Email security company Abnormal Security Corp. raised $210 million in a Series C funding round led by Insight Partners. San Francisco-based Abnormal Security Corp. uses machine learning and other forms of artificial intelligence to detect cyberattacks that take place through cloud-based e-mail systems including Microsoft Corp’s Office 365 or Aphabet Inc’s Gmail.
This includes targeted and social-engineering attacks and attempts to compromise business email. This includes supply chain intrusions where hacker emails may not contain common malicious elements such as malware attachments and malicious links.
The funding comes as cybercrimes related to emails reach an all-time high. According to the Federal Bureau of Investigation, business email breaches accounted for about $43 billion in business losses between 2016 and 2021, and experts say it is likely to be conservative due to underreporting of the case.
The increase in these attacks is consistent with work from home orders as a result of the coronavirus pandemic, Mr. Padinjaruveetil said, which has created a wide range of vulnerabilities. stressing and distracting employees struggling to maintain security awareness.