Shape Security’s latest product protects smaller businesses from credential stuffing
Shape Security has been helping big companies stay safe from fraudulent activities like password reuse and bot traffic on their publicly facing websites and apps. The company now wants to help smaller companies have that same type of protection, and today it announced a new cloud service called Connect aimed at that market.
“We’re an enterprise-focused company that protects the majority of large U.S. banks, the majority of the largest airlines, similar kinds of profiles with major retailers, hotel chains, government agencies and so on. We specifically protect them against automated fraud and abuse on their consumer-facing applications — their websites and their mobile apps,” Shuman Ghosemajumder, Shape Security CTO explained.
The company has taken that same type of protection and packaged it for smaller businesses. “What we’re doing with the new product, which is called Connect, is automating those aspects which we have provided with the high-end [product], and are making it easier to deploy and run,” Ghosemajumder said.
He said that they get protection against the same kind of high-end, automated fraud that the large enterprise customers get, as well as protection against DDoS attacks, scraping and so on.
The company is best known for stopping the act of credential stuffing, a sophisticated kind of strike where attackers continually try to get onto a website or app using stolen usernames and passwords. In addition, they tend to use a variety of computers and IP addresses to mask the attack. In fact, Sumit Agarwal, who is co-founder and chief operating officer at Shape, coined the term when he was working at the Department of Defense in a previous position before he helped launch the company.
A product like Connect can help expand Shape’s market by moving beyond the large enterprises that have been its primary target up until now. While it provides a similar level of service, it delivers it in a way that makes it easier for these smaller organizations to consume, while still enabling them to take advantage of the advanced security techniques that would typically be out of their reach.
Shape Security was founded in 2011, but spent several years developing the core product before emerging from Stealth in 2014. It currently has 300 employees and has raised $132 million, according to Crunchbase data. The most recent round was $26 million in November.
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