Cipher | A Prosegur Company

Background

Cipher, established in 2000, is a global cybersecurity firm dedicated to safeguarding digital environments through innovative solutions and expert services. As the cybersecurity division of Prosegur, a global leader in private security, Cipher operates with a mission to make the world safer by protecting people and businesses, staying at the forefront of innovation. The company has a significant presence in the United States, Brazil, Spain, Portugal, and Paraguay, employing over 200 cybersecurity professionals. Cipher's services are supported by six Cybersecurity Operations Centers (SOCs), providing 24/7 monitoring and response capabilities.

Key Strategic Focus

Cipher's strategic focus centers on delivering comprehensive cybersecurity solutions that integrate people, processes, and technology. The company's core objectives include:

Extended Managed Detection and Response (xMDR): Utilizing artificial intelligence and machine learning to provide extensive coverage across all potential attack surfaces, including IT assets, operational technology, Internet of Things (IoT), and cloud-based computing.

Managed Security Services (MSS): Offering continuous monitoring and management of security systems to detect and respond to threats promptly.

Cyber Intelligence Services (CIS): Providing insights into emerging threats and vulnerabilities to proactively protect clients' digital assets.

Red Team Services (RTS): Conducting simulated attacks to identify and address security weaknesses.

Governance, Risk, and Compliance (GRC): Assisting organizations in aligning their security strategies with regulatory requirements and best practices.

Cybersecurity Technology Integration (CTI): Implementing and managing security technologies to enhance overall protection.

Cipher targets a diverse range of industries, including finance, healthcare, and critical infrastructure, aiming to improve clients' cybersecurity posture through tailored solutions.

Financials and Funding

In November 2024, Cipher secured a pre-IPO investment of SAR50 million (approximately $13.3 million) from Saudi venture capital firm Impact46 and Al-Rashed Group. This funding is intended to support the company's expansion and product development initiatives.

Technological Platform and Innovation

Cipher distinguishes itself through its proprietary technologies and innovative methodologies:

xMDR Platform: A modular, cloud-based cybersecurity services platform developed by Cipher Labs. It employs artificial intelligence and machine learning to extend coverage across all potential attack surfaces, including IT assets, operational technology, IoT, and cloud-based computing. Key differentiators include a unique approach to adversary profiling, low false positive rates, and stringent service level agreements (SLAs).

Cipher Labs: An advanced cyber intelligence research and development laboratory that supports the company's services with cutting-edge research and threat intelligence.

Security Operations Centers (SOCs): Six state-of-the-art SOCs operating 24/7/365, providing continuous monitoring and rapid response to security incidents.

Leadership Team

Alejandro Alonso: Executive Chairman. Formerly Prosegur Cybersecurity Managing Director, Alejandro brings extensive experience in security operations and strategic leadership.

Eduardo Boucas: Global CEO of Prosegur Cybersecurity. Founder and former CEO of Cipher, Eduardo continues to lead the company, focusing on expanding Prosegur's cybersecurity capabilities and market presence.

Leadership Changes

Following Prosegur's acquisition of a majority stake in Cipher in February 2019, Alejandro Alonso was appointed Executive Chairman, and Eduardo Boucas remained as Global CEO of Prosegur Cybersecurity.

Competitor Profile

Market Insights and Dynamics

The global cybersecurity market is experiencing rapid growth, driven by increasing cyber threats and the need for robust security solutions. Organizations across various sectors are investing heavily in cybersecurity to protect sensitive data and maintain regulatory compliance.

Competitor Analysis

Key competitors in the cybersecurity industry include:

GardaWorld: A global security services company offering a range of security solutions, including cybersecurity services.

Tyco International Management Company: Provides security solutions to protect people, facilities, and assets.

G4S: An integrated security company offering security services and solutions worldwide.

Paladin Security: A provider of security systems and guard services.

These competitors focus on various aspects of security services, with some offering integrated physical and cybersecurity solutions.

Strategic Collaborations and Partnerships

Cipher has established significant partnerships to enhance its service offerings:

KnowBe4: Collaborated to provide comprehensive security awareness training, ensuring clients' employees are knowledgeable about cybersecurity best practices.

AppGuard: Integrated AppGuard's endpoint protection software with Cipher's managed security services to enhance endpoint security.

Dom: Formed a partnership to strengthen cybersecurity solutions and expand market reach.

Operational Insights

Cipher's integration with Prosegur has enabled the company to leverage Prosegur's global presence and resources, enhancing its ability to deliver comprehensive security solutions. The company's focus on innovation, combined with its extensive experience and global reach, positions it as a strong competitor in the cybersecurity market.

Strategic Opportunities and Future Directions

Cipher aims to expand its market presence, particularly in the United States, by leveraging its xMDR platform and forming strategic partnerships. The company is committed to continuous innovation, focusing on integrating advanced technologies such as artificial intelligence and machine learning to enhance its cybersecurity solutions. Additionally, Cipher plans to invest in talent development and expand its global footprint to address the evolving needs of clients worldwide.