Cyber company Panorays, developer of a platform for location and management of security vulnerabilities in organizational supply chains, announced that it has raised $42 million in a Series B funding round. The company, which has raised $62 million since its foundation in 2016, intends to continue to expand and develop additional advanced tools to streamline data security processes between organizations and their vendors.
Panorays developed a data security platform that locates vulnerabilities and other problems in the supply chains of its clients. The supply chain (also called third parties) is the process connecting the various organizations in order to supply a product or service. The check of the linkage between the organizations is carried out in an automated way, without exposure to the customer or receiver of the service.
Supply chain attacks, which Panorays provides protection against, are ones in which the attackers target a specific organization, but have difficulty penetrating its defenses and carrying out a direct attack. Therefore the attackers search for companies or exposed parts of the organization's supply chain. These attacks are very common, and the biggest cyber incidents of the last year that became global attacks originated in supply chain attacks, such as the ones against Kaseya, Accelion, SolarWinds and Codecov.
Following these incidents, organizations understood that they need to manage security risks of third-party companies that provide them with services. The technology of Panorays addresses this challenge so that companies can work smoothly with their suppliers in order to minimize security risks. The company's product operates automatically and manages the whole process, from location of the risk via the initial check of the vendor, to continuous monitoring of vendors. Organizations are thus able to assess the external attack surface and the extent that the business connection puts them at risk.
Matan Or-El, co-Founder and CEO of Panorays, said "In the wake of a tumultuous year in the industry, with numerous supply chain attacks including SolarWinds, Accellion, Kaseya and Codecov, businesses are searching for a solution to manage third-party security risk. Panorays' innovative technology ensures that companies seamlessly work together with their vendors to minimize security risks."