A start-up business based in San Diego has generated significant interest lately due to its recent acquisition of $8.8 million in funding. Known as AttackIQ, the firm specializes in cybersecurity. The fundraising feat concludes the company’s Round A of funding, which stretched across the past few years.
Meeting a Defined Need
Statistically, nine out of 10 startups fail. That fact alone is intimidating enough to make even the most determined entrepreneurs have second thoughts about launching their businesses. The top reason why startups don’t succeed is reportedly because there is not an identified need for their associated products. However, AttackIQ is different, as it fulfills a clear need identified by the marketplace.
In 2015, cybercriminals carried out over a million attacks on unsuspecting internet users. Estimates suggest that about 75 percent of legitimate websites had unpatched vulnerabilities. That statistic indicates that companies have stretched IT personnel to their limits while trying to make websites as secure as possible. AttackIQ offers a tool that can help.
Data-Driven Assurances of a Secure System
FireDrill is an AttackIQ platform that uses data to help users breathe easily and know their security procedures are in place and working as they should. It’s different than existing systems, because rather than simply examining known points of vulnerability, AttackIQ looks at the entire infrastructure. Furthermore, it does so on an automated basis, so rigorous testing happens without constant human input.
Helping Professionals Protect Sensitive Data
One reason why AttackIQ was so successful in securing a large amount of funding in such a short amount of time is its audience. It’s geared towards businesses and industries that care a lot about internet security, but may not have the time nor know-how to invest a lot.
Take the health care industry, for example. Companies must maintain tight security due to patient privacy concerns, and is making positive strides with electronic records.
Among healthcare physicians, 54 percent believe medical informatics systems are more secure than paper-based alternatives. In order to maintain that majority statistic and help health care providers increase their confidence in electronic records, it’s important for doctor’s offices, hospitals and other health-related entities to rely on technology such as FireDrill. This technology ensures that they don’t have gaps in the security of their networks.
AttackIQ offers a purpose-built platform that integrates with any existing network and not only identifies potential security threats, but provides actionable tips about how to resolve them. There’s also data that indicates how much a business is spending to keep its network to be secure, and use that insight to make expense projections and verify whether money is being spent in the best ways.
AttackIQ’s representatives assert that companies regularly spend hundreds of millions of dollars attempting to secure their infrastructures, but they lack the assurance the money is well spent. Because AttackIQ regularly checks for weak points and suggests how to resolve them, it arms businesses with the knowledge they need to prevent security compromises that could damage their reputations, reduce their profits and cause loss of focus.
A Notable Startup
As mentioned earlier, startups are much more likely to fail than succeed. However, earlier this year, CIO Magazine and Network World picked AttackIQ to be included on a list of noteworthy startups to watch.
Since the company seems to have such a bright future ahead of it, it’ll be interesting to see if AttackIQ can live up to expectations. In a few years, we may find the company has completely changed how businesses minimize and identify security threats. AttackIQ will reportedly put its $8.8 million towards various parts of its business, ranging from improving sales and marketing, to expanding its engineering teams.