JERUSALEM, June 25 (Xinhua) -- Israel's cyber start-up Silverfort announced Monday that it has raised 11.5 million U.S. dollars for developing solutions to prevent password theft.
The company has developed a secure identity authentication solution for enterprise networks and cloud environments that does not require changes to the servers or edge device of the organization.
Its technology enables running multi-stage authentication for all types of systems in the organization, including those who does not support these capabilities. In doing so, the company also helps to secure its customers and comply with international standards.
The company's authentication solution enables organizations to add an advanced layer of security to all systems, servers and the work environment.
When suspicious behavior is detected, the system initiates its own multi-step verification without creating network changes.
Theft of passwords is one of the most serious problems in the information security world. According to Verizon's annual data security report, the number of cyber-attacks using stolen passwords increased from 50 percent in 2015 to 81 percent today.
Silverfort was founded in 2016 by three graduates of the elite intelligence unit "8200" of the Israeli army.
The first round of funding-raising was led by the TLVPartners and attended by existing investors.
