The increasing popularity of mobile apps in the corporate as well as personal world hasn’t kept pace with app security improvements.
It’s predicted that roughly 63% of alleged grayware apps leak phones’ mobile numbers and that 62% of the top VPN apps request unusual permissions.
In a recent study, researchers at Symantec found that the number of new mobile malware variants increased by 54% in 2017 over the numbers of 2016.
Likewise, Gartner forecasts that by 2019, only 10% of DevOps initiative will have achieved the level of automation required to be considered fully secure, up only 5% from 2017.
To fight security challenges like this, NowSecure—a security and privacy-testing solutions provider is raising capital to develop security tools.
The company announced that it has raised $15 million in series B funding led by ForgePoint Capital.
Scaling business operations and product development
NowSecure’s CEO Alan Snyder said that the funding will accelerate the NowSecure’s product development and help to scale its corporate operations.
Alan said, “Every business is becoming mobile first; yet millions of people are using apps on a daily basis that have major security and privacy issues. NowSecure is addressing this fundamental, global-scale problem that puts businesses and consumers at direct risk,” and added, “We’re thrilled to be working with ForgePoint Capital to grow our business and empower mobile app developers to deliver secure mobile apps faster. ForgePoint has the right mix of veteran leadership, industry relationships, and successful track record across their security portfolio to support NowSecure.”
A range of security solutions
NowSecure provides a range of solutions developed on open source platforms (principally Frida, Radare, and Capstone) that run on-premises or in the cloud. It also offers expert professional penetration testing and managed services.
The company’s automated mobile app security testing suite, which stands alone or integrates with existing dev pipelines, can execute up to “hundreds” of tests in minutes including static, dynamic, and behavioral analyses, and auto-generates reporting and remediation guidelines.
“From digital transformation projects to pure mobile businesses driving multi-billion-dollar global economies, the stakes have never been higher for mobile security and privacy,” said ForgePoint Capital cofounder and managing director J. Alberto Yépez, who has joined NowSecure’s board of directors.
Presently, NowSecure has investors including Baird Capital, JumpCapital, and Math Venture Partners.