February 6, 2016
A recent story in Forbes stated that Norse Corp. – which raised more than $40 million in VC funding – looked like it may be shutting down, according to a blog posted by Brian Krebs, a well known investigative reporter who covers the cybersecurity industry.
The worldwide cybersecurity market is trending up, and expected to grow from $75 billion in 2015 to $175 billion by 2020. From 2013 to 2015, cyber crime costs quadrupled – and it looks like there will be another quadrupling from 2015 to 2019. Juniper research recently predicted that the rapid digitization of consumers’ lives and enterprise records will increase the cost of data breaches to $2.1 trillion globally by 2019, increasing to almost four times the estimated cost of breaches in 2015.
Cyber threat intelligence is one of the hottest and fastest growing security sectors, which is forecast to reach nearly $6 billion by 2020, according to market researcher Markets and Markets. Norse was an early mover in the space, and the company had a lot of momentum by all appearances – that is until the Silicon Valley high-flyer’s website suddenly shutdown a few days ago.
Sam Glines, Ex-CEO at Norse, wrote a full statement in response to Krebs’ blog and the media reports which followed.