Indian cyber protection company Fast Heal Technologies Ltd announced Thursday that it would invest $2 million in L7 Safety, an Israel-based cybersecurity start-up specializing in Application Program Interface (API) Security and Next Generation Web Application Firewall.
Quick Heal had already spent $300,000 in L7 Safety in the previous financial year. Following the announcement, Fast Heal’s share prices rose by up to 7% to cross 179.65.
API Security has emerged as one of the main cybersecurity issues for companies and is projected to be one of the most prevalent attack vectors in 2022.
According to Gartner’s forecasts, 90 per cent of web-enabled apps will be vulnerable to API-related bugs by 2021, up from 40 per cent by 2019.
Akamai’s report reveals that up to 75% of all credential misuse attacks against the financial services sector explicitly hit API endpoints.
NG-WAF is an improved variant of the legacy WAF and is even more efficient for API stability.
With this investment, Fast Heal plans to exploit proprietary artificial intelligence (AI) technology from L7 Security that protects against distributed denial of services (DDOS) attacks, BOT attacks and other malicious API threats.
Kailash Katkar, MD and CEO, Quick Heal Technologies said in a statement that L7 Defense had shown its unique capabilities in the field of API Security and NG-WAF, which have driven them to expand their spending further. This move enables Seqrite to pursue application protection and improve its solution stack to protect digital businesses against the next wave of cyber threats.
The investment will also encourage strategic collaboration between the two companies and allow Fast Heal to broaden its portfolio of enterprise solutions offered under the Seqrite umbrella and launch L7 flagship products in India, APAC, and the EMEA area.
In the first half of FY21, Fast Heal reported marginal revenue growth. EBITDA increased by 17.6 per cent, while the EBITDA margin increased by 632 bps YoY. (year on year).
The retail segment contributed 83.5 per cent of total revenue, while H1FY21 accounted for 16.5 per cent of total revenue.