News

Neosec raises $20.7M to protect APIs from business abuse and data theft

As seen on Help Net Security.

Neosec announced that it has emerged from stealth mode and completed its Series A fundraise with a total investment of $20.7 million from True Ventures, New Era Capital Partners, TLV and SixThirty in addition to security visionaries Mark Anderson, Gary Fish, Mickey Boodaei, Rakesh Loonkar and Shailesh Rao.

The company is taking a different approach from today’s traditional application security tools that typically rely on protecting a perimeter using signature-based methodologies. Instead, Neosec brings established techniques from XDR (Extended Detection and Response) security products, including precise behavioral analytics, to reveal threats and business abuse hiding inside APIs.

“Today’s new applications are all API-driven, which creates a new attack surface that puts business fundamentals at risk,” said Brian Sack, principal at TLV Partners. “Traditional application security techniques are scarcely relevant in a cloud and API-first world.”

APIs are the building blocks of digital business and help speed up innovation and software development by easily connecting businesses, partners and services. While APIs already represent a substantial portion of an organization’s traffic, their rapid adoption has made them a conduit for misuse, manipulation, theft and attack.

Most enterprises underestimate the risk, because they lack a comprehensive inventory of APIs and are unaware of the scale of unknown shadow APIs. They also have no way to assess what is being done within an API. Industry analysts have predicted that API abuses and attacks will soon become the most common vector for stealing from or impairing enterprises.

Subscribe to our newsletter

Click here to subscribe