Cloud adoption is on the rise. Simply final 12 months, 89% of enterprises migrated information 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 information because it strikes from on-premise gadgets by means of SaaS apps, containers and providers, a tall activity amid an ongoing cybersecurity expertise hole.
But a rising variety of suppliers want to automated menace looking and response to mitigate cloud-based threats. One such vendor is cloud and SaaS incident response supplier Mitiga, which right this moment introduced the completion of its Sequence A funding spherical led by ClearSky Safety, bringing its complete funding to $45 million .
At a excessive stage, the funding highlights the truth that buyers and organizations want to new, scalable options to establish 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 growing, however as cloud breaches are rising, with 45% of organizations experiencing a data breach or failed audit involving information and purposes within the cloud 2022 versus 35% in 2021.
One of many principal causes these breaches are so frequent is that cloud environments are complicated.
Key information belongings and PII can traverse from an worker’s on-premise desktop to a SaaS app, service, container or co employee’s private system, with improper entry controls or misconfigurations leaving info uncovered to hackers.
“Cloud and SaaS depend on a shared duty mannequin, however when breaches occur, the burden of duty 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 information they want for investigation — that info is pace throughout a number of CSPs (Cloud Safety Supplier) and apps all with completely different processes and requirements for offering entry to the data.”
Mitiga’s reply to those challenges is its IR2 platform, an automatic answer for gathering, organizing and analyzing forensic information taken throughout providers like AWS, Azure, Google Cloud, GitHub and Slack.
As an example, the software can scan an app for indicators of compromise and examine it to a cloud assault state of affairs library (CASL). If there’s a match, it will probably implement an automatic incident response to comprise the incident.
The group additionally has a ream of specialist cloud forensic investigators who may also help reply to complicated safety breaches.
A have a look at the incident response market
Mitiga’s answer falls loosely throughout 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 all Mitiga’s most related rivals is Cado Security, which simply final week introduced it raised $20 million in funding for its personal automated cloud incident response answer. The software robotically collects forensic stage information throughout cloud, container and serverless environments.
Mitiga additionally competes in opposition to bigger organizations like Palo Alto Networks, which provides Cortex XDR, a software utilizing machine studying to establish malicious exercise together with malware an infection, information exfiltration and credential stuffing by means of the usage of behavioral analytics.
Palo Alto Networks not too long ago raised a revenue spherical of $1.7 billion within the second quarter of 2023.
Nevertheless, Mozes argues that Mitiga’s crew of cloud forensic consultants units it other than its rivals.
“Not like 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 typical 90% sooner than older strategies,” stated Mozes. “Additionally, Mitiga has a singular expertise to reply SaaS-related breaches in addition to cloud infrastructure ones.”