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Cyber Daily: Cyber Firm SentinelOne to Buy Attivo Networks for $616.5 Million
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Hello. Cybersecurity company SentinelOne Inc. is buying Attivo Networks Inc. in a bid to better protect hybrid workforces that increasingly rely on cloud-based tools.
Hackers target user credentials to gain access to data they can sell, encrypt or leak. As my colleague David Uberti reports, the acquisition is intended to bolster SentinelOne’s platform, which automates many cyber defenses, with Attivo's identity-protection services.
Identity-based threats figure prominently in many ransomware incidents, including the hack last year that forced Colonial Pipeline Co. to shut down the East Coast’s largest conduit for fuel for six days.
Continued below.
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SentinelOne Chief Executive Tomer Weingarten said his company would offer Attivo’s tools as a separate add-on to its platform. The companies already work together when it comes to certain customers, he said, and that technical partnership provides a roadmap for their coming integration.
“We definitely plan to keep the vast majority of the team,” Mr. Weingarten said of Attivo Networks, which has about 240 employees. The companies expect the $616.5 million deal to close in the second quarter of this year, pending regulatory approval.
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Investors flocked to cybersecurity companies during the pandemic as businesses digitized more of their operations, leading to a flood of threats and new investment by CISOs. The shift provided a particular boost to certain security vendors, such as SentinelOne, that license software through the cloud and have prioritized growth over profitability.
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SentinelOne, which is slated to announce earnings Tuesday, said its revenue in the quarter ended Oct. 31 more than doubled from a year earlier to $56 million. The company had an operating loss of $67.4 million in the Oct. 31 quarter, compared with a year-earlier loss of $29.7 million. Stock markets have cooled in recent months, leading to volatility for some publicly traded cybersecurity businesses.
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Ukraine war has insurers worried about cyber policies. Insurance for cyberattacks has been a booming business, but Russia’s war in Ukraine has insurers sweating about the possibility of big losses. They are rushing to plug a possible contract loophole that leaves them vulnerable.
Like other kinds of insurance, cyber policies have exclusions for acts of war. The aim is to protect insurers from claims tied to cyberattacks by governments, their militaries or groups that work for them.
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PHOTO: VASYL ZHLOBSKY/SHUTTERSTOCK
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Regular Pro Cyber readers know that a New Jersey judge poked a hole in that exclusion in December, saying that a common acts-of-war exclusion doesn’t cover cyberattacks. The decision, in a battle between pharma giant Merck & Co. and its property insurers, could influence who pays for digital damages in the present conflict.
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Insurers are going down two paths to protect themselves:
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Appealing the ruling on the theory that it undercuts insurers' ability to underwrite cyber risk with far-reaching liability from hostile nation-state cyberattacks that they never accepted.
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Rewording war exclusions. But making them too broad could mean businesses won’t buy the coverage.
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PHOTO: JALAA MAREY
/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Israeli government websites disrupted: The official government website for Israel's Prime Minister Naftali Bennett (pictured) was temporarily unreachable on Monday, as were those of the country's welfare, justice, health and interior ministries. The National Cyber Directorate is investigating. (Haaretz)
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Senators request briefing on U.S. defenses against Russian cyber threats. Sens. Jacky Rosen (D., Nev.) and Mike Rounds (R., S.D.), with 20 others, sent a letter to Homeland Security Secretary Alejandro Mayorkas with concerns about potential "destabilizing actions" by Russia outside of Ukraine. The group also wants details about federal help to critical infrastructure operators that could be targeted. (The Hill)
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PHOTO: LIONEL BONAVENTURE/AGENCE FRANCE-PRESSE/GETTY IMAGES
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Mr. Doyon had been in hiding in Canada and Mexico until his arrest in June 2021 by Mexican police. He was deported to the U.S. and arrested by the Federal Bureau of Investigation. (San Francisco Chronicle)
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130%
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Amount that cyber insurance premiums jumped, on average, in the U.S. in the fourth quarter from the year-earlier period, according to Marsh McLennan Cos.
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