Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Threat Intelligence

2/19/2019
11:15 AM
Dark Reading
Dark Reading
Products and Releases
50%
50%

nsKnox Raises $15M Led by Viola Ventures & M12, Microsofts Venture Fund, to Meet Demand for Corporate Payment Protection

Rising cybercrime sophistication and magnitude spurs demand for new technologies to protect against manipulations and fraud.

[Boston, MA and Tel Aviv, Israel – February 19, 2019] – nsKnox, a leading provider of corporate payment protection solutions based on its innovative Cooperative Cyber Security technology platform, today announced the completion of a $15 million Series A funding round. The funding was led by Viola Ventures and M12, Microsoft’s venture fund, with the participation of Discount Capital, the investment arm of Israel Discount Bank, and previous seed investors.

The funding will enable nsKnox to expand its global customer base and to further develop its corporate payment protection platform – helping to ensure verified and secure business transactions, mitigate reputational risk and prevent billions in corporate losses.

78% of companies were victims of payment fraud in 2017 according to a recent report by the Association for Financial Professionals. With billions of dollars lost annually to cybercrime, the US Securities and Exchange Commission (SEC) is cautioning companies to consider cyber-threats when implementing internal accounting controls.

nsKnox’s real-time corporate payment protection platform helps defend organizations against cyber-fraud, internal fraud, social engineering and data manipulation attempts, throughout the journey of the payment. The technology allows organizations to validate payment authenticity, verify sender and receiver, and identify and prevent manipulations – safeguarding the payment process seamlessly across every point of transaction, including enterprise, bank, and supplier. The platform utilizes nsKnox’s innovative Cooperative Cyber Security (CCS), a new paradigm combining the strength of multiple cybersecurity systems from several organizations to secure both outbound and inbound payments from fraud. CCS is exponentially more secure than other solutions because it combines the strength of multiple entities with the most powerful cryptographic technologies available.

“Businesses are so focused on protecting their data and the identity of their users that they are not doing enough to protect the very lifeblood of their organization — their money,” said nsKnox CEO NirTenzer. “nsKnox is bringing corporate payment protection into the digital age, arming companies in the battle against payment fraud, manipulation and cybercrime. The backing of M12 and Viola Ventures is a tremendous vote of confidence in our ability to protect organizations worldwide and help them tackle this incredibly costly issue.”

“We are committed to creating an impenetrable line of defense against corporate payment fraud,” said nsKnox Founder & Executive Chairman Alon Cohen, who also founded and served as Chairman and CEO of CyberArk(NASDAQ:CYBR). “This financing round is a tremendous milestone, helping us realize our vision of protecting corporate payments with our entirely new Cooperative Cyber Security paradigm. The bad guys are working together – so should the good guys. That’s what nsKnox is all about.”

“As an early seed investor, we are excited to welcome M12 to the team backing nsKnox and proud to continue supporting this innovative FinSec company in its amazing journey,” said Omry Ben David, Partner at Viola Ventures. “Their innovative distributed and cooperative approach addresses the massive problem of payment fraud by leveraging the independent security practices of multiple trusted entities, making it exponentially harder for hackers to infiltrate.”

“The evolving nature of cybercrime creates a perpetual challenge for businesses to detect and mitigate fraudulent behavior, which costs corporations significant amounts of money every year,” said LiorLitwak, Principal at M12. “nsKnox’s corporate payment solution solves a critical business issue at scale, saving businesses the time, money and headache that result from fraudulent threats. We look forward to being a part of nsKnox’s journey as they grow andexpand.”

nsKnox is forging partnerships with leading financial institutions worldwide with the aim of redefining the global standard for corporate payment cybersecurity. With this funding, nsKnox will focus on advancing its go-to-market strategy and enhancing its capabilities to ensure customer success globally.

 

Recommended Reading:

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Attackers Leave Stolen Credentials Searchable on Google
Kelly Sheridan, Staff Editor, Dark Reading,  1/21/2021
How to Better Secure Your Microsoft 365 Environment
Kelly Sheridan, Staff Editor, Dark Reading,  1/25/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win an Amazon Gift Card! Click Here
Latest Comment: We need more votes, check the obituaries.
Current Issue
2020: The Year in Security
Download this Tech Digest for a look at the biggest security stories that - so far - have shaped a very strange and stressful year.
Flash Poll
Assessing Cybersecurity Risk in Today's Enterprises
Assessing Cybersecurity Risk in Today's Enterprises
COVID-19 has created a new IT paradigm in the enterprise -- and a new level of cybersecurity risk. This report offers a look at how enterprises are assessing and managing cyber-risk under the new normal.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2020-4889
PUBLISHED: 2021-01-26
IBM Spectrum Scale 5.0.0 through 5.0.5.4 and 5.1.0 could allow a local user to poison log files which could impact support and development efforts. IBM X-Force ID: 190971.
CVE-2020-4949
PUBLISHED: 2021-01-26
IBM WebSphere Application Server 7.0, 8.0, 8.5, and 9.0 is vulnerable to an XML External Entity Injection (XXE) attack when processing XML data. A remote attacker could exploit this vulnerability to expose sensitive information or consume memory resources. IBM X-Force ID: 192025.
CVE-2021-21275
PUBLISHED: 2021-01-25
The MediaWiki "Report" extension has a Cross-Site Request Forgery (CSRF) vulnerability. Before fixed version, there was no protection against CSRF checks on Special:Report, so requests to report a revision could be forged. The problem has been fixed in commit f828dc6 by making use of Medi...
CVE-2021-21272
PUBLISHED: 2021-01-25
ORAS is open source software which enables a way to push OCI Artifacts to OCI Conformant registries. ORAS is both a CLI for initial testing and a Go Module. In ORAS from version 0.4.0 and before version 0.9.0, there is a "zip-slip" vulnerability. The directory support feature allows the ...
CVE-2021-23901
PUBLISHED: 2021-01-25
An XML external entity (XXE) injection vulnerability was discovered in the Nutch DmozParser and is known to affect Nutch versions < 1.18. XML external entity injection (also known as XXE) is a web security vulnerability that allows an attacker to interfere with an application's processing of XML ...