Miggo’s technology is focused on addressing the growing number of application attacks, that traditional tools, including ones run by many cybersecurity vendors, have been unable to stamp out to date.
Daniel Shechter, CEO and co-founder of Miggo, [L] and Itai Goldman, Miggo’s CTO and co-founder
“Today’s apps are distributed by design, taking advantage of the fact that modern applications have these chains of trust, said Daniel Shechter, CEO and co-founder of Miggo, who with Itai Goldman, Miggo’s CTO and co-founder, runs the company. “That’s the problem we see happening, in which attackers, instead of breaking in the front door, use complexities of modern applications. Miggo is planning to change that by adding enterprise security to application attacks, which will allow for building a tool that will allow 80% of these modern attacks to be handled.” That data comes from Verizon’s 2023 Data Breach Investigations Report.
Multiple security software companies have recently been hit by this kind of attack, and Schecter stresses that Miggo sees them as logical cooperators with themselves rather than as competitors.
“We are trying to protect all those others who built software, because we plug into others.” he said. “A security company like Ivanti which was recently hacked we see as a straightforward potential customer for us. They need to understand what’s happening in real time instead of who breaks in the front door. Once the customer sees a big map or how the data is flowing, it’s the ‘wow’ moment for many of them. Once we show how the app runs from the inside, the real innovation is not just showing where the problems are, but creating EDR-like capabilities and blocking the problems.”
The ability of Miggo’s technology to precisely discover and map the architecture of distributed applications to establish behavioral baselines and monitor for deviations from intended design or code execution flows is their differentiation. Leveraging live in-application context, Miggo determines if a deviation indicates that the application is exploitable, under active exploitation or backdoored, and initiates targeted mitigations to contain breaches by pinpointing the offender and affected areas to recommend precise remediation strategies.
Shechter said that the one true blind spot today is what is happening in the application, and thus the ability to enable security teams to detect and respond to targeted application attacks in real-time.
“If an attacker attacks your cloud, the tool comes to your side, but what is missing is the signals,” he indicated. “We provide those meaningful signals and with them, the ability to use MDR to manage potential application breaches.” Without this, atackers can manipulate flows between services without detecting existing security sensors like EDR, WAF and CNAPP tools. The only way to identify such malicious activity is with direct views into applications while they are running.
The announcement of $7.5 million in seed funding is a little on the large side for this level of round, but Shechter said that it makes sense for them.
“Miggo is a little older, which is why we saw the need to raise $7.5 million,” he indicated. “We used that to build a very strong engineering team, which is already working with some significant customers, including one in the Canadian medical research field.”
Miggo’s primary funding in this round comes from Israeli-focused global cybersecurity VC firm YL Ventures. It also involves the participation of CCL (Cyber Club London), cybersecurity leaders from Elastic and Everon, and former CISOs of Google, Zscaler and Nike.
Miggo is still focused on direct selling in their proof of concept stage, but that’s not the long-term plan.
“We just started with channels but it’s a great opportunity for strong partnerships, both with resellers and MDRs,” Shechter indicated.
“All companies who are building applications have these potential problems, and are good candidates for us,” he added. “We are seeing a lot of them in health care, many of which are in enterprise. Miggo wants to be the ‘go to’ solution for these more sophisticated application breaches that these customers encounter.”
