Israeli cyber risk analytics and cloud security management company XM Cyber today announced that it has closed a $17 million Series B funding round with investments from Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, and Swarth Group. This brings to $49 million the amount raised by the company.
XM Cyber, which was founded in 2016 by former Mossad head Tamir Pardo, Noam Erez and Boaz Gorodissky, has developed a platform for automatically simulating cyberattacks. The company has 72 employees of whom 60 are in Israel and the rest are sales and marketing staff based in the US, UK, Germany and East Asia.
XM Cyber will use the funding to expand its R&D department and its sales and marketing network worldwide.
XM Cyber CEO Noam Erez said, "In an era where business has dramatically shifted to remote work due to the Covid-19 crisis, millions of endpoints are being introduced to corporate networks, significantly expanding the attack surface for cyber criminals and making XM Cyber more essential than ever. The ability to secure significant funding during a global pandemic is a testament to our product and team. We are grateful to our investors for this vote of confidence and look forward to their continued support."
XM Cyber has patented products that enable enterprises to automatically and continuously test their security posture. By safely simulating attacks 24/7, XM Cyber exposes real-life security issues that arise from vulnerabilities, human error and misconfigurations. Recommendations to remediate issues are also provided and prioritized based on importance and relation to the customer's most critical assets. By helping businesses to constantly improve their security posture, XM Cyber reduces costs and allows security teams to focus on the most critical issues, all while lowering exposure and risk.
In December, XM Cyber introduced the first BAS solution that can simulate attacks on Amazon Web Services (AWS). The platform audits AWS configurations via AWS APIs and uses that information to calculate different attack vectors. By simulating attacks on an organization's AWS infrastructure, it is possible to find misconfigurations leading to risks such as IAM privileges escalations, access token theft or leveraging of the Cloud Instance Metadata API to pivot across the cloud.
Erez added, "XM Cyber intends to change the way cybersecurity is viewed and managed as a result of a continuous cycle of measuring, prioritizing and improving overall cyber security posture. We help customers take a different view of their cyber security. We show them how a hacker can combine attacks, waiting for mistakes to happen that open up attack paths to their critical assets."
Published by Globes, Israel business news - en.globes.co.il - on July 9, 2020
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