DefensX, developer of a Zero-Trust Secure Web Browser extension and solutions recently announced it has received investment funding rom the Development METU Technopark Venture Capital Investment Fund (Invest101), established in cooperation with the Türkiye Development Fund (TDF (News - Alert)) and METU Technopark.
"We are pleased to welcome Osman and the DefensX team to our Invest101 family," said Elif Altug, Ph.D., CFA, CEO and Board Member of Türkiye Development Fund. "The company has already proven the enormous value of technology in our country, our region, and globally, and we look forward to their expansion in such a mission-critical area. Without the ability to defend against growing threats, digital and structural transformation is limited. DefensX addresses risks in a modern way that is accessible, affordable, and sustainable."
Invest101 supports new-generation, early-stage technology startups to scale up innovative solutions across artificial intelligence (AI), machine learning (ML), big data, cybersecurity, fintech, gaming technologies, software development technologies, internet of things (IoT), augmented reality (AR), virtual reality (VR), cloud technologies, advanced material, robotics, nanotechnology, biotechnology, renewable energy, and mobility.
DefensX's Zero Trust Secure Web Browser – with capabilities including Zero Trust Web Protection, Zero Trust Credentials, Zero Trust File Protection, Remote Browser Isolation, and DNS++– is built on a cloud-first architecture that has been adopted by major distribution channels around the world. Now, DefensX is poised to scale as the challenges they have been solving for continue to mount.
The announcement comes at a time when many organizations across nearly all industries are looking to enhance their cyber security portfolios, including as a means of shielding their cloud servers. When it comes to the cloud, a new report by CrowdStrike, found that the cloud has become one of the most prevalent targets for cyber attackers and will continue to be so due to the numerous enterprises leveraging the technology. While cloud delivers a wide range of business benefits, it also provides vast areas of potential access for would-be hackers.
The reports' sentiment is also echoed by current cloud cyber crime statistics from 2022. Reports found that in 2022, 45 percent of breaches were cloud-based, and 80 percent of companies had experienced at least one cloud security incident in the last year, with 27 percent of organizations experiencing a public cloud security incident—up 10 percent from 2021.
On top of a larger surface area for attacks, cyber criminals are leveraging new methods for evading defensive protocols once they've gained access to the cloud. In 2022, most hackers tried to evade defenses by deactivating security products running inside virtual machines, while some attempted to masquerade by choosing proxy exits close to expected victim locations or naming newly created virtual machines according to victims' naming schemes.
Finally, whichever tactic a hacker uses to gain access to an enterprise's cloud, the consequences can be drastic and, in some cases fatal to businesses, depending on the size of the company. New studies found the average cost of a cloud data breach was $4.35 million in 2022.
However, the same study found an increasing gap between the cost of a breach suffered by organizations with advanced security processes in place and those without. This makes cyber security capabilities, like DefensX's Zero Trust solution, an essential piece of the puzzle for enterprises looking to thwart cybercriminals in the digital age.
"We are deeply honored to have been chosen by the Invest101 team, given their shared focus on creating strong regional and global companies engaged in strategic industries," said Osman Erkan, Co-Founder, and CEO of DefensX. "We look forward to becoming a strong contributor to their network of investors and entrepreneurs who are committed, as we are, to developing and expanding meaningful and sustainable solutions, especially in the cyber security arena as threats continue to accelerate."
Last month, DefensX announced it had closed a financing round by Revo Capital, a venture capital fund investing in truly innovative, seed and early-stage B2B or B2C technology ventures. The investment of Invest 101 was realized as an extension of the above-mentioned round.
As demand for DefensX cyber security solutions continues to grow in North America, Western and Eastern Europe, Asia Pacific, and Europe Middle East and Africa, Invest 101 and Revo's investments will accelerate further expansion and software-as-a-service development.
Edited by Erik Linask