Radical transformations and technological evolution are becoming a new normal in this tech-oriented world. Every day, humans create approximately 2.5 quadrillion bytes of data. But is that data secure? Are enterprises utilizing that data within enhanced security protocols?
A single vulnerability is enough for evolving hackers to exploit the complete infrastructure of an organization, resulting in immense data breaches and identity theft. Cybercrimes have evolved 5 times in 4 years during the pandemic year and will continue to soar in upcoming years. ITRC traced approximately 540 breaches that affected 164 billion people worldwide during the first 6 months of 2020.
At the cybersecurity company FireEye Mandiant, researchers have observed a wide range of cyber incidents and discovered that global median swell time. The time span between the initial stage of security intrusion and when it’s identified has decreased below a month for the very first time, standing at 24 days.
The senior director of advanced practices at Mandiant, Steven Stone, told ZDNet that,
“The ransomware augmentation depicts it proves significant for cybercriminals. Hackers will acquire such methods of operations that leave an impact on their motivations. Evolving hackers are utilizing ransomware for a wider variety of motivations. This diversity is expected to continue over time and will provide more stimulating intrusions in 2021”
Platforms Are Raising Their Capitals
Cybercriminals are not willing to give up and are making continuous attempts to comprise networks in malware as well as phishing campaigns. Considering these evolving attacks, cloud platforms are raising their capital and are making hefty investments to combat identity theft and cyberattacks.
Hack The Box
Hack The Box which is basically a cybersecurity training capital and actually emerged from Greece, has raised a Series A investment of approximately $10.6 million joined by Osage University Partners, Brighteye Ventures, and existing investors Marathon Venture Capital. and led by Paladin Capital group. It will utilize this funding for expansion.
Hack the Box is utilizing a Software as a service (SaaS) business model. It provides monthly and annual subscriptions in the B2C market. This provides unrestricted access to the training content. Also, it provides bi-annual and annual licenses in the B2B market which process access to a dedicated adversarial training environment along with value-added admin capabilities.
Safeguard
A cloud platform that was specially designed for the protection of assets from evolving risk factors, safeguard announced to raise their capitals by $45 million in a blend of debt and equity. This results in a total increment of approximately $69 billion and has reshaped the dimensions of business technological capabilities. Presently, SafeGuard paves the way for an AI-powered engine known as Threat Corex, which is an effective engine to detect and highlights risks across numerous different attack surfaces.
A safeguard spokesman explained that
“ThreatCorex permits to develop transparency among machine learning models, providing data analytics, natural language processing building blocks, and feature management that are used for scoring. ”
Talon
The leader in cybersecurity solutions for a distributed workforce, Talon Cybersecurity, announced on 12th April 2021 that it has raised $26 million in seed funding from Team8, Lightspeed Venture Partners, Zohar Zisapel and other cyber angel investors. The company is developing its’ very first one-of-its- own type of cybersecurity solution that provides protection from unique threats which are evolving swiftly in this modern era of distributed work. Talon’s unique solutions and technology make organizations capable enough to convert security vulnerabilities into resilience against up-pacing cyberattacks without compromising employee productivity as well as data privacy which prove to be helpful to the market of distributed work especially during the pandemic of COVID-19. By the year 2026, the market of distributed work that supports innovative cybersecurity solutions is expected to reach the figure of $42 billion
Partner at Lightspeed Venture Partners, David Gussarsky claimed that
“Talon is basically solving major challenges that are encountered due to recent technological innovations within the workforce model. There was a dire requirement of one comprehensive solution that permits workforce flexibility, without compromising security measures. This requirement resulted in the creation of a whole new market and unique opportunities to become a game-changer in the cybersecurity industry ”
A layered Defense Is The Only Viable defense
Measures acquired by the cloud computing platforms and enterprises is the best step they have taken. There would be no doubt in saying that hackers are evolving simultaneously with technological advancements. Keeping in view the above-mentioned investments, more and more enterprises should invest to incorporate reliable identity verification solutions for the enhancement of cybersecurity protocols.
Moreover, AI-powered solutions such as biometric authentication, OCR data extraction, and multi-factor authentication prove to be an additional layer that effectively combats illicit money transfers, unauthorized access, and fraudulent activities. This helps to fight a strong battle against cybercriminals and prevents them from acquiring the advantage of known network vulnerabilities with the incorporation of security fundamentals such as vulnerability and patch management.