Rising Need for Viable Cybersecurity Solutions
Morphisec has distinguished its business from the competition and attracted small and mid-sized businesses (SMBs) with its endpoint protection service — developed to provide cost-effective and top-quality cyber protection. Meanwhile, rivals of the startup company are trying to lure interest from big enterprise names.
The demand for Morphisec’s services surged even more during the pandemic. A chief executive of the cybersecurity company, Ronen Yehoshua, stressed that security is currently more important to mid-sized companies as they attempt to shift to the cloud and other aspects of their digital transformation.
“If you are able to help them to protect and prevent before the attack comes and does damage, then we solve 90% of the problem in terms of people and cost,” Yehoshua said.
The startup business designs solutions to help those companies by automating security. Morphisec claims it is protecting 7 million endpoints at the moment and intends to use the new proceeds to hire more employees.
The startup company utilizes a cybersecurity technique known as “moving target defense” that continuously amends the security parameters of a system to prevent attacks. What this does is that it turns on a type of zero trust defense, without requiring highly-experienced deep cybersecurity employees to thwart attacks.
Furthermore, Morphisec utilizes existing cybersecurity company solutions and improves their efficiency. The company has even entered into a business partnership for a product that makes the new security tools in Microsoft Windows 10 more user-friendly.
Yehoshua added that through this attack prevention, the startup company managed to cut security tools, costs, and expenses related to recovering from such attempts. This means that businesses can spend less time and money when hiring a security staff.
Earlier this month, Morphisec announced results from their third annual “Consumer Healthcare Cybersecurity” survey. It appears that as much as 61% of survey respondents are more worried today about ransomware attacks on their healthcare provider than they were a year ago.
The survey also shows that over 1-in-5 Americans had a healthcare provider impacted by a cyberattack in the past year. Concerns over the rising number of business cyberattacks have been on the rise recently. Furthermore, the startup’s survey shows that 27% of respondents are willing to change a healthcare provider if their current one becomes a victim of a cyberattack.
“As the healthcare industry has navigated this unprecedented health emergency, it has become clear that they’re also dealing with a cybersecurity emergency as the adversary is stepping up attacks against organizations with lean security teams,” said Andrew Homer, VP of Security Strategy at Morphisec.
As the COVID-19 pandemic has accelerated a digital shift and tens of millions of people have been working from home recently, the survey findings show that 57% of consumers believe the risk has increased as healthcare providers were also forced to work remotely.
Cybersecurity startup Morphisec has raised $31 million as it looks to grow its business and expand a portfolio of cybersecurity solutions.
About the Author
Avi Ben Ezra is the CTO and Co-founder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.