Is This Beaten Down Cybersecurity Company A Coiled Spring? – Motley Fool
IronNet, Inc ( IRNT 8.57% ) is a cybersecurity company that is pioneering a collective defense model using artificial intelligence (AI) and behavioral analytics with their IronDome technology. The company was founded in 2014 and went public via SPAC merger in August 2021. IronNet stock went on quite a ride after its SPAC merger trading as high as $47.50 before dropping sharply to trade in the $7 range since as shown below.
IRNT data by YCharts
The CEO of IronNet is retired four-star General Keith Alexander. He has credentials that are unparalleled in the industry. Besides being a retired General, he was the Director of the National Security Agency (NSA) and Chief of the Central Security Service (CSS) where he served longer than anyone else. He was also the very first commander in charge of U.S. Cyber Command in 2010-2014, which is the agency in charge of establishing and defining protection from cyberattacks for the United States Government.
Are you impressed yet? Needless to say, his rolodex must be filled with high-level contacts throughout the government and the private sector. The co-CEO, William Welch, is also an industry insider having honed his skills with Duo Security and Zscaler ( ZS 7.36% ) before taking the position with IronNet. It is hard to imagine a better duo at the helm of this company which makes this an exciting stock to watch.
Collective defense may be our best defense
Collective defense involves organizations working together to share information that will thwart cyber attacks. In a simplified form, if IronNet identifies a threat against company A, the threat is analyzed and a response produced that is then shared with company B and company C. The AI analytics grow stronger as more and more data is analyzed. When current National Cyber Director Chris Inglis was recently asked about collective defense his answer was “yes, yes, and hell yes…I think collective defense is a transformative moment for us.”
While COVID-19 currently has center stage, the threat of cyberattacks are around us every day and affect enterprises of all sizes and complexities. The United States Government is taking threats seriously as are private corporations. The recent White House Cybersecurity Summit is one example of this focus. President Biden signed an executive order and noted that cybersecurity was being made an extremely high priority. The advent of malware-as-a-service (MaaS) highlights just how large of a threat businesses currently face. MaaS is exactly as it sounds, ransomware software that can be purchased on the dark …….