SpyCloud Inc., a cybersecurity startup company, has announced that it has received $35 million in new financing to add more solutions to its protection portfolio against cybercrime. SpyCloud was founded in 2016 as an account takeover prevention company employing a platform to discover stolen employee credentials and safeguard consumers.
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Detecting and Protecting Accounts
SpyCloud’s platform allows enterprises to pinpoint situations when their employee login information has been exposed. From breach data, infected endpoints, and Dark Web sources, SpyCloud turns this type of data into intelligence. Besides, employees, SpyCloud also safeguards consumer accounts. The intention is to prevent fraud and to ensure that the attackers are unable to gain financially from the stolen data.
Adequate Policy Coverage
SpyCloud can identify employee passwords tied to internal supply chain applications on the dark web. It also scans for other forms of stolen login credentials and captured cookies. The solution can be easily integrated with different services such as Active Directory, Okta, Splunk and others. This general compatibility guarantees adequate policy coverage for enterprises.
Guarding the Digital Persona
SpyCloud is used by as many as half of the Fortune 10 companies. Some of its prominent customers are Canva, Intuit, Uber, and Zscaler among others. The recent funding, which has been spearheaded by CIBC Innovation Banking among other investors, shall enable SpyCloud to grow as well as develop new products. CEO Ted Ross also pointed out that there is a need to guard the digital persona against emerging threats.
SpyCloud’s Technology
SpyCloud technology enables organizations to prevent account compromise and secure employee and consumer accounts. SpyCloud constantly collects data from numerous sources such as data breaches, infected devices, and the dark web. It searches for stolen passwords linked to an organization’s staff.
It actively searches through the black market for passwords, usernames, and other credentials that have been stolen. Analyzing the obtained data, SpyCloud informs organizations that their employees’ credentials are compromised.
It takes proactive measures to identify bad credentials and assist in protecting against illegitimate access. SpyCloud works well with other services such as Active Directory, Okta, as well as Splunk. Thus, it guarantees the full coverage and the effective identification of threats.
Conclusion
SpyCloud’s solution uses the concepts of monitoring, dark web intelligence, and preemptive security for protecting individuals’ identities and avoiding account compromise. SpyCloud’s clients include Canva, Intuit, Uber, and Zscaler, among other large organizations.
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