Source Defense’s unique web application for client-side security attracts $27 million

Today, web application protection provider Source Defense announced that it has raised $27 million in a Series B funding round led by Springtide Ventures, which will be used to accelerate the growth of organization through investments in sales, marketing, alliances, and research and development. .

The company’s product is designed to extend client-side website security to protect enterprise websites against digital skimming, formjacking and magecart attacks, which cost businesses thousands of dollars.

For businesses, the primary utility of Source Defense is its ability to protect against automated attacks and client-side threats that target their websites, with data breach monitoring to help detect site skimming early. web, formjacking and supply chain attacks.

Offer client-side web protection

The announcement comes as organizations are increasingly concerned about software supply chain management. Yet one area that often gets overlooked is in one of the most public-facing assets businesses have: their websites.

“One of the largest and least quantified business vulnerabilities is the use of client-side JavaScript on the website. Client-side code, delivered in real-time by third-party supply chain partners (as well as part four and n), helps drive and improve website user experience, increase engagement, and generate analytics insights. Typical web properties rely on dozens of these supply chain partners” said Stephen Ward, CMO of Source Defense.

“At the same time, this script represents unmanaged and unprotected phantom code, effectively the soft underbelly of adversaries on any major website,” Ward continued.

This fertile and highly profitable threat and attack surface has already spawned hundreds of high-profile attacks and led to over 400 client-side attack incidents (e.g., credential harvesting, formjacking and Magecart attacks) per month for the past two years, making headlines for major brands such as Macy’s, Ticketmaster, British Airways, Segway and many more,” Ward said.

Source Defense’s product is designed to provide client-side protection of web applications to corporate websites against client-side threats missed by other products.

Attack surface management

Source Defense sits loosely in the attack surface management market, which researchers have valued at $13.8 billion in 2021 and expect to reach a value of $18.7 billion by 2026.

It competes against a range of other vendors, including Palo Alto Networks with Cortex Expanse, an attack surface management platform that generates a continuous inventory of Internet-connected assets so users can discover vulnerabilities and mitigate them. Palo Alto Networks recently announced revenue of $4.3 billion in 2021.

Another contender is CrowdStrike with Falcon, an endpoint protection solution with threat intelligence, endpoint detection and response, threat hunting, and IT asset discovery tool. CrowdStrike recently announced that it raised $431 million in revenue.

As a vendor, Source Defense differentiates itself from other attack surface management vendors by focusing on the challenge of client-side security threats and website-based attacks, which are typically overlooked in enterprise security strategies. ‘business.