In an aggressive M&A play of one merger and one acquisition within a single quarter, HUB Security, led by CEO Eyal Moshe, has become one of the most interesting cyber security contenders to watch.
The Cyber Security market is estimated at over $300 billion in annual spending by enterprises, SMEs, and governments, but the existing solutions are far from closing the global cyber breach to the ever-growing hoard of attackers and their sophisticated methods.
Over 300 billion passwords are used by humans and machines worldwide to protect data and privacy, and yet privileged access is estimated to be the weakest cyber security point responsible for an estimated 65% of all successful breaches into corporate and government databases. Layers upon layers of defenses have been deployed over the decades that seem to be almost transparent to the growing sophistication methods use by hackers daily.
Eyal Moshe and his team were cyber-forged within an elite Israeli intelligence unit that has become only too familiar with the vulnerability of all global computing systems, private and government-operated alike.
The team has formed HUB Security to change this status-quo with a unique concept that addresses the problem at the core: Make the actual computing hardware impenetrable instead of adding layers of protection software that can be bypassed. For this purpose alone, they have built an array of hardware solutions aiming to retire the legacy computing approaches and rebuild the data ‘fortresses’ idea from scratch.
This ambitious vision does not end there. Their plan goes beyond computing itself and into IoT.
Nowadays, consumers purchase internet-connected products, everything from vehicles to refrigerators. Expanding networking capabilities to all corners of our lives can make us more efficient, help save time and money, and puts our digital lives at our fingertips whenever we need it. Business and government sectors have also joined in on the IoT bandwagon. Healthcare has seen huge benefits from patient wearables that monitor vitals and feed doctors valuable information. Manufacturing and industrial sectors have also seen wide adoption of IoT in operational technology found in Industrial Control Systems (ICS) such as SCADA Systems.
However, connecting to the internet also means connecting to potential cyber threats. When a fridge or a home security camera becomes internet-enabled, they also become vulnerable to cyber-attacks.
The more devices are connected, the more entry points are made available to aggressive threats. As the expansion of the IoT market continues, so do the number of potential risks that threaten the performance and safety of devices and the integrity of IoT data. By 2020, the number of installed IoT devices is forecast to grow to nearly 31 billion worldwide.
Gartner predicts that by the year 2020, over 25% of enterprise attacks will involve IoT. The stakes are particularly high for industrial IoT (IoT) systems. From national power generation and distribution infrastructures to global manufacturing operations, connected IoT sensors and devices can significantly increase operational risks.
HUB aims to take its technology to the next level and provide what they call “HUB on Chip” that claims to provide unparalleled protection at the hardware level to all IoT devices. The HUB ASIC can be applied to a plethora of connected devices, starting with mobile phones, credit cards, and laptops, going all the way to security cameras, connected autonomous cars, and military appliances.
Eyal claims to redefine the industry landscape within 5 years. This aggressive vision was accompanied also by some very aggressive moves performed over the past quarter. Within 3 months, Eyal has executed a $150 million merger with A.L.D and a $25 million acquisition of Comsec, becoming one of the largest Cyber Security players in Israel, operating in over 30 countries with 1,500 top-tier clientele including Fortune 500 enterprises and governments.
There is a strong promise in the HUBs story, we now have to see how the play unfolds and whether Eyal Moshe will join the distinguished list of leaders of the Cyber Security landscape.