Mitiga raises $25M to mitigate cloud cyberattacks

Mitiga, a Tel Aviv, Israel-based startup establishing a platform for cloud incident response, today announced that it raised $25 million in series A financing, bringing its total raised to $32 million. Cofounder and CEO Tal Mozes stated that the capital will be used to help solution R&ampD and develop Mitiga’s cybersecurity, engineering, sales, and marketing and advertising teams.

The pandemic has made apparent the require for robust cybersecurity options. Between January and April 2020, cloud-based cyberattacks rose 630%, according to Fintech News. Malwarebytes reports that remote workers have triggered safety breaches in 20% of organizations, and remote work has enhanced the typical expense of a information breach by $137,000, IBM estimates.

Mitiga aims to avoid intrusions by giving emergency response to network safety incidents (e.g., ransomware and information compromise), as nicely as pre-incident services for hybrid cloud environments. The company’s tech stack can be customized so that in the occasion of an attack, significantly of the manual work is automated. Mitiga’s group requires care of the rest, even giving speaking points to PR teams.

Mitiga’s 3 cofounders —  Ariel Parnes, Ofer Maor, and Mozes — come from consultancy, solution, and operations backgrounds. Parnes, the chief operating officer, is a retired colonel in the Israel Defense Forces’ Unit 8200, which is regarded as amongst the foremost intelligence agencies.

“[In 2019, we all came] to the same conclusion that while there are lots of investment in cyber detection and prevention solutions, there aren’t enough in response and recovery,” Mozes told VentureBeat by means of e-mail. “So we decided to build a technical solution that could support scalability and bring clients value, while at the same time lowering the impact of breaches.”

Automated response

Gartner predicts that spending on cloud services will exceed $332 billion in 2021 alone, and by 2022, it is anticipated that 90% of organizations will have a hybrid and multicloud atmosphere. That could open the door for hackers to move among on-premises datacenters and cloud providers, Mozes warns, as nicely as lateral attacks from one cloud provider to yet another.

Mitiga’s option is a technique that reports to pre-designated personnel the detail of cyber events and supplies remediation methods. For instance, it may send a information safety group a report highlighting the technical nature of a breach and its point of origin, or no matter whether hostile activity nevertheless exists in the network. The technique primarily goes via a company’s org tree, delegating methods when giving updates to board members, developers, and other stakeholders.

“Every company that’s in the cloud or transitioning to the cloud can prepare for [virtually] any type of breach with our solution,” Mozes stated. “Our goal is to help clients recover rapidly without incurring any additional cost.”

Mitiga competes with tech giants such as Accenture and IBM in an incident response market place MarketsandMarkets anticipates to be worth $33.76 billion by 2023. But according to Patrick Heim, companion and chief facts safety officer at ClearSky, a Mitiga investor, the organization has currently attracted clientele such as monetary institutions, ecommerce retailers, and law enforcement and government agencies.

“Organizations are moving away from mostly reactive incident response processes. Newer approaches focus on preparing companies for inevitable incidents with a focus on tools and services that enable rapidly restoring operations and limiting impact,” Heim stated in a press release. “Mitiga is leading the way in building out this new discipline of cloud focused incident readiness and response.”

In addition to ClearSky, Atlantic Bridge and DNX participated in Mitiga’s most recent funding round.

Originally appeared on: TheSpuzz