Executive Briefings

Opinion: Cyberattacks Are Becoming Big Opportunities for Some Small Businesses

The past 12 months or so continued a multiyear streak of data breaches, identity thefts, phishing incidents, ransomware attacks and other malware intrusions that have cost organizations billions of dollars and damaged credibility throughout the world. That’s the bad news.

The good news is that the attacks have created a huge amount of opportunities for some companies. According to VentureBeat, at least four security-related companies recently raised close to $200m in equity from prominent venture capitalists and investors, including Google’s venture arm, Intel and Sequoia.

With the global cybersecurity workforce estimated by some to be almost two million people short by 2022, there is a huge demand for security technology to do the job in place of people.

Just recently, Menlo Security, a start-up in the space, raised $40m from American Express Ventures, Ericsson Ventures, HSBC, JP Morgan Chase and other well-known investment firms to continue the development and expansion of its “isolation” platform. The company, founded in 2013, has raised about $85m to date.

“Customers are demanding more durable approaches to malware prevention, versus a long legacy of solutions that remain perennially vulnerable to the latest attacks,” the company’s chief executive Amir Ben-Efraim told VentureBeat. Ben-Efraim claims none of the million users protected by the company’s security platform has experienced any infections, according to a company news release.

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The good news is that the attacks have created a huge amount of opportunities for some companies. According to VentureBeat, at least four security-related companies recently raised close to $200m in equity from prominent venture capitalists and investors, including Google’s venture arm, Intel and Sequoia.

With the global cybersecurity workforce estimated by some to be almost two million people short by 2022, there is a huge demand for security technology to do the job in place of people.

Just recently, Menlo Security, a start-up in the space, raised $40m from American Express Ventures, Ericsson Ventures, HSBC, JP Morgan Chase and other well-known investment firms to continue the development and expansion of its “isolation” platform. The company, founded in 2013, has raised about $85m to date.

“Customers are demanding more durable approaches to malware prevention, versus a long legacy of solutions that remain perennially vulnerable to the latest attacks,” the company’s chief executive Amir Ben-Efraim told VentureBeat. Ben-Efraim claims none of the million users protected by the company’s security platform has experienced any infections, according to a company news release.

Read Full Article