HyTrust Secures $33 Million to Expand Cloud Security Business
Posted on April 1, 2015 by Kara Dunlap in Security
HyTrust, a provider of policy management and access control solutions for virtual and cloud environments, today announced that it has secured $ 33 million in new funding, including $ 8 million in venture debt and credit facilities.
According to the company, the new cash will be used to boost marketing, sales and product development initiatives, as well as expansion into international markets.
HyTrust’s solutions enable the adoption of next-generation architectures through policy-based controls, visibility and data security, which helps enterprises more easily meet compliance mandates, improve application uptime, and securely take advantage of cloud-based capabilities.
The new investment is being led by AITV (Accelerate-IT Ventures). New investor Vanedge Capital also participated in the funding, while existing venture investors—Epic Ventures, Granite Ventures and Trident Capital—and strategic investors Cisco, Fortinet, Intel Corp. and VMware, also participated.
In addition to being backed by several venture firms and enterprise technology companies, HyTrust entered into a strategic investment and technology development agreement with In-Q-Tel (IQT), the not-for-profit venture capital arm of the CIA, back in July 2013.
Along with the $ 25 million equity investment from the syndicate, HyTrust expanded its relationship with banking partner City National Bank to fund up to $ 8 million in venture debt and credit facilities.
“HyTrust is perfectly positioned to meet the needs of a market in which so many organizations are building on cloud-based technologies to increase agility for their business,” said Brian Nugent, founding principal and general partner at AITV.
Brian Nugent will join HyTrust’s board of directors, while AITV co-founder and general partner, Bill Malloy III, and Moe Kermani, a partner with Vanedge Capital, will join as board observers, the company said.
“Our goal at HyTrust is to make security automated and policy-based to address the needs of private and hybrid cloud data centers, as well as provide complete visibility into what is happening in cloud environments,” said John De Santis, Chairman and CEO of HyTrust.
Managing Editor, SecurityWeek.
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U.S. Offers $3 Million Reward for Russian Cybercriminal
Posted on February 24, 2015 by Kara Dunlap in Security
U.S. Offers $ 3 Million Reward for Russian Sought in Bank Hack
Washington – The United States on Tuesday offered a $ 3 million reward for information to apprehend a Russian national sought in a major hacking enterprise that stole some $ 100 million.
The State Department made the announcement of the reward for information on Evgeniy Mikhailovich Bogachev, believed to be the administrator of the group that created the “GameOver Zeus” malware that enabled thieves to break into bank accounts in 12 countries.
Bogachev is already on the FBI “cyber’s most wanted” list and is believed to be living in Russia.
“This reward offer reaffirms the commitment of the US government to bring those who participate in organized crime to justice, whether they hide online or overseas,” a State Department statement said.
Bogachev was charged last year with 14 counts including conspiracy, computer hacking, bank fraud and money laundering, after the FBI said it dismantled the operation with the help of technology companies such as Microsoft and Symantec.
According to investigators, the scheme used emails to infect up to one million computers, which could then be controlled by the hackers to gain bank login credentials to steal funds.
Some security experts said the malware re-emerged shortly after the FBI action.
Related: Gameover Zeus Most Prevalent Banking Trojan of 2013: Dell SecureWorks
© AFP 2013
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Fortinet to Buy Back Up to $200 Million in Stock
Posted on December 9, 2013 by Kara Dunlap in Security
Network security firm Fortinet announced on Monday that it would buy back up to $ 200 million of its stock as part of a share repurchase program expected to run through December 31, 2014.
The timing, number and value of shares repurchased under the program will be determined by Fortinet management at its discretion, with the company being able to repurchase shares from time to time in privately negotiated transactions or in open market transactions, the company said in a statement.
“The implementation of our first share repurchase program reflects Fortinet’s confidence in the long-term strength and strategy of the company, as well as our commitment to returning shareholder value,” said Ken Xie, Fortinet’s Founder, Chairman and CEO. “Though we remain focused on continuing to invest in our business to capitalize on our growth opportunities, at the same time, Fortinet’s financial performance and healthy cash flow generation allows us to be confident and opportunistic in repurchasing shares.”
While the Board of Directors has authorized the share repurchase program, the company is not obliged to repurchase any shares under the authorization, and the program may be suspended, discontinued or modified at any time, for any reason and without notice, the Fortinet said.
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