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Cybersecurity company Imperva today announced it plans to acquire application programming interface (API) security company CloudVector for an undisclosed sum. Imperva says the deal will help accelerate its roadmap and differentiate it in the web app and API protection market.
According to Markets and Markets, the security orchestration, automation, and response (SOAR) segment is expected to reach $1.68 billion this year, driven by a rise in security breaches and incidents and the rapid deployment and development of cloud-based solutions. Data breaches exposed 4.1 billion records in the first half of 2019, Risk Based Security found. This may be why 68% of business leaders in a recent Accenture survey said they feel their cybersecurity risks are increasing.
Los Altos, California-based CloudVector, which was founded in 2018, enables customers to discover, monitor, and protect API traffic in environments from exploits and breaches. The startup’s platform discovers APIs based on actual traffic, classifying data with machine learning, identifying data exposure, and detecting anomalous user and data activity. CloudVector’s API and endpoint catalog is dynamically computed and continuously monitored, helping organizations secure “shadow” APIs. All security events, including anomalous activities, are presented in dashboards and reports.
Deployment of CloudVector’s microsensor architecture doesn’t require any API code change and can be incorporated into DevOps CI/CD pipelines, with value. CloudVector’s solution provides visibility and security for traditional public-facing APIs, as well as more modern microservices.
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APIs dictate the interactions between software programs. They define the kinds of calls or requests that can be made, how they’re made, the data formats that should be used, and the conventions to follow. As over 80% of web traffic becomes API traffic, they are coming under increasing threat. Gartner predicts that by 2021, 90% of web apps will have more surface area for attacks in the form of exposed APIs than frontends.
That may be why Markets and Markets anticipates the global API management market will be worth $5.1 billion by 2023, growing at a 32.9% compound annual growth rate from $1.2 billion in 2018.
“As a pioneer in modern API security, Imperva protects our customers from the risks associated with the misuse of APIs via exposures or attacks, and the exfiltration of sensitive data. Over the last year, we’ve seen significant acceleration in the number and volume of production APIs, such that API-related traffic now makes up more than 70% of our cloud web application firewall traffic,” Imperva CEO Pam Murphy said in a press release. “Combined with an expanding surface area and novel exploits, all organizations need stronger API visibility and advanced protection. The addition of CloudVector fits perfectly with our vision, advances our API security solution, and most importantly, broadens the security of our customers’ applications and data.”
Imperva’s acquisition of CloudVector, which had raised $3.6 million, is subject to customary conditions and is expected to close in May 2021, the company says. The deal comes after the launch of Imperva Sonar, a feature that uses machine learning to surface key risks and offer single-action resolution capabilities to streamline enterprise IT team efforts.
Seed rounds for cybersecurity startups have risen during the pandemic as enterprises search for new defenses. Cybersecurity pre-money valuations at the seed and series A stages have risen over the past 10 years — in line with overall venture funding — growing at an annual rate of 13.2% for an increase from $800,000 to $3 million, according to DataTribe.
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