Israeli industrial hackers raise $100m for cybersecurity

February 10, 2021 // By Nick Flaherty
Israeli industrial hackers raise $100m for cybersecurity
Israeli ethical hacker group CYE has raised $100m for its Hyver cybersecurity tool from global investor EQT in Stockholm.

A group of ethical hackers based in Israel has raised $100m to test out the cybersecurity vulnerabilities of industrial systems.

CYE launches non-simulated attacks on infrastructure to highlight vulnerabilities. This is of increasing importance as there has been a surge in security breaches despite an explosion in the number of cybersecurity solutions introduced to the market, and concurrently, a significant increase in corporate security budgets.

The funding came from Stockholm-based global investment organization EQT, with participation from existing investor, 83North. The investment is EQT’s first in an Israeli company.

Following a US-CERT advisory last month, the maker of a software-based programmable logic controller (PLC)  that is used widely among companies in the power generation and manufacturing sector, released a warning regarding successful exploitation of discovered vulnerabilities that could enable an adversary to start/stop services, execute malicious codes remotely, and/or limit system availability.

In general, standalone hardware-based PLCs are often not designed with security in mind but do benefit from the relative obscurity of running on proprietary OT protocols says CYE. As these software-based PLCs runs on Windows machines, their potential exposure to cyber threats is much greater than any IT connected devices. The new PLC Agents are designed to manage PLC software based on user commands which are received from the monitor, however, under wrong circumstances, it could be manipulated by an attacker via external remote connections says the group.

Hyver, CYE’s flagship product, uses advanced algorithms and graph modeling to conduct a comprehensive and accurate cybersecurity assessment, covering the entire organization, as well as third-party vendors. Highly experienced ‘red teams’ then perform real non-simulated attacks, allowing CYE to accurately predict possible attack routes, giving customers the ability to prevent such attacks before they occur, as well as the knowledge of where resources need to be invested. 

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