Unprecedented Threats in the Software Supply Chain: How Lineaje is Changing the Game with $20 Million Funding Round
The world of software supply chain is under attack like never before. A recent report by the Ponemon Institute revealed that over half of organizations have fallen victim to supply chain attacks, with 54% experiencing an attack within the past year. These attacks target services from third-party vendors or open source software, posing a significant financial risk to organizations.
According to a Juniper Research study, supply chain cyberattacks could cost the global economy nearly $81 billion in lost revenue and damages by 2026. The White House has taken notice of this growing threat, declaring it a national security issue and issuing an executive order to establish mitigatory standards.
In response to this escalating threat, Lineaje, a startup founded by cybersecurity veterans Javed Hasan and Anand Revashetti, has closed a $20 million Series A funding round. Lineaje develops tools to detect tampered software in an organization's supply chain and recommends fixes to secure vulnerable software.
Lineaje's CEO, Javed Hasan, emphasized the critical importance of managing software risk for organizations and customers. The company's founders bring extensive experience from top cybersecurity firms, including Symantec, McAfee, and Norton.
While Lineaje faces competition from other players in the market, the company stands out by working with the U.S. Air Force and other federal agencies to enhance software security. The funds from the Series A round will support Lineaje's efforts to expand its reach in the public sector.
In conclusion, software supply chain attacks are on the rise, posing a serious threat to organizations' financial stability and data security. Companies like Lineaje are at the forefront of combating these threats and providing solutions to protect businesses from potential cyberattacks. By investing in secure software practices and tools, organizations can safeguard themselves against the growing risks in the software supply chain.