- A Nasdaq-listed Palo Alto Networks serves over 80,000 clients globally by offering a suite of enterprise cybersecurity solutions.
- Based in Israel, Dig has created a technology that can automatically map out the data assets in on-premises file share apps and cloud environments for businesses.
Palo Alto Networks Inc. announced taking over Dig Security Solutions Ltd., a startup company that assists organizations in monitoring and safeguarding their critical internal data.
Neither of the companies has yet disclosed the financial details of the deal. Nevertheless, according to reports, Palo Alto Networks is almost paying Dig USD 400 million. The transaction occurred just a few weeks after it was reported that Palo Alto was in negotiations to pay USD 600 million to acquire Talon Cyber Security Ltd., another cybersecurity startup.
A Nasdaq-listed Palo Alto Networks serves over 80,000 clients globally by offering a suite of enterprise cybersecurity solutions. A large portion of its product line is built around acquired technologies. Palo Alto Networks has acquired over six cybersecurity firms since 2017 for a total of more than USD 1.9 billion.
Keeping track of which file is stored where can be a concern when it comes to data security for organizations. Administrators might not install the required cybersecurity measures on a system if they are unaware that it holds critical documents. Additionally, neglected data—especially customer records—makes it more challenging to abide by privacy laws like the GDPR.
Based in Israel, Dig has created a technology that can automatically map out the data assets in on-premises file share apps and cloud environments for businesses. The platform groups record according to their level of sensitivity. For instance, if a spreadsheet has the credit card information of clients on it, it may designate it as a high priority.
Dig identifies documents that are kept insecurely after mapping out an organization’s digital assets. For instance, it can locate files shared with individuals outside the company or stored in an unencrypted format. The software also detects more subtle problems, such as when a business fails to record user interactions with a crucial dataset.
Dig claims that its platform can identify both hacking attempts and vulnerabilities. The software finds viruses that may be present in internal company files and stops illegal file downloads. It assures that its platform can tell admins whether hackers are actively attempting to steal data or are just setting themselves up to exploit weaknesses in future cyberattacks.
Dig’s technology will be incorporated into Palo Alto Networks’ Prisma Cloud platform. The platform helps organizations secure their cloud apps and is mainly built on technologies the company obtained from its previous startup acquisitions. Additionally, it makes associated duties easier, such as safeguarding “application secrets,” which are encryption keys and other private data.
Ankur Shah, Senior Vice President of Prisma Cloud, said, “Dig lets security teams see and secure their data across multi-cloud environments. This visibility and security are becoming increasingly important in the age of generative AI.”
The acquisition was announced a few weeks ago following rumors that Palo Alto Networks was in talks to acquire Talon, another cybersecurity business. The second startup creates TalonWork, a Chromium-based browser intended primarily to be used by companies. Many cybersecurity capabilities that are absent from consumer browsers are included in its package.
It is said that the acquisition negotiations are progressing. Talon is likely to get USD 600 million from Palo Alto Networks, substantially more than the USD 126 million the business has raised so far. Lightspeed Venture Partners, Palo Alto Networks’ competitor CrowdStrike Holdings Inc., and other institutional investors support Talon.
Prior to the announcement of the acquisition, Dig had raised USD 45 million in investment. The venture capital divisions of Okta Inc. and Samsung Electronics Co. Ltd. support the startup.