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Cyberint, a cyber threat intelligence company known for attack surface reconnaissance, has announced a $40 million funding round focused at providing organizations with extensive integrated visibility into their external risk exposure.
Cybercrime’s exponential rise
To gain access to valuable digital assets, attackers frequently seek the path of least resistance in an organization’s attack surface. According to Verizon research, external attackers are responsible for more than 70% of breaches. Around 55% of the activities of these external actors can be classified as “organized crime,” in which cybercriminals use a procedure or observable approach to penetrate an organization.
To stay ahead of the game, the research suggests organizations must think like attackers. Continual visibility of the organization’s attack surface is vital because of this. A proven way to do so, according to McKinsey, is via information gathering, also known as reconnaissance or threat intelligence, across the entire IT ecosystem.
Yochai Corem, Cyberint’s CEO, said cybercrime is on exponential rise, with damages predicted to hit $10.5 trillion annually by 2025. He said this has made the need for focused, proactive threat intelligence to be in high demand.
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However, the company claims that the combination of dark web data harvesting and analysis of an organization’s attack surface, conducted by highly skilled threat intelligence experts, will deliver timely and focused information from a wide array of sources to the relevant teams. This, the company said, allows for effective remediation across all sectors. Corem said the company’s software-as-a-service (SaaS) threat intelligence and attack surface reconnaissance platform, known as Argos Edge, enables organizations to gain better understanding and protection against their most relevant known and unknown risks.
Differentiating among the landscape of a dense cybersecurity market
According to research, tens of billions of usernames and passwords have been stolen or leaked. The research revealed that these credentials are available for purchase on dark web digital marketplaces that can be used to launch credential stuffing attacks, as well as a host of other cyberattacks. However, Cyberint asserts that it offers early notice to thousands of cyberattack attempts, supports its customers’ security procedures and has a genuine impact before harm is done.
“Neva has evaluated Cyberint’s technical and service components with the Cybersecurity department of the Intesa Sanpaolo Group, which recognizes the very high potential of the solution. We believe that Cyberint can be an important player in the European market,” said Mario Costantini, CEO and general manager of Neva SGR, an investor in Cyberint.
Yossi Vinitski, a partner at StageOne Ventures, said the number of players within this space makes it extremely difficult to find a company with a product and track record to become a go-to solution. He added that Cyberint offers the timing, product and team to make that happen.
Cyberint said the funds will be used to accelerate its business growth, as well as to further develop and expand the company’s reconnaissance platform, known as Argos EdgeTM. In addition, the company said it will significantly bolster its global go-to-market efforts by expanding sales and marketing teams to capture even greater market share.
The round was led by StageOne Late Stage Arm (backed by Clal Insurance, Menora, and Bank Hapoalim), Neva SGR (part of Italy’s largest bank, Intesa Sanpaolo Group) and Viola Success, with participation from all previous investors, with the goal of building on the company’s recent growth. By making the shift to a product-led approach, Cyberint said it has more than doubled its ARR and tripled its customer base in the past year alone.
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