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LightCyber Raises $20M to Detect Intruders

LightCyber Ltd. raised $20 million in Series B funding to help companies detect active cyberattackers.

Claltech, the Israeli arm of Access Industries, and cybersecurity veteran Shlomo Kramer led the round. Existing investors Battery Ventures, Glilot Capital Partners and Amplify Partners also participated.

The Ramat Gan, Israel, company launched in 2011 to assist companies in finding hackers once they have infiltrated their networks. LightCyber Chief Marketing Officer Jason Matlof said the company wanted to complement the weaknesses of traditional security software, which focuses on securing the perimeters.
The company calls this approach “behavioral attack detection,” or BAD.

“There is no chief security officer in an organization that we talk to who is not interested, who says I’ve already got my bases covered,” Mr. Matlof said. “No one is foolish enough to say that.”

Mr. Matlof said companies are beginning to shift their security spending from prevention to a balanced approach of prevention and detection. He said the largest hurdle for the company will be to overcome the inertia that exists in large enterprises when it comes to making changes in security budgets.

Most customers have been early adopters of new security techniques. Mr. Kramer said the new financing will help LightCyber reach out to the mass market.

“We see that these insider threats are not specific to any vertical,” Mr. Kramer said.

LightCyber customers include network security company Gigamon Systems LLC, the Tel Aviv Stock Exchange and telecommunications company Orange Communications.

The company has raised $32 million in funding to date.

http://www.wsj.com/articles/lightcyber-raises-20m-to-detect-intruders-1466595007