💰 Security, Funded #69 - InfoSec Black Friday, Twitter Out of the Frying Pan, and the Wild Wild West Web3 World™️
Let's get this bread
I hope you had a great weekend!
In this week's issue:
InfoSec Black Friday
Twitter out of the frying pan
Wild Wild West Web3 World™️
The cryptocurrency exchange FTX had a wild week that keeps on getting wilder, including saying they might have been hacked (right after filing for bankruptcy), and with researchers saying that $1-2B in customer funds may also be missing.
What does this mean for the funding landscape? If you've been reading this newsletter for any amount of time you know I've been calling out the violent convergence that is coming between the Wild Wild West Web3 World™️ (#5W) and the cybersecurity world.
We're in the early email scam days of Web3, only now it's much harder to know when you're being scammed or when you're a part of a Ponzi scheme. The technology interactions with Web3 are much more complex (or so we are led to believe), the narratives around what can be accomplished with Web3 mirror that of the Dot Com era before the bubble, and there is more bandwagon hopping to find the next way to get rich and be a part of the future. More money and power is up for grabs than ever before.
As a result, it's appears easier to hide behind the veil of complexity with Web3 and scam people. Individuals and companies can only lose money so many times before market forces create medicine for this ailment.
Expect over-correcting regulation and more Web3 Security companies in 2023.
As for Twitter, things are really heating up over there with Elon at the helm. 🍳🔥
Not only did half of the staff get fired (and then some were asked to come back), but Twitter's latest CISO (not that one), stepped down citing security, privacy, and governance concerns:
As you might expect, the details of all the ugly news at Twitter is unfolding on... well, Twitter, of course:
It's hard to distill what is smoke from fire with Twitter these days, but any way you look at it, a lot of iteration needs to happen towards a better platform for people to trust it again.
Onward to this week's issue.
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📊 Industry News
💰 Funding Summary
16 companies raised $268.9M across 15 unique product categories
5 companies were acquired or had a merger event across 5 unique product categories
🧩 Funding by Product Category
$70.0M for Fraud and Financial Crime Protection
$60.0M for Remote Browser Isolation
$50.0M for Continuous Compliance
$26.3M for Network Detection and Response (NDR)
$18.5M for Attack Surface Management (ASM)
$16.0M for API Security
$13.5M for Data Privacy
$8.0M for Secure Collaboration and Messaging
$4.1M for Threat Intelligence
$2.5M for Internet of Things (IoT) Security
$25.0K for Professional Services
An undisclosed amount for Software Supply Chain Security
An undisclosed amount for Operational Technology (OT) Security
An undisclosed amount for Managed Security Services Provider (MSSP)
An undisclosed amount for Insider Threat
🏢 Funding By Company
Trinity Cyber, a network detection and response (NDR) platform, raised a $26.3M Debt Financing round.
6CloudTech, an operational technology (OT) security platform, raised an undisclosed Series C from Beijing Innovation Industry Investment.
🤝 Mergers & Acquisitions
🔐 Secure The Job
If you're looking for new opportunities (actively or passively), I've got two ways to help:
Return on Security Job Board - Browse the jobs I curate each week and apply for what matches your interests.
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Are you hiring? Post a role and request access to start meeting world class candidates open to new opportunities. Learn more or request access here.
📚 Great Reads
Twitter's CISO steps down - Twitter’s privacy and security teams are in turmoil after Elon Musk’s changes to the service bypassed its standard data governance processes.
Critical mistake founders make when pitching in a downturn - The biggest mistakes founders can make are underestimating how a downturn impacts investor psychology, timelines, and due diligence.
InfoSec Black Friday Deals ~ "Hack Friday" 2022 Edition - All the deals for InfoSec related software/tools this Black Friday / Cyber Monday, for all the hackers that saved $8 on blue and got a free 🙈 instead. This repo is a huge hit with the whole cyber community every year, so don't miss the deals (there’s even a deal from me on here 👀).
Cybersecurity startup Seedata.io is hiring, full remote roles available!We've seen record levels of layoffs at tech behemoths over the last few weeks. With a little redundancy cash in your pocket, there's never been a better time to join a deception tech startup. We're hiring, and will prioritize applications from the recently displaced.Check out vacancies here
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Thanks for reading and see you again next time!