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SpecTrust, a San Jose, California-based startup developing a no-code cybersecurity platform, today emerged from stealth with $4.3 million in seed funding led by Cyber Mentor Fund. Founded by employees from ThreatMetrix, eBay, Fastly, and Akamai, SpecTrust plans to put the proceeds toward product R&D and global hiring efforts.
Cybercrime losses exceeded $50 billion in 2019, and enterprises are spending over triple that figure on digital defense solutions. As the pandemic spurs companies to accelerate their digital transformations, cybersecurity is becoming a larger concern. Deloitte notes that between February and May 2020, more than half a million people were affected by breaches in which videoconferencing data was stolen. Meanwhile, an increasing number of cyberattacks are using previously unseen malware or methods, with the proportion rising from 20% prior to the pandemic to 35% during the pandemic.
SpecTrust’s no-code platform allows security teams to deploy, optimize, and enforce layered cybercrime defenses without engineering. A stream processor transforms internet traffic into normalized data and insights, while a dashboard lets customers isolate abuse patterns, model decision automation, and enforce protections.
“There are hundreds of thousands of risk defense professionals who are quietly fighting a multi-billion dollar empire of cybercriminals. When risk defenders aren’t set up for success with unified data and tools, businesses and consumers suffer,” cofounder and CEO Nate Kharrl said in a press release. “We’ve worked alongside these heroes for years and built SpecTrust to empower them to finally fight cybercrime and win.”
Growth in cybersecurity
Emerging fintech companies are offering financial services to millions of consumers, ecommerce revenues are growing at a record rate, and enterprises are embracing cloud and hybrid digital transformation strategies. As a result, 89% of companies rely on effective cybercrime defenses in order to enable their growth strategies, Merchant Risk Council reports.
According to Gartner, nearly 70% of enterprises plan to accelerate spending on cloud services in 2021. As more data moves to the cloud, attacks on cloud infrastructures are increasing significantly, putting new pressures on security teams to respond quickly.
“The unique combination of talent, technology and time-to-market is what sets SpecTrust apart from the rest of the startups launching into the anti-cybercrime arena,” Cyber Mentor Fund cofounder Joe Eandi said in a statement. “SpecTrust’s approach to automatically collect behavior and identity data across the entire user journey allows customers to orchestrate and optimize risk defenses.”
In addition to Cyber Mentor Fund, Rally Ventures, SignalFire, Dreamit Ventures, and Legion Capital participated in SpecTrust’s latest financing round.
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