Will cybercrime cause $1 trillion in damage to an already-vulnerable economy by 2021?
Not if MergeBase Software has anything to do with it. The Vancouver startup just raised a $500,000 funding round for its cybersecurity product and plans to use the funds to ramp up sales and distribution.
MergeBase protects the security of software supply chains by providing accurate detection of known vulnerabilities and arming organizations with a number of mitigation options that go beyond those of existing tools in the market.
“I’m impressed that during this unprecedented crisis, business leaders and investors are able to ‘keep calm and carry on’, continuing to invest in leading-edge technology to solve critical problems like cybercrime,” says MergeBase CEO Oscar van der Meer.
“So many technology-powered companies are built on open-source code and third-party apps — which is a quicker, easier and cheaper way of building software,” he explains. “But those savings come with a cost, exposing organizations using these applications to data breaches.
The current COVID-19 crisis and social distancing measures will only accelerate the move to a fully digital economy. In this new environment, cybersecurity for digital assets and IT will be even more mission-critical to business and governments.
“Integration with external apps already causes up to 24 percent of all cybersecurity breaches — and that’s only going to grow,” he says. “MergeBase is a best-in-class solution to boost the immune system of enterprises around the world.” MergeBase’s app-security solution detects more vulnerabilities than any other tool on the market.
Enterprises are already boosting purchases of app security solutions, from 5 percent in 2019 to 60 percent by 2024, according to a Gartner report. “It’s why we’re expecting to see big growth in our business.”
MergeBase’s solutions are aimed at large enterprises and their customer list includes a government agency that processes trillions of dollars of payments every year.