Cloud Incident Response Brings in Another $45M in Latest Mitiga Funding

Cloud adoption is on the rise. Last year alone, 89% of companies migrated data from on-premises storage to the public cloud. And 84% of businesses plan to increase the amount of data they store in the public cloud in 2023.

This is great news for policy makers. But for security teams, the growing use of cloud services requires a new approach to securing data as they move from on-premises devices to SaaS apps, containers and services, a daunting task amid an ongoing security deficit. cybersecurity skills.

Yet a growing number of vendors are turning to automated threat hunting and response to mitigate cloud-based threats. One such provider is cloud and SaaS incident response provider Mitiga, which today announced it has raised $45 million in a Series A funding round led by ClearSky Security.

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Overall, the funding highlights that investors and organizations are looking for new, scalable solutions to identify and fix vulnerabilities in the cloud as quickly as possible.

Why is securing the cloud so difficult?

The announcement comes not only as cloud adoption increases, but cloud breaches increase, with 45% of organizations facing a data breach or audit failure involving data and applications in the cloud in 2022 vs. 35% in 2021.

One of the main reasons these breaches are so common is that cloud environments are complex.

Key data assets and personal information can move from an employee's on-premises desktop to a SaaS application, service, container, or a colleague's personal device, with inappropriate access controls or erroneous configurations exposing the information to hackers.

"Cloud and SaaS are built on a shared responsibility model, but when breaches occur, the responsibility for incident response rests entirely with the organization," said Tal Mozes, co-founder and CEO of Mitiga.

He continued, "However, these same organizations don't have the forensic data they need to investigate; that information is passed rapidly to a host of CSPs (Cloud Security Providers) and applications, all with different processes and standards for providing access to information.”

Mitiga's answer to these challenges is its IR2 platform, an automated solution for collecting, organizing and analyzing forensic data collected on services such as AWS, Azure, Google Cloud, GitHub and Slack.

For example, the tool can scan an application for indicators of compromise and compare it to a Cloud Attack Scenario Library (CASL). If there is a match, he can implement an automated incident response to contain the incident.

The organization also has a group of investigators specializing in cloud forensics who can help respond to complex security breaches.

A Look at the Incident Response Market

Mitiga's solution fits loosely into the global incident response market, which ResearchandMarkets estimates will reach a value of $119.39 billion in 2030, as more and more organizations are trying to keep pace with modern cybercrime.

One of Mitiga's biggest competitors is Cado Security, which announced last week that it had raised $20 million in funding for its own cloud-based automated incident response solution. The tool automatically collects forensic-level data across cloud, container, and serverless environments.

Mitiga also competes with larger organizations such as Palo Alto Networks, which offers Cortex XDR, a tool that uses machine learning to identify malicious activity, including malware infection, exfiltration data and credential stuffing through the use of behavioral analytics.

Palo Alto Networks recently raised a $1 revenue round....