Story image

Splunk's cybersecurity set to SOAR off the back of Phantom Cyber acquisition

01 Mar 2018

Splunk has spent US$350 million (AU$451 million) on the purchase of Phantom Cyber Corporation, a security orchestration, automation and response (SOAR) provider based in the US this week.

Splunk president and CEO Doug Merritt says the acquisition of both Phantom’s employees and technology will boost Splunk’s “vision for the security nerve centre and for business revolution through IT”.

Splunk says that SOAR platforms and analytics-driven security will improve the efficiency of security operations by automating tasks, orchestrating workflows, improving collaboration and enabling organisations to respond to incidents at ‘machine speed’.

As part of the acquisition Phantom’s founder and CEO Oliver Friedrichs will report to Splunk’s senior vice president and general manager of security markets, Haiyan Song.

“The majority of purchase price consideration will be paid from cash on our balance sheet. Total equity consideration plus Phantom employee retention incentives will result in less than one percent total dilution from this transaction,” adds Splunk’s chief financial officer Dave Conte.

The company cites Gartner statistics that predict 15% of organisations with a security team greater than five people will use SOAR technologies by the end of 2020.

Splunk customers will be able to use the SOAR technology as part of their security operations centre platform to speed up incident response.

SecOps teams will also be able to advance cyber defence and reduce organisational risk through analytics-driven security; respond faster by speeding up incident response; and work smarter by reducing staffing and skills challenges.

“Sourabh Satish and I founded Phantom to give SOC analysts a powerful advantage over their adversaries, a way to automatically and quickly resolve threats,” comments Phantom’s founder and CEO Oliver Friedrichs.

 “Combining SOAR with the industry’s leading big data platform is a revolutionary advance for security and IT teams and will further cut down the time it takes them to eliminate threats and keep the business running. We are thrilled to empower Splunk customers to solve these important challenges.”

Splunk also claims that IT teams will be able to use automation capabilities for a widening range of use cases, including artificial intelligence for IT operations (AIOps).

Gartner says that by 2022, 40% of all large enterprises will use big data and machine learning to support and partially replace monitoring, service desk and automation processes.

“Splunk is committed to continuously pushing the limits of technology to help our customers get the answers they need from their data. I am very excited to reach this definitive agreement with Phantom and look forward to welcoming the team to Splunk,” Merritt concludes.

The acquisition is expected to close during the first half of 2018.

Kiwis know security is important, but they're not doing much about it
Only 49% of respondents use antivirus software and even fewer – just 19% -  change their passwords regularly.
Avi Networks: Using visibility to build trust
Visibility, also referred to as observability, is a core tenet of modern application architectures for basic operation, not just for security.
Privacy: The real cost of “free” mobile apps
Sales of location targeted advertising, based on location data provided by apps, is set to reach $30 billion by 2020.
Myth-busting assumptions about identity governance - SailPoint
The identity governance space has evolved and matured over the past 10 years, changing with the world around it.
Forrester names Crowdstrike leader in incident response
The report provides an in-depth evaluation of the top 15 IR service providers across 11 criteria.
Slack doubles down on enterprise key management
EKM adds an extra layer of protection so customers can share conversations, files, and data while still meeting their own risk mitigation requirements.
Security professionals want to return fire – Venafi
Seventy-two percent of professionals surveyed believe nation-states have the right to ‘hack back’ cybercriminals.
Alcatraz AI to replace corporate badges with AI security
The Palo Alto-based startup supposedly leverages facial recognition, 3D sensing, and machine learning to enable secure access control.