Egyptian cybersecurity startup, Buguard, has raised about $500,000 in seed offerings to develop offensive security against dark web online attacks. The round was led by A15, a foremost MENA venture capital firm, with engagement from angel investors.
The security developed is significant as dark web is an almost untraceable area of the internet. Online criminals use the dark web to spread malware into servers and devices which allows them to capture personal data like passwords, bank details etc. This can lead to serious financial loss, leaked company secrets, defamation of character etc.
According to IBM Security, the average loss as a result of Data breach last year was about 4.35 million dollars which was an all-time high. They also revealed that the commonest data breach is compromised personal data which accounted for about 19% of breaches last year and 20% in 2021 which was the highest.
The funds raised is Buguard’s first outside funding, as the company has lacked external investment since its inception in 2021. Revenues will go into establishing and expanding Buguard2s squad, mainly services, sales, and foster collaborations.
Their combative security services include, intelligent testing and exposure assessment, hacking simulation, corrective measures assessment, threat intelligence and alternative analysis.
Some Buguard’s customers include Paymob, Fawry, EFG-Hermes, Halan, Lucky, Thndr, MaxAB, Eksab, Rabbit Mart, amongst others. Buguard has developed a global client base spanning Saudi Arabia, the United States, France, Australia, Japan, the United Kingdom, Singapore, and the United Arab Emirates.
The startup recently announced the inauguration of Dark Atlas, a new SaaS product for dark web monitoring and account takeover prevention. According to the founder and CTO of the company, Youssef Mohamed, he said “Our team at Buguard is hand-picked and includes some of the world’s leading security researchers and engineers, coupled with a subscription-based, SaaS product – Dark Atlas – that goes broader and deeper than existing alternative solutions. We already have a global base with clients from all over the world, but our immediate strategy is to grow even stronger in the GCC. We look forward to expanding into Saudi Arabia during 2023 and using our proceeds to help fulfil our significant growth potential.”
The new initiative, Dark Atlas is more robust and deeper than competition, as most competitors look at public information breaches for data leak detection which means publicly exposed databases.
Dark Atlas observes smart devices for any proposed attack from malwares such as Redline, Raccoon, and Vidar, major causes of data breach issues and cause significant damage as the stealer malware exfiltrates saved credentials from the victims’ browsers and has the relevant URL within which the credentials can be used.
“We have been very impressed by the domain expertise exhibited in Buguard’s security researchers and engineers and are very excited to partner with Youssef and Buguard’s best-in-class team. Threats posed by ever evolving cybercriminal tactics are a serious threat to businesses, both large and small. It is becoming increasingly important to take proactive measures to protect against these threats. Buguard does just that through its security services and Dark Atlas” as quoted by Karim Beshara, A15 General Partner
