SpyCloud has secured $110 million in a growth round of funding to expand globally and enhance its authentication bypass prevention solutions, further fortifying digital identities against cyber threats.
The funding round was led by Riverwood Capital.
The identity analytics solution provider’s automated prevention tools fight back against various cybercrimes, including ransomware, account takeover, session hijacking and online fraud, SpyCloud said in a Wednesday (Aug. 23) press release. The company noted that more 500 market leaders, including half of the Fortune 10 companies, currently rely on the company’s solutions.
SpyCloud’s proprietary engine analyzes data from the criminal underground, according to the press release. By automating the remediation of exposed authentication and identity data, SpyCloud disrupts cybercrime in a unique way compared to traditional methods. The platform identifies and resolves stolen employee and consumer session cookies, credentials and emerging forms of authentication data actively exploited by criminals to target enterprises, their customers and their supply chains.
With the recent funding, SpyCloud has outlined several plans for growth and innovation.
The company aims to accelerate innovations across enterprise protection, consumer risk protection and investigations use cases. Additionally, it plans to release authentication bypass prevention solutions to safeguard businesses and consumers from compromised passkeys. SpyCloud also intends to expand its database of recaptured malware assets, providing valuable insights to help customers and partners stay ahead of advanced cyber threats.
Furthermore, SpyCloud plans to enhance its analytic capabilities to promote an identity-centric view of security, surpassing the device-centric limitations of most corporate security teams, according to the press release. The company also aims to strengthen its integrations with leading identity, incident response, orchestration and directory services tools. To meet the growing demand for identity protection, SpyCloud plans to expand its go-to-market teams globally.
Ted Ross, CEO and co-founder of SpyCloud, emphasized the importance of swift action in addressing identity and authentication exposures to combat cybercrime effectively. Ross said in the release that as authentication methods evolve, businesses must adapt their defenses to counter evolving criminal behavior. SpyCloud empowers organizations to do just that by identifying and resolving critical risks faced by security teams.
PYMNTS research has found that companies are hardening their fraud defenses in response to the relentless intensity of fraud and consumer pressure for more security in transacting.
Eighty-three percent of consumers said security is highly important, according to “Combating Online Fraud With Digital Identification,” a PYMNTS and Prove collaboration.