Chainalysis Inc., a US-based provider of cryptocurrency investigation software solutions, has recently acquired the services of cyber security firm Excygent. This acquisition comes as part of the company’s efforts to strengthen its defense against ransomware threats.
Ransomware is defined as malicious software used by hackers to identify and exploit vulnerable systems. By gaining access to vital files and systems, hackers force organizations to pay an amount of money for them to unlock their data. According to the 2020 NordVPN Cyber Security Report, ransomware attacks have increased by 315% worldwide in just the past two years.
What is Excygent?
Excygent is an Israeli cybersecurity startup with a strong presence in the European Union. It started operating in 2018, and over the past two years, it has developed a comprehensive cybersecurity platform designed to protect businesses from sophisticated cyber threats such as ransomware. Excygent’s technology applies proprietary behavioral analytics and artificial intelligence to identify previously unseen patterns in data and quickly detect threats.
What Does the Acquisition Mean?
The acquisition of Excygent by Chainalysis will give the latter access to the former’s suite of security solutions that can detect and protect corporate networks, as well as provide deep insight into the source of cyberattacks. As an example, Excygent’s platform will help Chainalysis understand how and why ransomware attackers target different networks, allowing for a more effective response to such threats.
Benefits of the Acquisition
The acquisition of Excygent by Chainalysis offers several key benefits, including:
- Enhanced security solutions and improved protection against malware and ransomware attacks.
- Deeper insight into how ransomware attackers work and better strategies for defending against them.
- Access to cutting-edge technologies and tools for fighting cyber threats.
- Improved ability to monitor digital assets and identify suspicious activities.
The acquisition of Excygent by Chainalysis reiterates the latter’s commitment to fighting ransomware and other cyber threats. With the addition of Excygent’s technology, Chainalysis will be better equipped to provide its customers with the most reliable security solutions and help them secure their digital assets.
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