HYCU founder and CEO Simon Taylor

Summary List Placement

Ransomware attacks are on the rise: With a growing number of businesses moving to the cloud, cybercriminals find it increasingly profitable to hack into companies’ systems and lock up their data in exchange for a ransom demand.

But if a targeted company already has a second copy of their data stored elsewhere, the jig is up: Ransomware hackers would no longer have leverage to demand payment.

That’s the assurance behind the software of HYCU, a Boston-based startup that markets cloud backup and recovery as a service. And its pitch is convincing investors: On Tuesday, the firm announced its first-ever funding round of $87.5 million led by Bain Capital and ACrew Capital at an undisclosed valuation.

HYCU (pronounced like Haiku) licenses software that lets enterprises back up data stored in cloud services like Google Cloud and Microsoft Azure (AWS support is coming soon), and a separate tool that ports data from one cloud to another. CEO Simon Taylor and CTO Gordon Gretsky founded the startup in 2017 with usability in mind, Taylor told Insider.

“We didn’t understand why when you’re backing up data on an iPhone, you just flip a little switch, but when you go into a data center, it looks …read more

Source:: Businessinsider – Tech


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