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Cooperation security provider, RecoLabs (Reco), announced that it has raised $30 million in a Series A round to secure collaboration tools in today’s modern enterprise.
The company’s secure collaboration platform is designed to enable organizations to gain seamless visibility and securely share information through omnichannel collaboration tools like Slack, G-Suite , Jira and other tools.
As remote and hybrid work arrangements continue to impact business ecosystemEmployees increasingly expect more transparency, better technology, improved collaboration, and greater flexibility. As a result, the number of new technologies for digital solutions in the workplace has increased, and collaboration tools are part of that system.
However, this development opens up a new challenge. Recently report says that working remotely has increased the frequency of cyber attacks by 238%. Another Verizon report states that 85% all breaches involve human exploitation of security holes. This highlights the fact that most violations originate from users Collaboration tools and it is important for companies to understand the context of these breaches.
Recover claims to create tools that help organizations secure sensitive assets by mapping and monitoring metadata in context. The company claims that it uses applied machine learning (ML) to create a model of interaction and collaboration between an organization’s employees, teams, and external vendors, allowing them to understand and visualize threats from collaboration and sharing. According to Reco, this will lead to the creation of a contextualized knowledge graph that allows security teams to detect and respond to unauthorized or unusual activities in real time.
Workflow in modern business
Collaboration tools are becoming the new norm and an indisputable part of business today. In fact, Gartner has predicted that almost 80% of workers will use collaboration tools. These tools provide access to technology that allows onsite and remote employees to engage and communicate both inside and outside of their work environment.
After the outbreak of COVID-19, there was a 176% an increase in collaborative applications installed on enterprise devices, making collaborative security risk management a primary focus for CISOs.
While collaboration tools allow people to work faster and more efficiently, Ofer Klein, co-founder and CEO of Reco, says they also expose companies to a host of vulnerabilities. new and an area of increased risk. These risks and issues, according to Reco, can be broken down as follows:
Old systems can’t keep up
A legacy system is a computer with outdated software, hardware, or both, still in use instead of newer versions. The systems continue to fit the needs for which they were created, but they are no longer scalable. They require a lot of static rules, quickly become obsolete, and slow down operations.
A lack of dynamism can lead to a lot of noise – either they spot things and get in the way of business, or they don’t detect enough. Due to the lack of a dynamic structure and heavy use of resources, security teams have to manually change rules such as permissions, whitelisting, and handling alerts on a regular basis, leaving them accountable for management.
Legacy systems lack visibility
Legacy engines can’t understand why an event is happening. For example, this can happen by enforcing static rules that prevent specific files from leaving the organization. While in the past it was simple because the data did not leave the enterprise, now it is more difficult because the information is legally shared outside the organization. However, there is no way to successfully protect collaboration tools without understanding why.
CISOs, employees and the company as a whole are affected by these two major challenges. Protecting critical assets is a key responsibility for any company, according to Klein, and the only way to recognize real-world collaborative security issues is to understand the business context of every interaction. He asserts that Rec plays an important role in this.
Reco says that organizations can intelligently detect and remediate common challenges such as incorrect access permissions by external providers and files being transferred to or shared with the wrong users by use its security solutions. It accomplishes this by using Recovery Ontology, an extensive metadata view supported by two internal algorithms: Process-Discover, which discovers interactions, classifies entities, and classifies them through their actual business processes.
Content-based security to context-based security
Insider risks and prevent data loss (DLP) is becoming a big concern for businesses with distributed workforces and increasingly reliant on technology. While it may seem obvious that modern workplaces require modern security solutions, some organizations are hesitant to abandon their legacy systems. This could be due to fear of exorbitant technology costs, unknown provenance, or lack of time to revolutionize.
After the pandemic, almost 74% of manufacturing businesses that rely on legacy systems to get the job done and up to 90% of organizations limited in growth and efficiency due to outdated technology.
Klein, in an email interview, said Reco offers a new approach to collaboration security by understanding the context and rationale of each collaborative event. Instead of reading the contents of user interactions, Reco claims to have developed a Business Context Interpretation (BCJ) tool that uses machine learning and application-aware analytics to see why , not just how, an attack occurs. This, according to the company, is the “game changer” that sets it apart from its competitors.
According to Klein, the BCJ is responsible for creating the collaborative map and understanding the business landscape. Collaboration maps depict the context of all interactions between teams within the company. Recovery can use BCJ to generate security incidents based on non-business related events. Through a better understanding of dynamic organization, justification for actions will evolve over time. Reco says this eliminates the need for manual intervention in security incident reporting.
Furthermore, the company claims that its business contextual AI engine does not require any manual policy creation, tagging, categorization, or ongoing maintenance. It claims that this frees up 40% of the work of security teams while maintaining a high level of protection without slowing down the continuously growing business.
Reco says that its “no agent” feature allows users to join in minutes and get instant value. According to the company, this results in the lowest number of false positives and also detects events and situations that no other tool can detect – for example sharing sensitive information in the wrong Slack channel. . Restore claims that it only reads metadata, not the actual content of emails, messages, or Slack files.
Revoke plans to invest funds to grow its team and accelerate to market in the US Series A round led by Zeev Ventures and Insight Partners, with participation from Boldstart Ventures, Angular Ventures and investors leading private sector.
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