The global cyber security market is predicted to be valued close to $400 billion the year 2026 and the market for monitoring services is said to grow by 18% annually. Apart from web services and mobile applications, the demand for protection of digital solutions used for remote work have increased dramatically in the last quarter. In the future, Internet of Things and 5G will enable many services which will require high-quality security solutions on the Internet. To accelerate the growth which Baffin Bay Networks are facing, we are now strengthening the board with two heavy names from the IT and industrial industry. Karl-Henrik Sundström, who recently left the position as CEO for Stora Enso, joins as chairman of the board. He has several leading positions on his resume at companies like Ericsson, and he also recently entered the board of the music tech company Tracklib.
“Baffin Bay are unique with their combination of defense and intelligence on the Internet. With a subscription model for Security-as-a-Service and a partner friendly business model, they challenge the large inflexible actors that we see on the market today. I look forward to getting started with long-term cooperation.” says Karl-Henrik Sundström, acceding chairman of the board for Baffin Bay Networks.
Roland Svensson enters as a member of the board. Roland is the CTO and counsler at Teracom in Sweden. He brings extensive experience within IT, cloud services, cybersecurity and international expansion from former positions at Ericsson, Tail-F, Clavister and Oracle.
“Baffin Bay Networks offers market-leading protection against cyber attacks, but also provides users with detailed insight into who is attacking and how. By using machine learning, a specific threat against a customer can within seconds be used to optimize the protection of several other customers. The users can follow traffic flows and attacks through a customer portal in real time and themselves adjust the protection as needed. This is far from how many of the mass market services offered by operators and other suppliers work.” says Roland Svensson, acceding member of the board for Baffin Bay Networks.
Baffin Bay Networks have over the last years gained the confidence to protect several large and demanding customers. We are now facing a major escalation in technology development, customer experience and spreading of cyber security knowledge. Joakim Sundberg, founder of Baffin Bay Networks, says that in this extraordinary situation that we are facing globally, there is not only a need for intelligent protection services but also for spreading knowledge and understanding of the vulnerabilities that we now can see.
“We find ourselves in a delicate situation, where many companies are forced to juggle economic endurance yet still not becoming too vulnerable to Internet threats, which can cause even more financial damage. With Karl-Henrik and Roland on the board, I see great potential in doing what we can to contribute in this difficult situation, and also in a long term perspective get their support in growing the company.”