Concord Health Partners ("Concord") and CI Security are now working together to improve cybersecurity for hospitals.
Concord partnered with the American Hospital Association to develop the AHA Innovation Development Fund ("AHA Fund"). The AHA Fund will make an investment in CI Security to protect and defend hospitals, health systems, and patients from cybercriminals.
This additional capital rounds out CI Security's Series B at $16 million.
Concord invested to accelerate CI Security's already impressive growth in the healthcare sector.
In announcing the investment, Concord Health Partners Founder & Managing Partner James Olsen said, "When we first met the team at CI Security, we were impressed with their innovative approach towards healthcare information security and their unique focus on bringing a robust MDR solution to an underserved segment of the market. We decided to invest because we are confident they have the team and capabilities to help protect and defend patient-focused organizations from cyberthreats."
CI Security defends organizations across the United States including hospitals, specialty clinics, and physician groups. The organizations use CI Security's Managed Detection and Response (MDR) to watch their networks 24x7x365, utilizing threat monitoring from the Critical Insighttm Security Operations Centers (SOC). The SOCs are staffed with security analysts expert in investigating threats in healthcare environments.
CI Security's solutions were built to get full network visibility, including connected medical devices, and to manage data responsibly, observing HIPAA regulations. CI Security has continued its growth in healthcare by building a Healthcare Board of Advisors and making key hires, including former Healthcare System CIO Drex DeFord.
"Hospitals have spent years buying tools that promised to fix the cyber-problem and none of them delivers a comprehensive solution. In fact, some of them have made the problem worse," said DeFord.
"CI Security's MDR solution is not just another tool. It combines technology with true subject-matter experts, scaling human intelligence. It's what I wish I had when I was a CIO - a service that saves time, saves money, and provides an effective defense for hospitals, clinics, and vendor partners."
"What we are hearing from our healthcare customers is that they sleep better at night knowing we are bringing down the risk of a high-impact breach," said CI Security CEO Garrett Silver. "We're proud of the investment and trust we're getting from Concord Health Partners. We appreciate that they will help us dive even deeper into healthcare and enhance our support of patient-focused organizations."
CI Security is uniquely suited for healthcare environments among MDR providers. The Critical Insight MDR solution is agentless, so it can monitor connected medical devices without causing interference. It keeps protected health information (PHI) and personally identifiable information (PII) on premises. And CI Security co-founder Fred Langston, one of the authors of the HIPAA security rule, leads a team of consultants with deep healthcare expertise. They provide services including HIPAA security risk assessments, penetration testing, and medical IoT assessments. That allows CI Security to provide more solutions to healthcare institutions than competitors.
"The demands on IT and security teams in healthcare are getting more intense," said Langston. "At the same time, there just aren't enough good security professionals to fill the gaps. Organizations with a trusted and experienced partner can lower their cyber-risk and let their teams get back to necessary digital transformation projects."
Healthcare organizations interested in learning more about CI Security should go to https://ci.security and join the webinar about 2020 InfoSec Security priorities hosted by Drex DeFord and Michael Hamilton on December 11th at 2p ET/11a PT.
About Concord Health Partners
Concord Health Partners is a healthcare-focused investment firm with a strategic approach that aligns interests between investors and portfolio companies. Concord is primarily focused on investing in companies that have the potential to enhance the value of care through technologies and solutions that lower costs, improve quality and/or expand access to care.
About CI Security
CI Security provides Managed Detection Response services, combining purpose-built technology with expert security analysts to perform full-cycle threat detection, investigation, response, and recovery. CI Security is focused on defending critical systems in healthcare organizations and in the public sector. CI Security helps customers gain critical insight into their security posture through the MDR platform and Information Security consulting services. Find out more at https://ci.security.
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