The pandemic has brought about an unprecedented surge in cloud adoption as companies scrambled to digitally transform to stay afloat. A survey by O’Reilly revealed that 90% of organizations are now using cloud computing, up from 88% in 2020.
This rapid adoption of the cloud has led to an increase in cloud-related security issues. In a poll of UK executives by PwC, cloud security risks were found to be at the top of the cybersecurity agenda, with 39% of respondents expecting such risks to significantly affect their organizations in the coming months.
One company that has benefited from this trend is Mitiga, a Tel Aviv-based cloud security firm that offers a subscription-based service to help companies prepare for cloud and SaaS attacks.
Mitiga has raised $45 million in a Series A funding round led by ClearSky Security, bringing its total funding to $77 million. The company plans to use the fresh capital to develop its products and expand its workforce.
Mitiga’s founders, Tal Mozes, Ofer Maor, and Ariel Parnes, have previously spearheaded Hacktics, a penetration test company that was acquired by Ernst & Young, and Seeker Security, an app security automation product that Synopsys bought in 2015.
Mitiga is unique in that it takes a modern approach to cloud incident response. Its service analyzes cloud forensics data for investigation, storing forensics data from various clouds and software-as-a-service apps.
Using a library of cloud attack scenarios, Mitiga hunts for attacks in the forensics data, managing and orchestrating the response in real-time.
The company has built a module called “forensics as code” that enables researchers to automate the work of incident response and threat hunts. According to Mozes, partnering with Mitiga enables teams to do more, extending their capabilities without hiring expensive, hard-to-find new talent.
While Mitiga’s solution may be as good as Mozes claims, the competition is growing fiercer. Cloud security startup Wiz raised $300 million at a $10 billion valuation just in February.
Sentra, which finds data in the cloud and offers remediation plans for data security teams, raised $30 million in January. Other players in the market include Dig Security, Laminar, and Opus Security.
According to Insight Partners, the global market for cloud security could grow from $48.57 billion in 2022 to $116.25 billion in 2028.
Mozes expressed confidence in Mitiga’s growth trajectory, citing the need for quick incident response times in the cloud and SaaS era. However, he did not disclose the company’s customer base or revenue numbers, citing competitive reasons for the secrecy.
While the competition is certainly growing in the cloud security market, there is no doubt that the need for such solutions will continue to grow alongside the adoption of cloud computing.