Since they began operations in 2015, they have only encountered 10 cases of false positives out of a total of 6,000 alerts issued – this might be the real deal
The detection and remediation experts at Israel’s Cynet announced Wednesday that they have closed their Series A funding round with $7 million in new financing. The round was entirely led by the American hedge fund Lazarus, which added yet another promising Israeli company to its impressive portfolio that includes names like CellMining and Dome9.
Founded in February 2015 by CEO Eyal Gruner, Idan Amir, and Boaz Zilber, their flagship product Cynet 360 is built to be an all-in-one answer for enterprise security.
The platform comes with a wide range of capabilities that include solutions for user behavior analysis, endpoint detection and response, incident response, sandboxing, file and network behavior analysis, threat intelligence, and forensics.
Cynet 360 is a software service that sits on the customer’s network and is connected via the cloud for file domain and IP reputation purposes, as well as for tracking the behavior of the network and files. Cynet can pull in the information from their customers and feed back the relevant services.
They also have a Security Operation Center that can help customers to tune the system as well as detect and remediate attacks when they occur.
Not requiring an agent on the endpoint device, the software can be installed and configured in two hours. Completing a behavioral profile of an organization takes two weeks, significantly less than many of the other solutions out there.
Gruner tells Geektime that Cynet’s product is able to scan through networks and detect threats according to indicators by users, devices, and other relevant factors.
Overcoming the false positive conundrum
As with any security system, there is always the concern that it will identify false positives, potentially wasting a security team’s valuable time chasing down a fake lead. Cynet says that they are able to reduce this risk significantly by looking at the context of an alert, tracking user behavior and network activity to determine if there is a threat.
If for example an authorized user has accessed files that they would normally be allowed to do, but are copying them to an outside source in an unusual country, then Cynet 360 would know to sound the alarm.
Gruner says that since they began operations in 2015, they have only encountered 10 cases of false positives out of a total of 6,000 alerts issued.
Looking to the future
Having founded the BugSec consulting firm of which he is still a part of, and exited from Versafe in September 2013 for a reported $95 million, Gruner says that he is ready to set out and build a truly big and sustainable company.
Following this round, Gruner says that they plan on growing their sales and marketing in the U.S. and Europe. At this point he says that they are currently working with around 40 clients, a number which is likely to rise with the marketing push. Back in Israel, they hope to expand their R&D team with new hires as well.
The philosophy behind the company’s approach to security places a higher value on detection, making the point that strong defenses are generally not enough to keep attackers out of a network. In the perimeterless world that seems to be dominating the cyber landscape, this seems to be the right approach.
Today all the enterprises employ numerous solutions that specialize in specific areas of security, each one adding a different value. Before their sale to Microsoft in 2015, Adallom offered a similar concept of being the standalone security solution for the cloud. It is safe to assume that there was something to their argument that spoke to customers. While Gruner makes the point that having multiple solutions can cause difficulties sometimes when it comes to making them all work together, I am always cautious of silver bullets. I believe in having a back-up plan.
That said, what they are proposing both in terms of their product and long-term vision of creating a big company that does not deal in features but holistic solutions is very exciting and will be fun to watch as they hopefully continue to build up.