Today, a web application protection company announced that it has raised $27 million as part of a series B financing round led by Springtide Ventures, which will be used to help the organization's growth through investments in sales, marketing, alliances, and research and development.
The company's product is designed to increase website security to the client side, and to safeguard enterprise websites from digital skimming, formjacking, and magecart attacks, which cost thousands of dollars.
The main advantage of Source Defense is its ability to protect against automated attacks and client-side threats that target their websites, with data-breach monitoring to assist detect website skimming, formjacking, and early.
Offering client-side web protection
This announcement comes as organizations are becoming increasingly more concerned about managing the software supply chain. Yet one area that often gets overlooked is within one of the most publicly exposed assets, the company's websites.
One of the greatest and least quantified business vulnerabilities is the usage of client-side. Client-side code, delivered in real-time by third-party (as well as fourth- and third-party) supply chain partners, helps enhance the website user experience, increase engagement, and drive analytic insights. Typical web properties rely on dozens of these supply chain partners, according to Source Defense CEO Stephen Ward.
"At the same time, this script represents unmanaged and unprotected shadow code, effectively the soft belly for adversaries on any large website," Ward said.
Historically, this fertile and extremely lucrative threat and attack surface has resulted in hundreds of high-profile attacks, including, among others, a total of about 400 client-side attack incidents (e.g., credential harvesting, formjacking, and Magecart attacks) per month, making breach headlines at major retailers including Macy's, Ticketmaster, British Airways, Segway, and others, Ward said.
Source Defense's goal is to provide a client-side protection solution to enterprise's websites against the client-side hazards that other solutions overlook.
Surface management of attacks
Source Defense is loosely embedded inside the market, which researchers predicted to reach $13.8 billion in 2021 and will reach a value of $18.7 billion by 2026.
It's competing against a range of other providers, including with Cortex Expanse, an attack surface management platform that generates a continuous inventory of internet connected assets so that users can identify vulnerabilities and mitigate them. Palo Alto Networks has announced a value of $4.3 billion in 2021.
Falcon is a threat-protecting endpoint monitor, threat detection, and an IT asset discovery tool. CrowdStrike recently announced that it had raised $431 million in.
Source Defense is averaging its experience from other surface management providers to address the dangers of security client-side threats and website driven attacks, which are commonly overlooked in enterprise security strategies.
