Singapore cybersecurity startup BitTrap develops detection technology to address surge in cyberattacks

Singapore cybersecurity startup BitTrap develops detection technology to address surge in cyberattacks

Published: 07-10-2021 13:52:00 | By: Pie Kamau | hits: 4022 | Tags:
Blockchain
Cybersecurity
Data
Internet
October 2021
Singapore
Tech
Venture Capital & Private Equity

Singapore cybersecurity startup BitTrap announced a blockchain-based cybersecurity solution that leverages attackers' motivations to provide singular detection capabilities. This approach differs from cybersecurity paradigms that focus on trying to keep attackers from breaking in. Instead, it assumes some have already made their way inside a network, undetected, and is designed to identify them and reduce hacker dwell time in the compromised system.

The system works by deploying a vast network of wallets in every endpoint or cloud instance. Each wallet contains a risk-adjusted bounty of cryptocurrency assets calibrated, based on research from the BitTrap Attacker Behavioral Labs, to ensure it will capture an attacker's attention. Collecting the bounty triggers an incident-response operation that alerts the organization of the breach, effectively causing the hacker to reveal their presence. The vulnerability can be quickly assessed and patched while avoiding ransomware and data exfiltration altogether.

Ariel Futoransky, CTO, BitTrap: "It is very important to capitalize on security incidents, using each opportunity to learn and prioritize efforts. We need to understand our adversaries' main motivation and use it to overcome our challenges and reduce the impact of attacks. With our unique approach, we can tackle both issues at the same time. We go a long way beyond intrusion detection or deception."

BitTrap began operations in 2020 after cyberattacks multiplied during the global pandemic. The company's founders, who combine decades of industry experience in cybersecurity and expertise in attacker behavior, developed the groundbreaking technology to help companies actually benefit from cyberattacks.

Jonatan Altszul, CEO, BitTrap, said the company is particularly proud of the new solution. Through the company's Attacker Behavioral Labs, Altszul said, "We intend to keep investing and developing the most sophisticated capacity in the industry to understand attacker behavior. After our initial success, we are getting ready to raise a new round of financing to fuel our expansion in the market."

www.bittrap.com