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Enterprise Security Magazine | Tuesday, July 13, 2021
Noname has attracted 40 technical, reseller, and channel partners, as well as hundreds of enterprise customers who are either using or considering the platform in the six months since its inception.
FREMONT, CA: Noname Security, a provider of enterprise API security, has announced a 60 million dollars Series B investment headed by Insight Partners, with participation from Next47, Forgepoint, and The Syndicate Group (TSG), as well as existing investors Cyberstarts and Lightspeed Venture Partners. Since coming out of stealth in December 2020, Noname has raised a total of 85 million dollars.
The latest round of funding comes as the Silicon Valley-based business continues to expand rapidly. Noname has attracted 40 technical, reseller, and channel partners, as well as hundreds of enterprise customers who are either using or considering the platform in the six months since its inception. According to analyst firm Gartner, APIs—the connectors that allow clouds and software programs to speak with one another—have become the preferred target of cyberattackers.
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"The surging volume of APIs and the growing complexity of modern applications has led to an increase in cybersecurity obstacles," said Thomas Krane, Principal, Insight Partners. "Noname came to market at just the right time with a fully realised, next-gen technology that is making a big impact with global customers."
API vulnerabilities come in a variety of shapes and sizes. A forgotten side project of a developer. A software interface that has been put up incorrectly. An out-of-date code block that was never removed. Some of these issues have been documented. Most of them are not. The vast majority of them lie unreported for years, providing anyone who can find them unrestricted access to a company's most sensitive processes. And all too frequently, attackers are the ones who locate them first.
"When we show potential customers all the vulnerabilities Noname has discovered in their APIs, it's a real light-bulb moment for them," said Oz Golan, CEO, and co-founder, Noname Security. "Even seasoned security professionals often have no idea how exposed their systems are."
From detection to analysis to remediation and testing, the Noname API Security Platform covers every facet of API security. It compiles a comprehensive list of an organization's APIs and uses artificial intelligence and machine learning to detect intruders, suspicious activity, and misconfigurations. It eliminates API flaws by integrating with current security infrastructure and stopping real-time attacks, all without the need for agents or network changes. Customers can also utilize Noname to test APIs before deploying, ensuring that no vulnerabilities are introduced into production. Noname's strategy has received significant acclaim–as well as rapid client acceptance.
"There's a lot more to API security than just protecting against external attacks," Golan said. "Noname is the only solution that addresses the full range of API vulnerabilities, including protecting APIs in real-time from adversaries, scanning the environment for misconfigurations and compliance issues, and becoming part of the software development lifecycle by finding issues during the development process. Noname monitors the relationships and flows of information between all internal and external APIs. By discovering and analysing everything in real-time, it protects the entire environment throughout the API lifecycle before something goes wrong, whether it is a threat from the outside or an internal error. "
Noname's appeal is bolstered by its turnkey design. Noname, unlike competing systems, does not rely on a swarm of software agents to keep track of apps and processes. Noname works effortlessly with clouds, on-premises settings, and other security and IT management technologies, where agents degrade network performance and must be installed, configured, and updated. One of the numerous aspects that have swiftly made Noname a favorite among IT security directors is that it is not deployed but rather connected.
"APIs are a centrepiece of digital transformation and cloud-centric technology adoption, and API security has risen to the top of the CISO priority list," said veteran banking CISO Karl Mattson. "Noname's team and technology are hitting this challenge head-on."
"It is no coincidence that since entering general availability, Noname has won every competitive head-to-head evaluation we've been involved in," Golan said. "Based on our traction and the feedback we've received from customers, it's clear we are serving a real need with a product that surpasses everything else on the market."
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