SpyCloud secures USD 110 mln to accelerate identity threat protection

Capitalising on its proprietary engine that recaptures and analyses data from the criminal underground and automates the remediation of exposed authentication and identity data, SpyCloud takes a novel approach to disrupting cybercrime compared to traditional methods like threat intelligence, and adds value to IAM, identity threat detection and response, endpoint protection, and zero trust frameworks.

Enhancing identity-centric security

SpyCloud’s platform identifies and remediates stolen employee and consumer session cookies, credentials, and emerging forms of authentication data being actively used by criminals to target enterprises, their customers, and their supply chains. Its latest solution, SpyCloud Compass, enables Post-Infection Remediation of malware exposures, including the compromised assets most likely to lead to ransomware attacks.

With this funding, SpyCloud plans to:

• Evolve analytic capabilities that link exposures of personal and corporate identity and authentication data to promote an identity-centric view of security that goes beyond the device-centric limits of most corporate security teams;

• Bolster its growing list of integrations, which already includes Active Directory, Okta, and Tines, among others – partnering with leading identity, incident response, orchestration, and directory services tools;

• Grow its database of recaptured malware assets, delivering new insights to help customers and partners stay ahead of the most advanced cyber threats;

• Expand its go-to-market teams globally to help organizations adapt to the heightened interest in identity protection;

• Accelerate innovations across enterprise protection, consumer risk protection, and investigations use case;

• Release authentication bypass prevention solutions that protect businesses and consumers from compromised passkeys.

Company officials said that since 2016, they have proven that reacting quickly to identity and authentication exposures is the crucial factor in stopping the cycle of cybercrime. As authentication methods improve, businesses need to adjust their defences to keep up with criminals’ new behaviour. SpyCloud allows customers to do just that – and they will continue to illuminate and resolve critical risks facing security teams today, stopping attacks they haven’t been able to see coming.

Sustained Growth

The company’s vision to address the identity-related threats has led to sustained growth. Following a USD 30 million Series C funding round in 2020, SpyCloud tripled its revenue and created cutting-edge solutions to mitigate new and prevalent cyberattacks for large and mid-sized enterprises including financial institutions, retailers, and software and technology companies. Its partnerships include popular identity monitoring services and MSSPs who leverage SpyCloud’s analytics to deliver ongoing value to consumers and businesses of all sizes.