Photo: Thomas Trutschel/Photothek via Getty Images

Exabeam, a security information and event management (SIEM) cybersecurity firm headquartered in San Mateo, California, announced Tuesday it has raised $50 million in Series D funding.

Why it matters: Cybersecurity officers and leadership at companies experiencing cyberattacks, malware incidents, or data breaches need to be able to tell their board what happened — and fast. SIEM tools help that to happen and will only become more necessary for Corporate America as cyberattacks become more and more frequent.

The details: Exabeam, which uses machine learning and user behavior to try and secure companies, will use the new funds for its cloud portfolio, sales, and global expansion. It already operates in North America, Europe, the Middle East, Africa, and Asia, per The Silicon Review.

  • The series was led by Lightspeed Venture Partners, the firm behind Snap’s IPO. Others investing in this round include Aspect Ventures, Cisco Investments, Icon Ventures, Norwest Venture Partners and investor Shlomo Kramer. They’re all existing investors.

The market: Gartner predicts that spending on SIEM tech will rise to $3.4 billion by 2021.

  • It’s not a zero sum game as organizations sometimes use a few SIEM tools from different companies to optimize for different capabilities, like logging versus quick detection, per CSO.

Go deeper

Updated 37 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 13,258,016 — Total deaths: 576,752 — Total recoveries — 7,366,845Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 3,416,222 — Total deaths: 136,319 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

3 hours ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."