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Cyber security technology provider CrowdStrike plans to expand its footprint in the Asia-Pacific (APAC) region, an underserved market that is just beginning come to grips with the risks of falling prey to cyber attacks.
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Speaking to Computer Weekly in Singapore, CrowdStrike’s president Shawn Henry said the company plans to double its APAC workforce next year, following its triple-digit growth in sales and bookings across the region.
“We’re expanding aggressively in Singapore, India, Australia, New Zealand and Japan, both in terms of professional services as well as sales and marketing to gain access to the market, which is starting to have a greater appreciation of security risks,” he said.
Since establishing its APAC headquarters in Sydney in June 2016, CrowdStrike has seen a 245% growth in new customers, year over year, along with a 154% growth in new business from its channel partners.
In May 2017, CrowdStrike, which specialises in endpoint security, nabbed a $100m round of Series D funding, led by existing investor Accel along with CapitalG (formerly Google Capital), Warburg Pincus, March Capital Partners and regional investor Telstra.
This round of funding will help the company further accelerate its APAC expansion to meet the spiking demand for its Falcon platform.
CrowdStrike Falcon helps enterprises detect and mitigate threats by combining next-generation antivirus, endpoint detection and response, threat discovery, and threat intelligence capabilities into a single cloud-based platform.
It competes with similar offerings from the likes of Carbon Black, which focuses on uncovering unknown threats and fileless attacks using data science and cloud-based analytics.
With multiple cyber security players in the market competing for the same pie, Henry said the platform play becomes important, because that will provide organisations with the necessary IT security hygiene, along with threat detection and response capabilities.
“The philosophy of moving to detection and being able to remediate the environment is the right one, as opposed to trying to identity malware,” he added.
Read more about cyber security in APAC
- A majority of publicly listed companies in Singapore had little or no exposure to cyber threats even as the country is being used as launch pad for cyber attacks.
- Outsourcing IT security to a third party can improve an organisation’s cyber security posture, but in-house capabilities, such as drawing up security blueprints and strategies, should still be retained.
- Telcos such as Telstra and industry associations in Australia are chipping in to help enterprises that are being targeted by cyber criminals with phishing and social engineering exploits.
- Darktrace’s Asia-Pacific managing director, Sanjay Aurora, offers insights on what organisations can do to reverse the odds against them in combatting cyber threats.
According to technology analyst firm IDC, CrowdStrike differentiates itself from next-generation endpoint security products by providing tools and forensics data for rapid incident response.
“When an attack takes place, CrowdStrike logs events in real time, and a feature called Threat Graph presents a ‘chain of custody’ that provides incident responders with correlated threat indicators, such as the time stamp when an attacker establishes a backdoor and is leveraging a privileged account or is manipulating a Windows PowerShell command prompt,” IDC said in a report.
“These are common attack tactics that would otherwise go undetected by traditional antivirus or modern solutions only focused on malware detection.”
With cyber threats intensifying across the region, including a high-profile breach at AXA Insurance in Singapore, the market for cyber security products and services is expected to grow at a compound annual growth rate (CAGR) of around 12% between 2015 and 2020, hitting $30.4bn in the next three years.