XM Cyber secures $17m. to develop cyber defense for cloud-based resources

Pointing to the COVID-19 pandemic which led to millions of people working from home, XM Cyber CEO and co-founder Noam Erez argues that the company is now ‘more essential than ever.'

By HAGAY HACOHEN

JULY 9, 2020 05:59

XM Cyber logo

(photo credit: XM CYBER)

XM Cyber, an award-winning cybersecurity start-up founded by former Mossad director Tamir Pardo and leading figures from the intelligence community, has raised $17 million in funding, the company announced on Thursday.

The funds were secured in Series B Funding round with Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, and Swarth Group, the company reported in a press release.

In an interview with The Jerusalem Post, XM Cyber CEO Noam Erez explained that the service his company offers has two parts. By simulating cyberattacks on the client’s network, those who employ XM Cyber learn how their company is seen via the eyes of a would-be attacker and which path they might take until they take hold of a particular asset such as information or an option to execute an action. The second part is offering, “at the press of a button,” a report that includes all the possible security gaps discovered and, more importantly, how they can be fixed.

While the company founders have some personal connection to the secretive world of the intelligence community, co-founder Boaz Gorodissky told the Post that most of their clients are not spies but more mundane entities such as electric power companies, aviation firms and seaports. This is one more reason it is important to note that the attacks are simulated, enabling the ports, for example, to function as normal while the information is being gathered and processed.

In an age where cyber security became a pressing need for both governments and companies, the global COVID-19 pandemic led to an explosion of people being asked to work from home, some on highly sensitive projects.

“Millions of endpoints are being introduced to corporate networks,” Erez explained in the press release, “significantly expanding the attack surface for cyber criminals and making XM Cyber more essential than ever.”

XM Cyber now offers an extended trial use of its products for those who must respond to the demands of the pandemic in record time.

Its services can be deployed remotely, executed from a distance, and can notice security gaps “almost immediately,” the report claims.

Speaking with the Post, Erez explained that the start-up’s product always learns and adapts to what is taking place around it – meaning, once you get a report with the security gaps and fix them, the service will continue to learn your system, as well as the latest updates in the field, to ensure your safety is maintained for the duration.

The funds are earmarked for more research and development projects, as well as expanding the company’s sales teams around the world. Despite the company offering many remote services, meaning one does not have to be in the same country to enjoy them, it’s often easier to make a sale when all parties involved share a time zone and a language.