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Mimecast acquires threat detection startup Solebit for $88m to fight cybercrime

Written by Varsha Saraogi on Wednesday, 01 August 2018. Posted in Cyber security, Technology

UK-based cybersecurity company Mimecast has bought Solebit as the number of hack attacks and phishing against business grows

Mimecast acquires threat detection startup Solebit for $88m to fight cybercrime

It’s not news to anyone that companies are plagued by cyberattacks. Hence it’s easy to see why SMEs have focussed on ways to counter the problem of phishing, why VCs are injecting more capital into cybersecurity startups and why bigger firms are acquiring new ventures like there was no tomorrow.

The latest of these deals just happened when Mimecast, a data security company, announced the acquisition of Solebit, a software development startup, for $88m. Not only will this deal ensure Mimecast to get better technological abilities but customers will be able to get rid of the need for signatures and sandboxes, a security mechanism that separate untrusted programs from the rest of the system.

Founded by graduates of the Israel Defense Forces in 2014, Solebit aims to detect zero-day malware and unknown threats embedded in data files and external URLs. By using this technology, content in emails is scanned in real time as it enters clients’ system and determines whether it’s infected. The deal builds on the Mimecast’s purchase of Ataata in July. Ataata developed a cloud-based platform that enabled companies to train employees on how to recognise and avoid cyber threats.

Mimecast’s effort to beef up its security capabilities comes amid an escalation in email-based attacks. In a research done by Mimecast, 90% of 800 companies surveyed, have seen the amount of phishing attacks increase over the past 12 months. Moreover, government figures released in April 2018 show that four in ten businesses have been casualties of cybercrime in the past year. Given the rising threat of cyber attacks, it’s even more vital to have a security system in place.

Commenting on the epidemic of cyber hacks, Peter Bauer, CEO of Mimecast said:  “Security methods like signature-based antivirus and sandbox detonation are too limited when it comes to today’s most advanced threats. It’s time for a more capable, efficient and durable approach.”

Even in the wake of the General Data Protection Regulation being enforced since May, companies such as Carphone Warehouse, Yahoo, NHS and Uber have been falling into the abyss of data breach affecting millions of people. Hence it’s time companies took cyber security more seriously and be prepared for laptop-wielding larcenists.

About the Author

Varsha Saraogi

Varsha Saraogi

As feature writer and a recent MA Journalism graduate, Varsha has joined the Elite team to fuel her passion. Along with being immersed in the money making sector and ranting about women’s rights, she will be hunting for news about everything business related. And burying her head in economic magazines. Follow her on twitter at @msvarshasaraogi for her mundane musings.

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