Cloud adoption is on the rise. Simply final yr, 89% of enterprises migrated knowledge from on-premise storage to the general public cloud. And, 84% of organizations count on to extend the quantity of data they retailer within the public cloud in 2023.
That is nice information for resolution makers. However for safety groups, the rising use of cloud providers requires a brand new method to securing knowledge because it strikes from on-premise units by means of SaaS apps, containers and providers, a tall activity amid an ongoing cybersecurity expertise hole.
But a rising variety of suppliers need to automated menace searching and response to mitigate cloud-based threats. One such vendor is cloud and SaaS incident response supplier Mitiga, which right this moment introduced it has raised $45 million as a part of a Collection A funding spherical led by ClearSky Safety.
At a excessive stage, the funding highlights the truth that traders and organizations need to new, scalable options to determine and resolve cloud breaches within the shortest time doable.
Why is securing the cloud so difficult?
The announcement not solely comes as cloud adoption is rising, however as cloud breaches are rising, with 45% of organizations experiencing a data breach or failed audit involving knowledge and purposes within the cloud 2022 versus 35% in 2021.
One of many predominant causes these breaches are so widespread is that cloud environments are advanced.
Key knowledge belongings and PII can traverse from an worker’s on-premise desktop to a SaaS app, service, container or co employee’s private gadget, with improper entry controls or misconfigurations leaving data uncovered to hackers.
“Cloud and SaaS depend on a shared accountability mannequin, however when breaches occur, the burden of accountability for incident response falls squarely on the group,” stated Tal Mozes, Mitiga cofounder and CEO.
He continued: “Nevertheless, those self same organizations don’t have the forensics knowledge they want for investigation — that data is pace throughout a bunch of CSPs (Cloud Safety Supplier) and apps all with totally different processes and requirements for offering entry to the data.”
Mitiga’s reply to those challenges is its IR2 platform, an automatic answer for accumulating, organizing and analyzing forensic knowledge taken throughout providers like AWS, Azure, Google Cloud, GitHub and Slack.
As an example, the device can scan an app for indicators of compromise and evaluate it to a cloud assault state of affairs library (CASL). If there’s a match, it could implement an automatic incident response to comprise the incident.
The group additionally has a ream of specialist cloud forensic investigators who can assist reply to advanced safety breaches.
A have a look at the incident response market
Mitiga’s answer falls loosely inside the international incident response market, which ResearchandMarkets estimates will attain a price of $119.39 billion in 2030 as extra organizations try and sustain with fashionable cybercrime.
One in every of Mitiga’s most related opponents is Cado Security, which simply final week introduced it raised $20 million in funding for its personal automated cloud incident response answer. The device robotically collects forensic stage knowledge throughout cloud, container and serverless environments.
Mitiga additionally competes towards bigger organizations like Palo Alto Networks, which affords Cortex XDR, a device utilizing machine studying to determine malicious exercise together with malware an infection, knowledge exfiltration and credential stuffing by means of the usage of behavioral analytics.
Palo Alto Networks just lately raised a revenue spherical of $1.7 billion within the second quarter of 2023.
Nevertheless, Mozes argues that Mitiga’s crew of cloud forensic specialists units it other than its opponents.
“In contrast to conventional incident response suppliers, Mitiga’s fashionable IR2 platform and deep cloud forensic experience assist firms put together for cloud and SaaS breaches earlier than they occur and get again to enterprise as regular 90% sooner than older strategies,” stated Mozes. “Additionally, Mitiga has a novel expertise to reply SaaS-related breaches in addition to cloud infrastructure ones.”
