• CyberTech seed deal activity in Europe reached 13 deals in total for Q3 2022, a 41% drop from the previous quarter. European CyberTech companies have announced 44 seed deals in the first three quarters of 2022, which brings projections for the year to 59 deals – a 12% reduction from 2021 levels.
• Gyala, a cyber security solutions provider, was the largest CyberTech seed deal in Q3 2022, raising $5.1m led by CDP Venture Capital. The capital raised will be used for the implementation of the business plan, which includes increasing the team’s headcount especially in research and development, as well as supporting major investments in marketing to strengthen the company’s market presence. Gyala provides a risk management tool, Agger, which offers the ability to perform incident management based on risk analysis. Agger’s risk management tool is delivered as a complete virtual machine.
• In September 2022 The European Commission proposed the Cyber Resilience Act which introduces a security-by-design approach for all products with digital components. The idea is to oblige manufacturers to address vulnerabilities to facilitate consumer uptake of connected products. The European Commission contends that its new cybersecurity law will set the security bar for Internet of Things products worldwide and put European manufacturers at a competitive advantage. The EU executive estimated that two-thirds of cyberattacks come from exploiting vulnerabilities in connected devices. At the same time, the product manufacturer knows more than half of the vulnerabilities when they launch the product on the market.
