🌍 Cybersecurity Innovation Pulse #007 - Securing Latin America; Splitting the Pulse; Identity Security Heating Up; Cisco Acquires Lightspin
Week of Mar. 23 - Mar. 30, 2023
Welcome to the 7th edition of the Cybersecurity Market Pulse newsletter! I'm Darwin Salazar, keeping tabs on industry updates such as product launches, innovation, collaborations, funding, earnings, and M&A for your convenience. Subscribe for weekly insights straight to your inbox, and if you find it valuable, share it with a friend. Enjoy this week's issue!
The Market Beat 🥁
A Collaborative Effort to Build a Cyber-resilient Latin America (LATAM)
The recently released LATAM CISO Report 2023 surveyed over 200 CISOs in the LATAM region and highlighted the need for more collaboration, funding, and ultimately, a different approach toward cybersecurity. A combination of geopolitical tensions, ransomware gangs, rapid digital transformation, and an expanding attack surface has rendered LATAM increasingly vulnerable to cyber threats. Not to mention that only 61% of organizations reported conducting security risk assessments at least once a year. While many, including myself, have been waiting for LATAM to adopt a more serious approach to security, it seems that the time has finally come. This study was led by Duke University in collaboration with industry leaders such as Google, AWS, Cisco, Palo Alto Networks, and several others.
In response to the growing need for enhanced security measures and at the Costa Rican President’s request, the U.S. government has announced a $25 million cybersecurity aid package for Costa Rica. This follows a recent ransomware attack by the Conti group which impacted critical services and various government agencies. The initiative and funding include technical assistance, training, and equipment to reinforce critical infrastructure and combat cybercrime. By strengthening Costa Rica's cyber defenses, the aid package aims to promote a more resilient and secure LATAM region. This is a prime example of how collaboration can help address emerging cyber challenges in LATAM.
Cybersecurity Investments and M&A Activity Lose Momentum in Q1 2023
The first quarter of 2023 saw a significant slowdown in cybersecurity investment and merger & acquisition activity compared to last year. This decline indicates that investors are becoming more cautious and selective when making investments within the cybersecurity sector which is to be expected given the current macroeconomic environment and the Silicon Valley Bank debacle. For more on this and insight into data points, check this Dark Reading article which has insights from Richard Stiennon of IT-Harvest and Eric McAlpine of Momentum Cyber.
Spera comes out of stealth
Spera has emerged from stealth mode to address the complex challenges of identity security. The company has raised $10M in seed funding from YL Ventures and several angel investors.
Spera's solution offers Identity Security Posture Management (ISPM) by providing identity-based threat and risk-hunting capabilities. This approach aims to help customers maintain a strong security posture by effectively identifying, assessing, and mitigating identity-related risks across major cloud providers and SaaS offerings (i.e., Okta, Salesforce). Having gone through a demo of their product, I can say I’m a big fan of what they’ve built and their vision for the future of identity security.
The introduction of Spera's solution comes at a crucial time as the Cybersecurity and Infrastructure Security Agency (CISA) and the National Security Agency (NSA) have recently released a robust 31-page Identity and Access Management (IAM) framework. Spera's offering aligns with several of these recommendations and seeks to enhance the security landscape by focusing on the critical aspects of identity management.
Funding
DataDome
DataDome secured $42M in a Series C funding round for its bot detection and fraud protection technology. The round was led by InfraVia Growth with participation from Elephant and ISAI.
Britive
Britive, a cloud identity security provider lands $20.5M in Series B funding led by Pelion Venture Partners with participation from several other venture firms.
Spera
Spera, the ISPM provider highlighted in the previous section has raised $10M in seed funding from YL Ventures and several angel investors.
True i/o
True i/o, a blockchain security firm, raised a $9M Series A led by DealBox Ventures.
Abnormal Security
CrowdStrike announced a strategic investment in and partnership with Abnormal Security, though the specific amount was not disclosed. Abnormal is an established email security provider leveraged by customers like the NFL, Boston Scientific, and many others.
Mergers & Acquisitions
Cisco to acquire Lightspin
Cisco has agreed to acquire Israeli cloud security startup, Lightspin, for $200-250M. Lightspin was founded in 2020 and has raised $20M in funding. Their CNAPP offering and Root Cause Analysis feature put them at the forefront of the fast-paced cloud security marketplace. This acquisition will enhance Cisco's cloud security offerings, addressing risks in cloud environments and complementing its existing portfolio. Other notable Cisco security acquisitions include Valtix, Kenna Security, Portshift, Sentryo, Duo Security, Observable Networks, and CloudLock.
Splashtop acquires Foxpass
The remote access software provider Splashtop has acquired Foxpass, an IAM startup, for an undisclosed amount. The acquisition aims to strengthen Splashtop's security offerings, integrating Foxpass's IAM solutions to enhance remote access capabilities for clients.
New in the Intel Hub 🧠
Crunchbase: Study of Gender Diversity on Private Company Boards, 2022
TrendMicro: ICS/OT Cybersecurity TXOne Annual Report Insights, 2022
What Happened to the Innovation Intersection🌴
You may be wondering “What Happened to the Innovation Intersection section?” Well, I'm thrilled to share some news with you! To better serve our rapidly growing community and address your diverse interests, I've decided to split our newsletter into two distinct editions: "Cybersecurity Innovation Pulse" and "Cybersecurity Market Pulse."
This transformation allows me to deliver more targeted, in-depth content, ensuring you receive the most pertinent and captivating information tailored to each specific area of the security landscape.
In the Cybersecurity Innovation Pulse, you can expect comprehensive coverage of the latest product releases, enhancements, and groundbreaking innovations within the industry. This will be delivered every Tuesday. Meanwhile, Cybersecurity Market Pulse will provide you with insightful updates on funding news, mergers and acquisitions, emerging startups, and earnings reports in the sector. This will be delivered every Thursday.
By splitting the newsletters, I aim to maintain a balanced content flow throughout the week, offering you valuable insights into the topics that genuinely matter to you. Both newsletters will continue to be available free of charge. For our cherished paid subscribers, stay tuned for exclusive, exciting updates coming your way!
I'm truly grateful for your ongoing support and can't wait to embark on this new chapter with our exceptional community. I hope you enjoy the newly tailored newsletters, and as always, your feedback and suggestions are highly appreciated! If you’re not already subscribed, hit that subscribe button and if you are, share with a friend!
