We at 212 are excited to announce our latest investment in SOCRadar’s Series A Round. In short, SOCRadar is a cyber-threat early warning system bundle: the External Attack Surface Management, Digital Risk Protection, and Threat Intelligence solution called Extended Threat Intelligence (“XTI”). The picture they and we see is bigger than that.
We are partnering with SOCRadar at a time in the world when digitalization is rapidly continuing since the pandemic, the war between Russia and Ukraine is ongoing, there are indications of economic recession, and “cybercriminal” has become a well-paid profession. Combine world events with the deepening sophistication of cyber-attacks, interconnected devices, the hardships of internationalizing SMBs in affording solutions, and the cybersecurity talent gap, the attack surfaces of institutions and individuals have never been broader and more vulnerable.
In today’s world, cyber-security has become a core-life continuation necessity and a significant risk for all kinds of institutions, especially businesses of all sizes and traditionally technology-nascent public institutions. For example, a survey of 4K midsized companies on the business side suggests that threat volumes doubled between 2021–2022. For some further context and at the tip of the iceberg, the average cost of a data breach grew to an unignorable $9.4M for US businesses in 2022 ($5.5M in 2012). In 2022, cybercrime cost companies $8.4T globally ($1.2T in 2019), with an expectation of it skyrocketing to $24T by 2027. Adding examples, such as recent school district hacks and unnoted other themes into the equation (such as pushed regulatory requirements, limitations in cyber insurance coverages and new types of sophisticated attacks), the case for the cybersecurity industry has never been stronger. McKinsey estimates the total addressable market at $1.5T, with the vended market at only 10% ($150B) penetration. It is also important to note that currently available solutions still do not fully meet demands, especially in terms of automation, pricing and, from our point of view, localization.
Enough with data that could extend way deeper than the landscape!
SOCRadar joins the picture as a globally recognized Threat Intelligence Vendor all types and sizes of institutions can conveniently use.
Within a security context, Cyber Threat Intelligence (CTI) emerges as a tool that empowers teams to strategically analyze threat data and identify possible attacks before systems become targets. In layperson’s terms, it refers to all the information that helps mitigate harmful events now or in the future by threat actors. If you are more of a visual person like me, this short video by Mitre helps explain CTI. For more information, visit SOCRadar’s continuously updated blog and resources.
The SOCRadar team makes the case that traditional CTI misses a component: “how to know, what to watch”. Therefore, while conventional TI promises to collect and analyze data based on existing assets, with their Extended Threat Intelligence Platform (“XTI”), SOCRadar’s product aims to determine the entire external attack surface of organizations with a threat actor mindset and shares contextual intelligence, allowing for security teams to act proactively within a holistic perspective in a both automated and managed approach. With their solution combining External Attack Surface Management, Digital Risk Protection, and Cyber Threat Intelligence, they ensure no blind spots against cyber threats. The Gartner Analyst reports for TI and DRPS have mentioned these products multiple times (8x), and SOCRadar as an example vendor over the past two years.
Furthermore, with their cloud product’s ease-of-use, automation, smooth integration with SIEM, SOAR-like platforms, flexible pricing between packages, and localization aspects, they are a solution not only for global enterprises like Tesla, Intel, BoFA, Sony, Tokopedia, Axa, and Tsystems with big teams but also for previously underserved organizations across the globe (such as SMBs & public institutions), for whom attacks are an existential threat, prices of go-to solutions are unaffordable, and where it is not possible to build sufficiently staffed security teams. If you are still unconvinced, I recommend trying their freemium product. Regarding the importance of cyber-security for SMBs, I recommend you read the following summary statistics.
While we shout out to all 140+ members of the growing SOCRadar team, the two masterminds behind the product and the company are founders Huzeyfe and Ahmet. They’ve worked in the industry in corporate, entrepreneurial, and teaching roles for the past 18 years. Their experience gives them an excellent ability to read the problems in the market and regions and design new products accordingly. Equally important, we are in awe of the mentality they adopt as founders to learn continuously.
Aside from the abovementioned experience and personal capabilities, they are excellent managers and teachers who built an impressive collegiate environment across SOCRadar offices. They built SOCRadar into a company with a strong 140+ team of people with low turnover, robust management, and approximately 6.5K users across 157 countries. Their customer base comprises all kinds of institutions, and they are a company with robust (>2x) continuous annual growth since the start of operations.
At 212, we partner with people who display varied skills and, more significantly, do their work with a larger global vision. SOCRadar convinced us of the growing team’s ability and mission at every step of our relationship. We look forward to being partners with them as they pursue their goals in the global cyber-security arena.
SOCRadar, welcome to the 212 family!