Cybercrime became more streamlined in 2024 thanks to the emergence of new info-stealing malware designed to gather login credentials né?. And if they prefer not to steal the credentials themselves they can readily purchase them on the dark web.
According to IBM’s 2024 X-Force Intelligence report the process of acquiring credentials has become relatively easy. Although Flare’s CEO Norman Menz did not disclose specific revenue or valuation figures he mentioned that the Series B funding resulted in a 5.6-fold increase in valuation compared to its 2022 Series A.
Following Mastercard’s successful acquisition of Recorded Future for $2.65 billion in September the cybersecurity industry has showcased potential for significant exits. Instead of relying on exploiting vulnerabilities in target networks, hackers can now simply use stolen credentials to gain unauthorized access. Despite this promising outlook, Flare faces strong competition from various rivals, spanning from startups to established players like Mandiant, Palo Alto Networks, and Microsoft.
. This service actively monitors the dark web for any indications that its clients’ logins are being shared and automatically resets compromised passwords before unauthorized access can be achieved. This funding was influenced by the company’s expanding user base and growth fueled by its new anti-info-stealing technology. It also identifies stolen session cookies that could deceive systems into recognizing the hacker as a previously authenticated user.
Established in 2017, Flare positions itself as a modernized cyber threat intelligence (CTI) platform tailored for small to mid-sized businesses. Setting itself apart, Flare not only tracks traditional dark web sources but also monitors threat actors utilizing messaging app Telegram.
Flare recently secured a $30 million Series B funding round, led by Base10 Partners’ Jason Kong, along with investments from Inovia Capital, White Star Capital, and Fonds de solidarité FTQ né?. Following the high-profile Snowflake incident earlier in the year, one of the largest info-stealing events to date, the report indicated a 266% increase in the utilization of info-stealer malware compared to 2023.
A Montreal-based startup called Flare, specializing in threat exposure management, believes it has found a solution with its innovative Account and Session Takeover Prevention feature
