SpecTrust, a San Jose, California-based startup developing a no-code cybersecurity platform, today emerged from stealth with $4.3 million in seed funding led by Cyber Mentor Fund. Founded by employees from ThreatMetrix, eBay, Fastly, and Akamai, SpecTrust plans to put the proceeds toward product R&D and global hiring efforts.
Cybercrime losses exceeded $50 billion in 2019, and enterprises are spending over triple that figure on digital defense solutions. As the pandemic spurs companies to accelerate their digital transformations, cybersecurity is becoming a larger concern. Deloitte notes that between February and May 2020, more than half a million people were affected by breaches in which videoconferencing data was stolen.