Cybersecurity startup Circle Security emerges from stealth with the launch of the first decentralized threat prevention platform
Credential phishing, a type of cyber attack where the attacker poses as a trustworthy entity, was the most common type of social engineering attack and represents 36% of all breaches, according to the 2021 Verizon Data Breach Investigations Report.
The research also discovered an 11% rise in credential phishing attacks from the prior year. Additionally, the report also found that credential phishing attacks have increased by 11% compared to the previous year. This highlights the importance of being vigilant against phishing attempts and taking steps to protect your personal and professional credentials. It’s for this reason that Silicon Valley startup Circle Security is on a mission to protect organizations from credential-driven threats and cloud attacks.
Today, Circle Security emerged from stealth with the release of the first credential-free decentralized threat prevention platform. Circle recently secured initial funding from strategic investors, enabling it to create this patented technology that transforms how companies access and protect data by overcoming the most pervasive cybersecurity challenges.
According to an article on TechRepublic, data breaches that result from compromised credentials continue to pose the greatest threat to many companies. The article suggests that preventing credential phishing attacks alone can yield a remarkable 82% return on investment to enterprises, potentially saving them over $680,000.
Circle Security was founded by Phani Nagarjuna, a seasoned 3x entrepreneur with numerous executive positions in the venture- and private equity-backed firms, overseeing the launch of several successful software products and driving digital transformation initiatives. In addition, he also led two other early-stage companies to successful exits.
Prior to founding Circle, the individual was instrumental in building and leading Nuevora, a big data analytics/AI firm, and served as a founding executive at OneCommand, a leading customer marketing & loyalty automation company in the auto retail industry.
“The ultimate dream of security practitioners is to achieve true prevention of breaches,” said Founder & CEO Phani Nagarjuna. “The cybersecurity world is littered with several XDR, Zero-Trust & MFA technologies, and yet we continue to see a proliferation in identity-driven data breaches. It’s high time we augment these detection technologies with a foundational prevention-first technology that squarely addresses the root causes of the most common cyber threats.”