Aug
07
2018
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RiskRecon’s security assessment services for third-party vendors raises $25 million

In June of this year, Chinese hackers managed to install software into the networks of a contractor for the U.S. Navy and steal information on a roughly $300 million top-secret submarine program.

Two years ago, hackers infiltrated the networks of a vendor servicing the Australian military and made off with files containing a trove of information on Australian and U.S. military hardware and plans. That hacker stole roughly 30 gigabytes of data, including information on the nearly half-a-trillion dollar F-35 Joint Strike Fighter program.

Third-party vendors, contractors and suppliers to big companies have long been the targets for cyber thieves looking for access to sensitive data, and the reason is simple. Companies don’t know how secure their suppliers really are and can’t take the time to find out.

The Department of Defense can have the best cybersecurity on the planet, but when that moves off to a subcontractor how can the DOD know how the subcontractor is going to protect that data?” says Kelly White, the chief executive of RiskRecon, a new firm that provides audits of vendors’ security profile. 

The problem is one that the Salt Lake City-based executive knew well. White was a former security executive for Zion Bank Corporation after spending years in the cybersecurity industry with Ernst & Young and TrueSecure — a Washington, DC-based security vendor.

When White began work with Zion, around 2 percent of the company’s services were hosted by third parties; less than five years later and that number had climbed to over 50 percent. When White identified the problem in 2010, he immediately began developing a solution on his own time. RiskRecon’s chief executive estimates he spent 3,000 hours developing the service between 2010 and 2015, when he finally launched the business with seed capital from General Catalyst .

And White says the tools that companies use to ensure that those vendors have adequate security measures in place basically boiled down to an emailed checklist that the vendors would fill out themselves.

That’s why White built the RiskRecon service, which has just raised $25 million in a new round of funding led by Accel Partners with participation from Dell Technologies Capital, General Catalyst and F-Prime Capital, Fidelity Investments’ venture capital affiliate.

The company’s software looks at what White calls the “internet surface” of a vendor and maps the different ways in which that surface can be compromised. “We don’t require any insider information to get started,” says White. “The point of finding systems is to understand how well an organization is managing their risk.”

White says that the software does more than identify the weak points in a vendor’s security profile, it also tries to get a view into the type of information that could be exposed at different points on a network.

According to White, the company has more than 50 customers among the Fortune 500 that are already using his company’s services across industries like financial services, oil and gas and manufacturing.

The money from RiskRecon’s new round will be used to boost sales and marketing efforts as the company looks to expand into Europe, Asia and further into North America.

“Where there’s not transparency there’s often poor performance,” says White. “Cybersecurity has gone a long time without true transparency. You can’t have strong accountability without strong transparency.”

Mar
08
2018
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New DDoS extortions hit the Internet

 A 1.3 Tbps DDoS attack – essentially a massive torrent of data aimed at a single target – nearly took down network provider Akamai on March 1. While the attack itself is notable more interesting is what was hidden inside the attack itself.
The attack used a memcached exploit which is a legitimate service on many servers. The service is set to accept data, using the User Datagram… Read More

Jul
10
2017
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More funding for AI cybersecurity: Darktrace raises $75M at an $825M valuation

Digital security key concept background with binary data code With cybercrime projected to reap some $6 trillion in damages by 2021, and businesses likely to invest around $1 trillion over the next five years to try to mitigate that, we’re seeing a rise of startups that are building innovative ways to combat malicious hackers.
In the latest development, Darktrace — a cybersecurity firm that uses machine learning to detect and stop attacks… Read More

Feb
13
2017
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Researchers simulate a ransomware attack on industrial controls

Aerial shot of wastewater treatment facility in Houston, Texas (Photo: Getty Images/Jupiterimages/Photolibrary) Researchers at the Georgia Institute of Technology have created a form of ransomware that can hit us where it really counts: the water supply. Their program installed itself in a model water plant and allowed the researchers to change chlorine levels, shut down water valves, and send false readings to monitoring systems.
“We are expecting ransomware to go one step farther, beyond the… Read More

Feb
23
2016
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CloudFlare’s New Domain Registry Protects Site Owners From Domain Hijacking

SAN FRANCISCO, CALIF. - SEPT 29, 2010 Photo by Max Whittaker CloudFlare, the security-focused content delivery network, already protects its customers from DDoS attacks and other attacks, but today, the company is taking another step to ensure its customers remain in control of their sites. CloudFlare is launching a domain registry service — CloudFlare Registrar — that protects high-profile sites from domain hijackings and domain… Read More

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