Speed is of the essence as cybersecurity startup Binalyze raises $10 million

Speed is of the essence as cybersecurity startup Binalyze raises $10 million

With cybercrime statistics causing enterprises to jump faster than a cat on a hot tin roof, equally, we’ve seen a number of startups springing to their defenses. And so is the case with Estonia’s entry, Binalyze.

The company specialises in enterprise forensics and gives customers the ability to respond faster and more effectively to inbound threats, and has raised $10 million in seed funding. The investment is slated to beef up the company’s security capabilities in cloud and container environments and drive an international expansion push. To date, Binalyze has raised $11.7 million.

To put the enterprise-level cybercrime threat into context, in 2019, pre-pandemic, mind you, American wireless network operator Verizon released a data breach investigations report that determined, “a total of 56 percent of breaches took months or even years to detect – a significant sample size given the enormity of cyberspace that the 41,686 analyzed sites represent”.

56 percent. More than half. Months or even years to detect.

​​Now let’s add a bit more fuel to that fire and note that according to IBM it took companies 206 days to identify a breach after it occurred and another 73 days to contain the breach.

If these numbers don’t raise an eyebrow or two, then let me quote Mr. Williams again in so much as the, “laws of silence don't work, it's just like shutting a door and locking it on a house on fire in hope of forgetting that the house is burning.”

And so it would seem that those with the shields have come to accept that their fortresses aren’t 100% impenetrable.

“100% breach prevention is no longer a realistic expectation. Forensic visibility is an integral part of an investigation. Enterprises need to be prepared with the right tools to mount an effective and quick response once a suspected breach is detected,” explained Binalyze founder and CEO Emre Tinaztepe.

In response to this ability to act on the turn of a dime, Binalyze offers clients including PWC, KPMG, Garmin, Turkish Airlines, and Deloitte, a service that will collect over 150 digital forensics artifacts in under 10 minutes, and through its Timeline, Triage, and DRONE solutions, help rectify the situation and keep dwell times to a bare minimum.

“Speed is of the essence. Cybercriminals work quickly once they gain access to a corporate network. Binalyze is designed to be fast, capturing the most comprehensive forensic snapshot and creating a detailed digital forensics report in less than 10 minutes. It dramatically speeds up all stages of incident response, from identification to remediation,” further explains Tinaztepe.

Binalyze’s $10 million seed round was led by OpenOcean, with pre-seed round lead Earlybird Digital East also participating.

“Traditional digital forensics solutions are lacking the much-needed automation and cloud capabilities. Binalyze solves the industry’s pain points by increasing the agility of security teams in responding to cyber incidents with greater speed and accuracy,” commented Earlybird Digital East’s Mehmet Atici.

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