A $100 million funding from Japanese telecommunications firm SoftBank Corp — a subsidiary of SoftBank Group was secured by Cybereason, a Boston-based cybersecurity firm specializing in end-point detection and response to digital security breaches, the company announced on Wednesday.
The backers of the start-up also include Charles River Ventures, Lockheed Martin and Spark Capital and the start-up has raised a total of $189 million in funding to-date.
“This infusion of capital means that Cybereason can add to our technology and growth even faster,” Lior Div, co-founder and chief executive officer at Cybereason, said.
He said that with Yossi Naar and Yonatan Striem-Amit, Div founded the company in 2012.
“The new capital enables (us) to expand our products, hire additional talented people and increase the size of our offices in Boston, Tel Aviv, London and Tokyo — and throughout the broader EMEA and APAC regions,” he said.
SoftBank Group’s massive Vision Fund is targeting a total of $100 billion within the next six months and had its first close in May with over $93 billion of capital committed, and this present set of investment from SoftBank Corp is not part of the Vision Fund.
Businesses have bene forced to think, and invest, in more advanced means of protection against intruders by cyberattacks on companies have increased in frequency. A ransomware attack hit 200.,000 computers around the world last month.
One of the biggest threats facing companies today is ransomware, Div said. “The problem the industry faces is that the technology is often not keeping up.”
Within a company’s network, behavioral analytics on every single digital action and interaction happening there is done by Cybereason’s technology. In order to provide visibility into the security landscape within the network and pulls together related elements of a cyberattack, it processes information in real-time. And hence detection and proactive response against threats is possible for IT specialists in companies.
“(Our) focus on behavioral data means that we look beyond just the ones and zeros of what the data is — we constantly correlate data to understand what the attacker is doing, and their motives,” said Div. “We know how to spot potential attacker activities and we can accurately distinguish between good and bad behavior.”
There can be several aspects of business that can be impacted by attacks like these and hence can prove to be costly for businesses on several fronts, industry stakeholders say. Such fronts can include loss of money due to reputation damage and the loss of sensitive data, productivity loss from employees affected, and the number of hours spent by their IT departments to fix such problems. And as was the case for the attack affected the National Health Services in the U.K., where patients had to be shuffled around, in some cases, it can be dangerous also.
And due to the proliferation of connected devices and the so-called Internet of Things, a vast majority of security experts concur that the number of attacks are going to increase in frequency.
(Adapted from CNBC)