Israeli cybersecurity startup QIZ Security has raised $17 million in seed funding to fuel the development of its cryptographic security management solution and post-quantum cryptographic (PQC) readiness platform. The Israeli cybersecurity company has seen rising demand for its service, which assists firms in inventorying their cryptography assets in preparation for the transition to post-quantum cryptography algorithms.
The round was led by Bessemer Venture Partners and Merlin Ventures, with Evolution Equity Partners, Qbeat Ventures, Singtel Innov8, and Qino Cyber Capital also participating. The funding will support the company’s expansion and product development, with the company’s QIZ Security cryptographic governance platform’s research and development being the main focus.
The startup was founded in 2022 by Ben Volkow, Lenny Ridel, and Itan Barmes, and its cybersecurity solution allows organizations to manage and inventory all cryptographic assets in on-premises, cloud, and hybrid environments without the need to scan their networks. Using industry standard APIs, QIZ Security’s cryptographic governance platform enables enterprises to detect and assess the risk of all certificates, encryption assets, security controls, protocols, cipher suites, and cryptographic keys.
These details are automatically correlated to the organization’s applications and business processes discovered across hybrid cloud infrastructure environments. Moreover, the application detects vulnerabilities, weaknesses, and exposures to outdated encryption technologies that put enterprise data at risk in both transit and at rest.
In addition, the company’s solution helps enterprises prioritize risks according to their technical and business significance and guides enterprises in responding to each identified risk. This empowers security operations and compliance teams to coordinate and accelerate activities and responses to cryptographic risks, ensuring that application owners and security stakeholders reduce exposure to business-specific threats.
Modern cryptographic infrastructure governance is necessary for enterprises to inventory and better understand their cryptography assets, identify risks, and respond to them in a timely and cost-effective manner. With the upcoming quantum computing era, enterprises and government agencies are preparing to migrate their cryptographic infrastructure to post-quantum algorithms. This migration requires organizations to fully understand where their cryptography is, which encryption technologies put them at risk, and how best to respond.
According to Chief Executive Officer Ben Volkow, enterprises are unable to effectively plan their transition to modern cryptography without gaining continuous visibility into their cryptography assets. Organizations need to take a step back and understand the overall state of cryptography in their IT environments to be prepared for upcoming changes. With the quantum era of computing arriving, businesses need to ensure they are taking the right steps now to safeguard their sensitive data.
The news comes as governments and enterprises worldwide are beginning to acknowledge the need to inventory cryptographic assets to develop migration plans for post-quantum cryptography algorithms. Additionally, with increased concerns over the implications of quantum computing, multiple cybersecurity startups are positioning their services to assist enterprises in preparing their cryptography infrastructure for the transition to post-quantum cryptography algorithms.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
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