Real time enterprise forensics platform
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For those they don’t know, I am part of Binalyze’s Board of Advisors team. This team develops a real-time forensic platform. EU Startup just donated EUR8.7 million to us and featured us on their website. Here’s the complete story:
By : Patricia Allen
Binalyze, an enterprise forensics platform, has raised EUR8.7million in order to help companies respond more effectively to cyber threats. OpenOcean led the funding with Earlybird Digital East participating. This was Binalyze’s pre-seed round in 2011.
Cybercrime is a major concern for enterprises in this digital age. Over half of large companies deal with hundreds to thousands of cybersecurity alerts each day, according to some estimates. It is now accepted that businesses cannot prevent all breaches.
Traditional digital forensic tools can be slow and require technical expertise that is not readily available. It can take several weeks or even months for an enterprise to understand the full extent a cyber attack. Cyberthreats require quick responses. Binalyze’s focus is on redefining how enterprises respond in cyber security breaches.
Emre Tinaztepe is the CEO and founder Binalyze. He stated that “100% breach prevention” is no longer a realistic goal. An investigation should include visibility for forensic purposes. Enterprises must be equipped with the right tools in order to quickly and effectively respond to any suspected breach.
“Speed is the key. Once they have access to a corporate network, cybercriminals can work quickly. Binalyze is fast and captures the most detailed forensic snapshots. It then creates a detailed digital report in under 10 minutes. It significantly speeds up incident response from identification to remediation.
Binalyze was founded in 2018 and has seen rapid growth with its annual recurring revenue increasing 20 times in the last year. It already has a large customer base that includes Fortune 500 companies and international brands, as well as auditing companies and airlines.
The platform provides real-time forensic visibility to core security stack. It redefines how enterprises can use forensics in real-world situations and helps them to minimize the impact of breaches and accelerate root cause analysis so it does not happen again.
Ekaterina Almasque is the General Partner of OpenOcean. She stated: “In today’s world, companies face a vast array of cybersecurity alerts. Response times are painfully slow and have serious consequences for their business. It took 1.5 years for SolarWinds to be detected. Binalyze’s highly-skilled team and its product that detects the root cause in minutes, rather than days/months (and sometimes years) – makes it ideal to assist a rapidly-growing number of customers.
This investment will allow for further innovation that will set the standard for next-generation Enterprise Forensics solutions. It will enable Binalyze to expand its cloud-native capabilities to increase coverage in container and cloud environments. This will allow it to remain the fastest and most comprehensive Enterprise Forensics Platform available.
Binalyze will also expand in the US, Europe and other key global markets. This will enable enterprises, MSPs and Incident Response partners, to mount a forensic response in near-real time to cybersecurity attacks. This reduces the business’s risk and costs.
Enterprise Forensics is a key to delivering cyber resilience
Enterprise cyber security has come to recognize that 100% of breaches can be prevented. This is despite an exponential growth in attack vectors and their velocity, as well as the enterprise attack surface.