CAMBRIDGE, MA--(Marketwire - Jan 15, 2013) - Co3 Systems, a pioneer in Incident Response software, today announced that the company had a remarkable 2012, exceeding growth expectations by increasing both its year-over-year bookings and customer-base fourfold. Co3 Systems attributes this explosive growth to tapping into a profoundly unaddressed market need. The company's industry-first security incident response platform empowers organizations in all industry sectors to easily and demonstrably prepare for, and effectively manage, response to incidents -- vastly reducing legal and financial exposure.
Highlights in 2012 also include:
- A Q4 in which bookings doubled the customer-base and exceeded the bookings of all other quarters combined.
- New customers added to the roster include nationally-acclaimed healthcare providers, Golden Living and Health Equity, as well as Fortune 500 clients across various industries such as banking, insurance, retail, software, telecommunication and semiconductor.
- Significant momentum in channel/strategic alliance development, including deals with the Ashcroft Law Firm as well as a major insurance provider, along with continued joint work with a number of consultant and accounting firms, technology vendors and resellers.
- Substantial product enhancements and expansion including: direct access to a privacy legal library, support for Canadian regulations and broadened customization and automation functions.
- Industry accolades from test centers, including a profile as an SC Magazine Emerging Product and Editor's Choice by PC Magazine, as well as being named one of the 15 Most Important Security Startups of 2013 by Business Insider.
- A Patent pending to protect the company's innovation in the field of Incident Response.
With little progress made in stemming the tide of data breaches, government agencies are becoming more aggressive in pursuing and punishing those that fail to protect the privacy of consumers. The dawn of 2013 has already seen a milestone with the first substantial fine issued in the case of a breach affecting less than 500 victims. And while healthcare is the most recent sector singled out for lack of progress, every sector and industry has suffered massive and mounting losses in the past year. According to datalossdb.org, more than 1,400 data breaches were reported in 2012 alone, beating the previous year's figure by more than 33 percent.
"Over the last several years, the proliferation of data continues to accelerate, regulations have expanded and cybercriminals have become even more determined and capable. All of this has fueled a sharp, steady rise in data breaches and relentless regulations both here at home and around the globe," said John Bruce, CEO at Co3 Systems. "And while the security industry continues to churn out detection and prevention solutions, very little has been done to improve response -- to help organizations manage the inevitability of a security incident. Our innovation and its reception by the market can be attributed to keeping in lockstep with a highly dynamic regulatory environment, enhancing our knowledgebase to encompass a broader range of incident types and delivering a straightforward, end-to-end experience for organizations to manage the complexity associated with incidents."
To help organizations maneuver through the ever-changing, complex privacy regulations across state, provinces, federal, industry and international jurisdictions, Co3 Systems offers the industry's only truly automated, repeatable tool to prepare organizations for incidents, assess their potential impact, and automatically generate and then manage incident response plans more efficiently.
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About Co3 Systems
Headquartered in Cambridge, MA, Co3 Systems is an innovator in Security Incident Response solutions. The company's SaaS-based offering enables organizations of all sizes to efficiently prepare for and rapidly manage security incidents. Companies using Co3 demonstrably minimize the costs resulting from security breaches. With funding from Fairhaven Capital, the company's executive team and advisors comprise security experts from world-leading security, software and service organizations. On the web at www.co3sys.com.