SAN JOSE, Calif., July 1, 2019 /PRNewswire/ -- TrapX Security®, the global leader in cyber deception technology, announced today that the company has completed an $18 million financing round led by Ibex Investors to expand the company's global footprint to additional countries and verticals. Existing TrapX investors, such as BRM, Opus Capital, Intel Capital, Liberty Technology Venture Capital, and Strategic Cyber Ventures also participated in the round, which will accelerate the company's ability to meet the demand for its award-winning deception technology.
Incorporated in 2012, TrapX Security has disrupted the Cyber Threat Detection and Response by pioneering a new game-changing approach coined "Deception Technology". TrapX has a unique approach to threat detection as a "right data" problem, rather than a "big data" problem allowing security teams to change the economics of cyber-attacks.
Ibex Investors specializes in partnering with innovative companies looking to make a large impact in their respective markets. President of Ibex Investors, Brian Abrams, who will join the board of directors, said, "TrapX is positioned for a phenomenal opportunity in the cybersecurity market, given its ability to provide unparalleled visibility and to operate in environments that cannot deploy other security tools because of economic or technical reasons such as highly distributed networks, IoT networks, and SCADA. We are impressed with the company's continued focus on leading the threat detection market in innovation and cutting-edge technology."
"This round of funding will help propel TrapX as we embark on our growth stage of the company. Global expansion and continued R&D innovation will be the catalyst for highly regulated industries and those plagued with legacy infrastructure are increasingly turning to TrapX to detect and deceive today's cybercriminals," said Moshe Ben-Simon, CEO of TrapX Security.
Ori Bach, General Manager of TrapX Security added, "As we look to the future of TrapX, it is obvious that deception is now a part of the core foundation of security architecture, leading to real-time breach detection and prevention."
The announcement comes on the heels of record customer growth for TrapX and several important milestones:
- Last month, TrapX announced the release of the latest enhancements to the company's DeceptionGrid platform, which allows its customers to launch a virtual army of artificial users to expose cyber attackers.
- TrapX DeceptionGrid was named the Best Deception Technology in the industry, offering creative new ways to combat the most advanced cyber attackers.
- Introduction of the world's first cyber-deception user community: DeceptionNet. The DeceptionNet community enables cyber-security teams to deceive cyber attackers by sharing deception strategies, new types of traps (decoys), and third-party connectors to greatly enhance the effectiveness of deception.
- Global Expansion of the TrapX partner ecosystem with integrations including Check Point and Cylance, as well as other key players in the cybersecurity market.
According to Gartner, "Deception tools force a paradigm shift by approaching threat detection as a 'right data' problem, rather than a 'big data' problem like SIEM, UEBA, or NTA vendors posit." Gartner also recommended to security and risk management leaders to "Include deception tools as an alternative in any threat detection initiative, as a main tool for small and midsize enterprises or as a complement to other approaches. At the very least, deception tools will offer high-quality alerts via an easy-to-manage ecosystem of simple landmines that nobody is supposed to touch."
*Gartner, Improve Your Threat Detection Function With Deception Technologies, Gorka Sadowski et al., 27 March 2019.
About TrapX Security
TrapX Security is the pioneer and global leader in cyber deception technology. Their DeceptionGrid solution rapidly detects, deceives, and defeats advanced cyber-attacks and human attackers in real-time. DeceptionGrid also provides automated, highly accurate insight into malicious activity unseen by other types of cyber defenses. By deploying DeceptionGrid, you can create a proactive security posture, fundamentally halting the progression of an attack while changing the economics of cyber-attacks by shifting the cost to the attacker. The TrapX Security customer-base includes Forbes Fortune 500 commercial and government customers worldwide in sectors that include defense, healthcare, finance, energy, consumer products, and other key industries. Learn more at www.trapx.com.
SOURCE TrapX Security