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Today, cyber intelligence provider Cyble announced that it had raised $10 million to expand its product roadmap and advance the analysis capabilities of Cyble Research Labs (CRL).
Cyble uses AI and machine learning to analyze the dark and surface webs in real-time and to identify if an enterprise’s login credentials are exposed online. To date, it says it has scanned over 200 billion dark web records, 50 billion threat indicators, and 400 million digital assets.
This is designed to enable enterprises and technical decision makers to manage their digital risk footprint and pinpoint sensitive data that’s exposed online so they can react and protect their organization before a major security breach.
The announcement comes as the number of login credentials exposed on the dark web increases, with the number of corporate passwords leaked on the dark web increasing by 429% since March 2021 and the average organization having up to 17 login credentials available on the dark web.
Helping organizations identify dark web leaks faster
Identifying and remediating data breaches quickly is something few enterprises have achieved. On average, it takes a company 287 days to identify and contain a data breach, which gives an attacker plenty of time to locate and steal high-value data.
A significant number of breaches are caused by hackers harvesting login credentials and then selling them to the highest bidder, who are often organization cybercriminals like ransomware gangs.
That means companies that have the capability to detect data leaks on the dark web have a valuable heads up they can use to protect their environment before an attacker can use that data to maximum effect.
“It is no secret that cybercrime activity conducted in the dark web is rising exponentially, we believe that continuous threat intelligence and dark web monitoring are critical for organizations to identify and manage data breaches in a timely manner,” said Beenu Arora, CEO, and cofounder of Cyble.
This need for rapid breach detection is something that the organization has aimed to address since it was founded in 2019. “Cyble began with an ambitious goal to democratize visibility into the dark web and empower organizations to fortify their security infrastructure and consequently ensure resilience to malicious cyberattacks,” said Manish Chachada, co-founder and COO of Cyble.
The race to illuminate the dark web
As organizations become increasingly aware of the dark web credential harvesting and data leak economy, there is a growing appetite for intelligence solutions that can highlight exposed data.
It’s for this reason that the dark web intelligence market is anticipated to reach a valuation of $840 million by 2026 as a growing number of cybersecurity providers enter the market to protect enterprise data.
Today, Cyble isn’t the only dark web monitoring provider trying to address the challenge of increasing transparency over the surface and unindexed web. One of the organization’s main competitors is Digital Shadows, which collects data from across the web and highlights potential risks. So far, Digital Shadows has raised a total of $60 million in funding, following a $10 million series C funding round in 2019.
Another competitor is Cybersixgill, a real-time cyberthreat intelligence platform, which provides analysts with indicators of compromise, an intelligence feed of malicious hashes, URLs, domains, and IP addresses. The company raised $15 million during its second funding round in 2020.
Cyble’s series A funding round was led by Blackbird.
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