Security Company iVerify Raises $12 Million

Security company iVerify raised $12 million for its endpoint detection and response (EDR) solution.

Security Company iVerify Raises $12 Million

The funding round announced on Wednesday, June 26th, was led by Shine Capital. This process takes place during a period of repeated data leaks.

Alex Hartz, a partner at Shine Capital, says that the mobile security industry is not keeping up with the growth in the number of global and remote workforce or the emergence of mobile threats against the background of the development of artificial intelligence. Also in this context, it was noted that iVerify is a significant step forward for the industry.

Alex Hartz stated that the unique mobile EDR is a comprehensive product for ensuring the security of mobile devices, based on a powerful foundation of threat detection capabilities that in the past were available only to advanced researchers.

The iVerify press release notes an increase in the number of data leaks caused by the theft of credentials, especially from mobile devices containing corporate information of the relevant category. Attention was also drawn to the fact that traditional solutions for ensuring the security of mobile devices do not keep up with developments, which is why a new approach is needed.

Over the past 12 months, iVerify has released products for enterprise clients that combine threat detection and mobile forensics with automated response and remediation. These products also have management capabilities for the highly fractured Android Market and function to protect against fraud and access to corporate data using compromised devices.

The funding round takes place at the end of the month, during which several high-profile cyber attacks were carried out. This case implies a significant amount of data stolen from at least 165 clients of the Snowflake multi-cloud data warehousing, and an attack on CDK, a software provider for car dealerships.

This week, CDK announced the expectation that its systems will not be operational until the end of June. This means that thousands of dealerships will not be able to conduct credit checks, offer loans, and conclude purchase and sale agreements. The circumstances created by the cyberattack will slow down the process of buying a car. At the same time, this state of affairs is not hopeless. Over time, the functioning of CDK systems will be restored.

Businesses can protect themselves from malware and other threats by using reliable cybersecurity software. In this case, the protection of networks and devices is guaranteed. Also, in the corresponding context of cybersecurity, an important measure is to train employees to use multi-factor authentication. Another effective solution is clear communication protocols for verifying sensitive transactions.

Maciej Pitucha, VP of product and data at Mangopay, while talking to media representatives, says that this company has always faced social engineering attacks, but after starting the practice of using artificial intelligence, it became much easier to develop a bot that will conduct confidential conversations with victims and convince many of them to share their credentials at the same time transfer data, transfer money and perform other actions in favor of scammers.

It is worth noting that in the context of cybersecurity, user awareness is of particular importance. For example, a query in an Internet search engine, such as how to know if my camera is hacked, will allow anyone to get information about signs of unauthorized access to the device. Digital literacy is also an instrument to counter cybercrime.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.