Security Firm iVerify Raises $12 Million Amid Data Breach Epidemic

In an era dominated by the digital transformation of workplaces and the increasing sophistication of cyber threats, the mobile security industry is scrambling to keep pace. The rise of the global and remote workforce, alongside emerging threats empowered by artificial intelligence, represents uncharted waters for mobile security measures.

Alex Hartz, a partner at Shine Capital, emphasized the urgency of adapting to the evolving landscape. In a recent news release, Hartz stated, “The mobile security industry has not kept up with the rise of the global and remote workforce or emerging mobile threats due to AI.” Highlighting a beacon of progress in this challenging environment, Hartz added, “iVerify is a significant step forward for the industry. Their unique mobile EDR is a comprehensive mobile security product built on a strong foundation of threat detection capabilities previously only accessible to advanced researchers.

The surge in data breaches, particularly those involving credential theft from mobile devices, underscores the critical need for an innovative approach. Mobile devices, often containing sensitive corporate credentials, have become prime targets for cybercriminals. The traditional mobile security solutions are proving inadequate against the sophisticated and evolving threats in today’s cybersecurity landscape.

Addressing this challenge head-on, iVerify has been on the forefront of designing advanced security solutions tailored for the complexities of the modern digital environment. Over the last 12 months, the company has launched a suite of products aimed at enterprise customers. These solutions merge cutting-edge threat detection and mobile forensics with automated response and remediation capabilities. Additionally, iVerify has introduced a Vulnerability Management feature targeting the “highly fractured Android market.” This is complemented by measures to safeguard against smishing—a form of phishing that specifically exploits text or SMS messages—and securing company data from access by compromised devices.

The timing of iVerify’s funding round coincides with a particularly tumultuous period for cybersecurity, marked by several high-profile cyberattacks. Noteworthy incidents include a substantial breach affecting at least 165 customers of the Snowflake multi-cloud data warehousing platform, and an attack on CDK, a software provider for car dealerships. The latter incident has had profound implications, with expectations set for system downtimes extending through the entire month—resulting in significant disruptions to credit checks, loans, and sales contracts across thousands of dealerships.

However, the battle against cyber threats is far from lost. As highlighted in a report by PYMNTS earlier this year, companies are not without defenses. By adopting robust cybersecurity software, securing networks and devices, training employees, implementing multifactor authentication, and establishing clear protocols for verifying sensitive transactions, businesses can fortify their defenses against malware and other cyberattacks.

The advent of AI has made it easier for cybercriminals to execute social engineering attacks. According to Maciej Pitucha, VP of product and data at Mangopay, “We’ve always had social engineering attacks, but with the advent of AI, it’s much easier to create a bot that will have a credible conversation with a victim and convince many victims at the same time to share their credentials, transfer money, and do other things that they wouldn’t normally do.

Pitucha underscores the critical role of data in combating cyber threats. “Data is usually the answer… Building a successful fraud prevention solution requires lots of data, lots of expertise,” he explained. This insight aligns with the approach taken by iVerify—leveraging extensive data and expert knowledge to develop robust defenses against the cyber threats of today and tomorrow.

iVerify’s recent funding success points to a growing recognition of the vital importance of advanced mobile security solutions. As the digital landscape continues to evolve, the battle against cybercrime will demand constant innovation and vigilance. With firms like iVerify leading the charge, there’s a stronger hope for safeguarding our digital futures against the ever-present threat of data breaches and cyberattacks.

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