Cybereason Nets $275M In Crossover Financing For Its Anti-Ransomware Solutions

Cybereason Nets $275M In Crossover Financing

Cybereason, which can help prevent cyberattacks, is the recipient of a $275 million investment from crossover funding, according to a company press release.

The funding was led by Liberty Strategic Capital. Irving Investors, certain funds advised by Neuberger Berman Investment Advisers, and SoftBank Vision Fund 2 also participated, the release stated.

The company plans to use the funding to grow its Cybereason Defense Platform, which is powered by artificial intelligence (AI) and features anti-ransomware solutions and other tools, according to the release.

The Cybereason Defense Platform is marketed as “operation-centric,” the release stated, which means it exposes and ends whole “malicious operations.” The platform delivers a full look at every aspect of an attack.

The advancements made by cybercriminals, who now build whole “attack operations” rather than single attacks, make it necessary for tools that help get to the root of the operation more comprehensively, according to the release.

Last month, a Cybereason study found that 80 percent of companies that suffer ransomware attacks that pay the ransom end up getting hit again, PYMNTS reported. Often the same criminals are behind both attacks.

Cybereason Co-Founder and CEO Lior Div talked about the dire effects that ransomware attacks can have, including massive disruptions like what happened earlier this year with the Colonial Pipeline, in which gas shortages cropped up because of the shutdown of the pipeline for a few days.

“Paying a ransom demand does not guarantee a successful recovery, does not prevent the attackers from hitting the victim organization again, and in the end only exacerbates the problem by encouraging more attacks,” he said.

Another widely publicized cyberattack was the one on Kaseya earlier this month, which saw the hackers asking for a $70 million ransom. In that case, Kaseya’s nature as a provider of IT tools made it so that there were so many possible victims in the hacking, it was hard to assess.