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Headquarters: San Francisco
Founders: Evan Reiser (CEO), Sanjay Jeyakumar pg slot
Funding: $74 million
Valuation: $500 million
Instead of viruses, spam or ransomware, Abnormal Security’s cybersecurity software targets business email compromise (BEC) attacks, which cost businesses nearly $1.9 billion in 2020, according to the FBI. That’s more than half the $3.5 billion total loses to cybercrime. BEC occurs when a bad actor compromises legitimate corporate email accounts, masquerading as an employee and tricking anyone from the CEO and CFO to the human resources manager into transferring large sums of money or sensitive documents. “A lot of the conventional email security companies built technologies that stopped attacks they’ve seen before by memorizing ‘known bad’ behavior,” says CEO Evan Reiser. But the schemes keep evolving. To combat the fast-proliferating BEC attacks, Abnormal Security instead borrows from adtech with behavioral profiling—the way Facebook and Twitter can display ads tailored to you—to predict the legitimacy of emails seemingly sent by a trusted party, yet requesting money transfers of thousands or even millions of dollars.
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