industry’s original Concierge Security Team.
Working as an extension of an organization’s internal team, these highly-trained security experts deliver 24×7 cloud-based monitoring, risk management, threat detection and response services that improve a company’s security posture and protect them against ever-evolving methods of cyberattack.
“For a long time, the managed security market has struggled with an acute shortage in security operations talent and misaligned pricing models. We are excited to back Arctic Wolf as the only at scale platform that combines a state-of-the-art technology stack with top class security analysts in a single offering,” said Dmitry Dakhnovsky, Managing Partner at Stereo Capital. “Arctic Wolf brings true enterprise grade security to businesses who would not be able to achieve it on their own.”
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