Few industries have been spared during 2022’s meltdown, and even fewer are reporting optimistic growth projections for the year ahead. Yet cybersecurity remains one bright spot. As Fortune previously reported, the global cybersecurity market is expected to reach $403 billion by 2027—making the compound annual growth rate 12.5% from 2020 to 2027. Industry hiring remains hot, with unfilled cybersecurity positions worldwide growing 350% from 2013 to 2021. I recently talked to Devin Redmond, co-founder and CEO of digital compliance firm Theta Lake to discuss how new communication technology has changed the security landscape and how companies can protect themselves from cyber attacks.
Redmond has been an expert in cybersecurity solutions for over twenty years—he founded and ran security firm Nexgate and has served as an executive at Websense, Neoteris, and other firms before founding Santa Barbara–based Theta Lake with CTO Rich Sutton in 2017. Theta Lake brings to market A.I. software designed to detect cyber risks or leaks. Some customers of Theta Lake include Wells Fargo, TD Securities, and AG Advisor Group. Redmond holds numerous patents in security technology. In March, Theta Lake announced their $50 million Series B Fundraising round led by Battery Ventures. Other investors include Zoom Video Communications Inc., Lightspeed Venture Partners, and Neotribe Ventures.