Google, an American multinational technology firm, has purchased Siemplify, a cybersecurity startup based in Israel that specializes in end-to-end security services for businesses known as security orchestration, automation, and response (SOAR) services.
Companies can use SOAR platforms to collect important security data, such as alarms, that their security operations team has been monitoring. In the end, the technology should allow businesses to prioritize and optimize their incident response operations.
According to recent research by Trend Micro, the proliferation of cybersecurity tools -on average, businesses have 29 different security tools – has caused major challenges in threat prioritization.
The deal was first reported in the Israeli press, and now both Google and Siemplify’s CEO and co-founder, Amos Stern have confirmed it. Siemplify will be integrated into Google Cloud Platform, specifically its Chronicle operation, according to Google.
The acquisition of Siemplify, according to Sunil Potti, vice president of Google Cloud Security, would help the cloud platform “advance invisible security and democratize security operations for any organization.” In the end, the company’s technology aids businesses in “better managing their threat response.”
Our enquiries about the price were not answered by Google or Siemplify, but sources close to the sale verified that it is $500 million. Potti stated that Google Cloud was interested in Siemplify because of their platform, which provides an “intuitive workbench” that helps security teams to better risk management and save expenses associated with cyber threats.
Security operation centre (SOC) analysts can use Siemplify to “manage their operations from start to finish, respond to cyber threats with speed and precision, and get smarter with every analyst contact.” “The technology also aids SOC performance by reducing caseloads, increasing analyst productivity, and improving visibility across workflows,” according to Potti.
Additionally, Google Cloud will be able to expand on its “aspiration of a modern threat management stack that empowers customers to go beyond traditional security event and information management (SIEM) and extended detection and response (XDR) tooling, enabling better detection and response at the speed and scale of modern environments,” He further made known.
In a statement published with VentureBeat, Forrester analyst Allie Mellen claimed that a SOAR tool had been the “missing piece” for Chronicle. Chronicle was created as a platform for cybersecurity telemetry, which involves following the transfer of data across all devices and networks in order to detect and prevent intrusions. Security operations specialists utilize SOAR systems to manage and monitor activities, start the remediation process (either automatically or manually), and log everything to help avoid the same thing from happening again. Adding SOAR capabilities is the logical next step for Google as it provides more services and automation to entice more consumers.
“This acquisition is a critical step toward providing practitioners with a unified product and being able to compete more directly in the security analytics platform industry,” Mellen said. The purchase comes after Google Cloud made it known in August of 2021, at a White House meeting with President Joe Biden that it will invest $10 billion in cybersecurity over the next five years. The meeting took place in the aftermath of many high-profile cyberattacks, including those on government software contractor SolarWinds and oil pipeline Colonial Pipeline, which have heightened the importance of such issues.
The commitments range from developing new industry standards to offering stronger security tools to other organizations and providing skill training to individuals to fill the nearly 500,000 unfilled cybersecurity jobs in the United States. Biden also signed an executive order forcing United States government agencies to utilize two-factor authentication for logins, which can help prevent cyberattacks.
After the meeting, Microsoft CEO Satya Nadella made it known that the company has committed $20 billion over five years to deploy more powerful security measures. Microsoft said it would also invest $150 million to assist government agencies in upgrading their security systems and expanding cybersecurity training collaborations, according to him. Since 2015, Microsoft has spent $1 billion per year on cybersecurity.
In three years, IBM plans to train over 150,000 people in cybersecurity skills, partnering with historically Black schools and universities to help diversify the workforce. The company also launched a new data storage solution for critical infrastructure organizations and stated that it is focusing on developing secure quantum encryption solutions. Before the meeting, IBM CEO Arvind Krishna told newsmen outside the White House that cybersecurity is “the issue of the decade.” He expressed his hope that the conference will result in more collaboration between the public and private sectors, and that IBM would do its share to assist skilled workers in the field.
CEO Amos Stern, who cofounded Siemplify in 2015, stated in a blog post that “Google’s resources, knowledge, and overall dedication to cybersecurity” were major reasons for the acquisition. The company hopes to “push innovation and enable many more security teams to take their operations to a whole new level” by joining Google Cloud, according to Stern.