Neosec team. Photo Neosec
Israeli cybersecurity firm Neosec is being acquired by Akamai Technologies, a company that offers cloud services. The terms of the deal were not revealed, but Calcalist reported that it could be valued at several dozen millions of dollars. Neosec has raised $20.7 million to date.
Cybersecurity firms are really bringing in the money these days. And investors certainly have reason to believe that cybersecurity will bring them their best return on investment. Security is almost synonymous with Israel Startup Nation. So, of course if a company wants a security firm to acquire it will look to Israel.
Founded by CTO Ziv Sivan and CEO Giora Engel, Neosec uses AI-based behavioral analytics to fight and defend against threat actors from abusing the rapidly expanding API attack surface exposed by micro services architectures.
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Neosec says that its solution is a new method of cybersecurity in that it is taking a different approach from today’s traditional application security tools that typically rely on protecting a perimeter using signature-based methodologies. Instead, Neosec says that the company brings established techniques from XDR (Extended Detection and Response) security products, including precise behavioral analytics, to reveal threats and business abuse hiding inside APIs.
“With rapidly accelerating digital transformation, APIs are the new frontier for digital business and the enablement of critical business functions,” said Mani Sundaram, executive vice president and general manager, Security Technology Group, Akamai Technologies. “Enterprises expose full business logic and process data via APIs, which, in a cloud-based economy, are vulnerable to cyberattacks. Neosec’s platform and Akamai’s application security portfolio will allow customers to gain visibility into all APIs, analyze their behavior and protect against API attacks.”
“What sets Neosec apart from other API security providers is the complete visibility into all API activity and the use of behavioral analytics that detect threats others miss,” said Giora Engel, co-founder and chief executive officer, Neosec. “Unlike other solutions, Neosec delivers rich, XDR-like API visibility combined with detection and response capabilities that enable full investigation and threat hunting. Ultimately, Akamai customers will have a better view into all of their API activity, to identify vulnerabilities and threats before they are exposed, and detect attacks in runtime.”
