Protecting Through Deception: The Latest Cybersecurity Trend

With a unique approach to beating cybercriminals at their own game, cybersecurity company illusive networks announced yesterday (Oct. 20) that it secured $22 million in a Series B funding round, led by New Enterprise Associates (NEA).

In the sea of cybersecurity firms, the Tel-Aviv, Israel-based startup has made a name for itself through the use of deception technology solutions, which protect a company’s network by covering it with deceiving information. This tactic allows illusive networks to quickly pick up on when the false information is acted upon by cybercriminals, triggering a detailed breach report and enabling the company to neutralize the attack.

“Today’s headlines confirm the need for a completely new approach to stopping cyber attackers,” Shlomo Touboul, illusive networks CEO, said in a press release. “illusive networks creates a hall of mirrors where attackers can no longer determine what’s real and what’s false. Two funding rounds in a four-month time span demonstrate the confidence prominent investors have in the superiority of illusive networks Deceptions Everywhere approach,” Touboul explained.

The company confirmed plans to use the new funding as a springboard to expand global investment in its sales and marketing efforts, as well as grow the engineering and support teams behind its patent pending deception technologies.

[bctt tweet=”Deception technology is the latest weapon in the battle against cybercrime”]

illusive networks’ solutions have been used to protect a wide array of companies, including financial institutions, retailers, health care providers, energy and telecommunication companies and law firms. The company said its detection technologies have successfully identified numerous targeted attacks that were left undetected by other solutions.

Established security approaches, such as perimeter defense and old school honeypots, are failing to protect networks,” said Kittu Kolluri, General Partner at NEA and the newest addition to illusive networks’ Board of Directors. “illusive networks has a uniquely innovative vision, scalable architecture, and some of the best security DNA out there. We are thrilled to partner with the team to take deception-based technology to the next level.”

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.