Source Defense, a prevention solution for website supply-chain attacks, has closed its Series A funding round.
The funding came from AllegisCyber and return investor Jerusalem Venture Partners (JVP), as well as Global Brain and Connecticut Innovations, bringing its total funding to $10M.
Source Defense said it plans to use the new capital to fuel the go-to-market strategy around its website security platform, which it claims is the only product capable of stopping the current wave of highly damaging JavaScript-based website card skimming attacks, and other similar hacks.
A number of recent high-profile attacks have exposed a persistent vulnerability present in almost all websites and across all browsers. When compromised, these vulnerabilities provide attackers with unlimited access to data entered or displayed on the client side of the browser, including payment information as well as business and private data.
This represents a major security risk and threatens non-compliance with customer-data privacy regulations, most notably GDPR.
Headquartered Israel, Source Defense’s proactive prevention solution controls third-party access and enforces access policies to prevent malicious activity before it begins.
It provides a fully automated solution that controls the access and permissions of all third parties operating on a website. This ensures compliance with customer data privacy and eliminates the potential for compromised third-party tools to skim payment information or other valuable data while reducing labor-intensive management through features.
“Websites are the front line of the global digital economy and increasingly the focal point of attacks by bad actors. The growing complexity of these commerce platforms and the extensive use of third-party software makes them particularly vulnerable to attack and compromise,” said Pete Bodine, managing director, AllegisCyber. “The reason we invested in Source Defense is because they move the needle in a meaningful way to lock down these sites and ensure they operate without compromise.”
Source Defense has also announced the opening of two new offices: The company’s new US headquarters in Stamford, Connecticut and a second R&D center in Rosh HaAyin, Israel. The company intends to launch an intensive hiring campaign in both locations.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
