Why Trapx Got $18M for Deception Cybersecurity

TrapX has created a new generation of deception technology that provides real-time breach detection and prevention. Our field proven solution deceives would-be attackers with turn-key decoys (traps) that “imitate” your true assets. Hundreds or thousands of traps can be deployed with little effort, creating a virtual minefield for cyberattacks, alerting you to any malicious activity with actionable intelligence immediately.

One of TMCnet’s sister sites covered the company in 2017 where Moshe Ben-Simon, co-founder and vice president of TrapX Security, said the WannaCry ransomware is another example of the accelerating trend of organized crime using ransomware, and that this is happening on three fronts. That includes the deployment of purpose-built ransomware being deployed en masse, such as in the WannaCry attack.

On another sister site Steve Morgan listed the company as a cybersecurity company to watch – this was back in 2015.

Our colleague Ken Briodagh reported on a TrapX IoT report in 2015 related to IoT cybersecurity and suggested the following which are still relevant today:

  • Do a design review on all components. This, TrapX admits, will be a pain, but it is necessary.
  • Design and evaluate a strategy to rapidly integrate and deploy software and hardware patches to end-users supply chain. If at all possible, do not allow any of your devices to be bootable from a USB port.
  • Sign the software to validate its authenticity.
  • Run security tests to discover vulnerabilities. You should probably use an outside security penetration firm for this.
  • Implement firewalls to resist hacker attacks and only allow specified IP addresses in or out.
  • Protect the project management interface from attackers and only allow limited access to the management server.

TrapX just got a series C of $18 million to protect IoT networks and SCADA.

“This round of funding will help propel TrapX as we embark on our growth stage of the company. Global expansion and continued R&D innovation will be the catalyst for highly regulated industries and those plagued with legacy infrastructure are increasingly turning to TrapX to detect and deceive today’s cybercriminals,” said Moshe Ben-Simon, CEO of TrapX Security.

Ori Bach, General Manager of TrapX Security added, “As we look to the future of TrapX, it is obvious that deception is now a part of the core foundation of security architecture, leading to real-time breach detection and prevention.”

The reason for deception technology is quite simple. The threats from casual hackers, terrorists, organized crimes and nation states continue to grow. For example, in the past few weeks, Iran has been stepping up its attacks on IoT networks via Silex and Microsoft Outlook via APT33.

Then there are the incredible NSA hacking tools which have leaked out and are being used by many sophisticated hackers.

The point is – there are so many threats and hackers will eventually get in if they are determined. As a result – deception technology can be useful in fooling the hackers into targeting the wrong information within your organization.

Learn about the latest in everything you need! Cybersecuritythe Channel, IT, IOT, Edge, AI, SD-WAN, and the Future of Work at the world’s only MSP Expo, part of the ITEXPO #TechSuperShow, Feb 12-14, 2020 Fort Lauderdale, FL.

 

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