July 9, 2019
There was a time, not long ago, when the word ‘security’ was used in reference to physical locks and guards. One worried about their safe, containing valuables, getting broken into, or about needed physical protection as they’d travel to unfamiliar places. But with cybersecurity threats having taken the forefront in recent years, those older fears seem to pale in comparison. EY, in a 2018-19 report, found that 6.4 billion fake emails were sent every day - remember that the world population itself is 7.7 billion. According to the Cyberthreat Index for Business Survey, cybercrime and data breaches are more devastating and detrimental to small-and-medium-sized businesses in the US, than break-ins, or strikes, or even natural disasters. IBM and Ponemon Institute found that the global average cost of a data breach is $3.6 million, and this figure increases every year. On a global scale, cyber attacks, followed by data fraud or theft, were among the top 4 global risks, as listed by the World Economic Forum (WEF).
To provide further context, Gartner notes that worldwide information security spending is expected to exceed $124 billion by the end of 2019, up from $101 billion in 2017. Ransomware attacks are estimated to cost organisations around the globe $11.5 billion. Large companies are already spending millions of dollars on cybersecurity budgets - JP Morgan spent over $600 million in 2018, while Microsoft invests nearly $1 billion every year. Even governments are leaving no stone unturned: the proposed budget for 2020 in the US, includes $17.4 billion for cybersecurity-related activities. Similarly, the United Kingdom committed to invest $2.4 billion to defend critical national infrastructure and deter cyber-security.
In today’s world, the threat of the next cyber attack is imminent, and so, several startups from around the world have hopped onto the cybersecurity bandwagon. They have been working on solutions to help consumers and businesses protect their data. With newer technologies and increasingly innovative solutions, such startups help keep the fear of cybercrime in check. Against this background, MEDICI brings you a list of some of the top startups operating in the cybersecurity ecosystem, from around the globe:Rubrik, founded in 2013, provides a cloud-based data management platform for data protection, search, analytics, archival and copy data management for hybrid-cloud enterprises such as financial service industry, retail, legal, government, and healthcare. The startup is headquartered in the US, and has raised $553 million in total funding. Automation Anywhere, founded in 2003, offers an AI/ML-leveraged cognitive Robotic Process Automation (RPA) and digital workforce platform for banks and financial institutions, enabling them to automate repetitive business processes and avail security as well as centralized control services. The startup is headquartered in the US and has raised $550 million in total funding. Darktrace, founded in 2013, has developed an Enterprise Immune System that leverages AI algorithms to imitate the human immune system to help enterprise networks fight cybercrimes. The self-learning approach is a non-consumer application of machine learning that works at scale across all network types from physical, virtualized, and cloud to IoT and industrial control systems. The startup is headquartered in the UK and has raised $230.5 million in total funding. SentinelOne, founded in 2013, provides an endpoint security platform that protects devices against targeted, zero-day threats in real-time. The startup is headquartered in the US, and has raised over $230 million in total funding. Cybereason, founded in 2012, delivers a proprietary technology platform that automatically uncovers malicious operations (Malops) and reconstructs them as a clear image of a cyberattack. It detects malicious operations in real time, identifying attacks based on known and unknown elements, those that involve malware as well as non-malware-based attacks by using machine learning behavioral models to search for anomalies and other risks. The startup is headquartered in the US, and has raised $188.6 million in total funding. vArmour, the data center and cloud security company founded in 2011, delivers software-based segmentation and micro-segmentation to protect critical applications and workloads with the industry's first distributed security system. The startup is headquartered in the US, and has raised $127 million in total funding. IronNet, founded in 2014, provides cybersecurity solutions by leveraging complex behavioral modeling, big data analytics, and advanced computing capabilities to deliver unprecedented network visibility, early threat detection, and targeted business-informed mitigation actions. The startup is headquartered in the US, and has raised $110.5 million in total funding. ClearDATA, founded in 2009, provides a cloud computing platform and information security services to the healthcare industry. It also offers support services, including cloud design, planning, migration, setup, testing, training, on-going management, and monitoring services; and assists in the areas of security, interoperability, patient engagement, data analytics, big data, and others. The startup is headquartered in the US, and has raised $80.4 million in total funding. Malwarebytes, founded in 2008, provides anti-malware and anti-exploits solutions to consumers and businesses. Malwarebytes Anti-Malware Pro, the company's flagship product, employs a highly advanced behavior-based detection engine to remove malicious threats from computers worldwide. The startup is headquartered in the UK, and has raised $80 million in total funding. BangSun Financial Technology, founded in 2010, provides anti-fraud technology research and development. It helps to develop financial risk control and monitoring solutions for financial institutions. The startup is headquartered in China, and has raised $70.4 million in total funding. Demisto, founded in 2015, develops response and security orchestration platforms for banks and financial institutions. It helps them to integrate threat feeds to manage indicators and automate threat-hunting operations using AI/ML technology. The startup is headquartered in the US, and has raised $69 million in total funding. RiskIQ, founded in 2009, is a cybersecurity platform providing cloud-based software as a service (SaaS) for organizations to detect phishing, fraud, malware, and other online security threats. The company offers risk monitoring and external threat management software that uses virtual-user technology, threat analysis engine and global proxy network to enable an organization to defend against threats targeting its websites, mobile applications, brands, customers, and employees. The startup is headquartered in the US, and has raised $65.5 million in total funding. Zimperium, founded in 2010, provides a behavioral classification engine which is enabled by machine learning. It detects unusual behavior and protects devices by isolating them. It helps business users to keep them safe from MITM, IPv4 and IPv6 attacks. The startup is headquartered in the US, and has raised about $60 million in total funding. CyberGRX, founded in 2015, provides a third-party cyber risk management platform to identify, assess, mitigate, and monitor an enterprise's risk exposure across its entire partner ecosystem. It helps its users by providing automated and standardized assessments, actionable analytics, remediation management and real-time threat intelligence updates. The startup is headquartered in the US, and has raised $59 million in total funding. ObserveIT, founded in 2006, offers a software that utilizes session recording to identify insider threats in real time. It continuously monitors user activity and enables organizations to identify both malicious and accidental insider threats. It also enables organizations to uncover risky user behavior, investigate incidents, and prevent data exfiltration. The startup is headquartered in the US, and has raised $58 million in total funding.