CyberArk, a player in Identity Security, announced the launch of CyberArk Ventures – a $30 million global investment fund designed to empower the next generation of disruptors solving complex security challenges with innovative technology. CyberArk has initially aligned with four Venture Capital investors: Venrock, YL Ventures, Team8 Capital and Merlin Ventures.
Veza, a data security platform built on the power of authorization, announced it is emerging from stealth. Veza, founded in 2020, announced funding of over $110m from top VCs. The venture firms included; Accel, Bain Capital, Ballistic Ventures, GV, Norwest Venture Partners, and True Ventures, as well as angel investments including Kevin Mandia, Founder and CEO, Mandiant; Enrique Salem, former CEO, Symantec and Partner, Bain Capital; Lane Bess, former CEO, Palo Alto Networks; Manoj Apte, former CSO, ZScaler; Joe Montana, Liquid2 Ventures; and, security leaders Niels Provos, Karthik Rangarajan, and many more.
Onapsis, a cybersecurity and compliance firm, announced the appointment of Simon Naylor as Vice President, APAC. Naylor will be responsible for driving business growth in Asia Pacific. Naylor has more than 30 years’ experience leading sales for high tech solutions in Asia Pacific and a strong track record for rapidly growing revenues. Most recently he served as Vice President, Asia Pacific and Japan at Brightcove, and before that he helped build the organizations in the Asia Pacific region for Extreme Networks and Riverbed Technology.
Security has taken a back seat to digital acceleration, creating a growth in cybersecurity debt, and putting firms at risk. Among the unique threats of the past two years, the pandemic sped up digital innovation and accelerated the need for businesses to transform to stay relevant. Many of these digital initiatives have been a necessary response to the health and trading environment. Businesses have had to pivot quickly to the cloud, prioritise enabling remote and hybrid working and accelerate the introduction of new digital services for customers.
Sophos, a global company in cybersecurity, released its annual survey and review of real-world ransomware experiences in the State of Ransomware 2022. The report shows that 80% of Australian firms surveyed were hit with ransomware in 2021, up from 45% in 2020. The average ransom paid by firms that had data encrypted in their most significant ransomware attack, was $226,863, with 43% paying between $100,000 – $499,999. Forty-three per cent of the organisations that had data encrypted paid the ransom to get their data back, even if they had other means of data recovery, such as backups.
The global shift to remote and hybrid working, combined with the increasing brazenness of cybercriminals are creating new ransomware threats for businesses everywhere. The rapid growth in funds across crypto markets is creating more opportunities for attacks on businesses, and an increasing amount of ransomware victims are paying up in order to limit disruption and damage. In our previous Crypto Crime Report, we deemed 2020 the “Year of Ransomware” due to the huge growth in crypto extorted in ransomware attacks.
Half of Australian businesses have seen an increase in internal threats or data leaks in the last 12 months, according to new research by email security and cyber resilience firm Mimecast. Coinciding with the National Privacy Awareness Week, (2–8 May), Mimecast revealed that 47% of Aussie firms are concerned about the risk naïve employees pose to their businesses.
With World Password Day looming on 5th May, Michael McKinnon, CIO of Tesserent, Australia’s largest ASX-listed cybersecurity company warns Australian businesses to strengthen their defences and not just rely on passwords, given the backdrop of heightened risk of cyber-attacks not just from Russia, but also attackers from other parts of the world.
Top business executives have equally unhealthy password habits as many internet users, according to new research by NordPass. While experts continuously urge companies to take cyber risks seriously, business owners, CEOs, and other C-suite executives continue typing “123456,” which, even after many warnings, remains the most popular password to date.
Trellix, the cybersecurity firm delivering the future of extended detection and response (XDR), released its Threat Labs Report: April 2022, auditing cybercriminal behaviour in the last six months. Key findings from the report include individual consumers being the No. 1 target of cybercriminals, closely followed by the healthcare vertical. Additionally, the transportation, shipping, manufacturing and information tech industries showed a sharp increase in threats.