Abstract Security has emerged from stealth mode, introducing a revolutionary platform that centralizes the management of security analytics. The company, founded by industry pioneers, announced an oversubscribed $8.5 million seed funding round led by Crosslink Capital, Rally Ventures, and Liquid 2 Ventures. Abstract Security's platform is set to redefine the landscape with its AI-powered approach, offering a new paradigm for security teams by correlating data in real-time between data streams and separating compliance and security data. This innovation aims to increase detection effectiveness and reduce costs, addressing the limitations of next-gen SIEM solutions.
The cybersecurity landscape today is fraught with challenges. Security analytics has become a complex patchwork of products that often fail to deliver tangible business value. The majority of data collected by security analysts is not useful or relevant for detection scenarios. Moreover, the speed at which adversaries compromise organizations is increasing, with an average breach time of 62 minutes, and the average cost of data breaches has risen to $4.45 million, marking a 15% increase over three years.
The SIEM market, which emerged over two decades ago with promises to address real-world security challenges, has shown its weaknesses as the industry evolved. Despite advancements like next-gen SIEM and XDR, the category continues to experience growing pains, with surging costs and reduced security analytics capabilities.
Colby DeRodeff, co-founder and CEO of Abstract Security, expressed his concerns about the current state of SIEM detection, stating, "Current SIEM detection is largely ineffective and the capabilities afforded analysts to leverage true correlation and analytics has hit an all-time low. For most organizations, this has become inefficient and impractical and as an industry, we cannot keep building on a broken premise."
Abstract Security's platform is designed to address these challenges by abstracting away the operational weight of security platform engineering. Key features of the platform include:
Bifurcating compliance and security use cases: By separating security data from compliance and observability data, Abstract Security's data platform allows analysts to focus on the threats that matter, saving money, resources, and time.
Providing security analysts with more powerful tools: Moving beyond saved searches and dashboards, Abstract leverages real-time streaming, correlation, and machine learning with pre-built and user-defined detection rules to show correlation between data streams.
Reducing immense compute and storage costs: The platform offers a one-click data lake on a privacy-first architecture, reducing overall cost of ownership and addressing the issue of data loss due to vendor lock-in and high volume of logs.
Matt Bigge, a partner at Crosslink Capital, praised Abstract's data-centric approach, stating, "Abstract’s data-centric approach represents the future of detection. We are excited to partner with Colby, Ryan and the entire Abstract team to contribute to a new paradigm in security: an approach that enables analysts to align security efforts to business value."
Abstract Security's innovative platform promises to reshape the cybersecurity landscape, offering a more effective and cost-efficient approach to detecting and mitigating threats.