Market Demand and Recognition Continues to Grow for Neosec as Companies
Grapple with Potential Loss of Money, Data, Trust and Resources

PALO ALTO, Calif., June 28, 2022 /PRNewswire/ -- Neosec, the pioneer in discovering and identifying API threats using behavioral analytics, today announced additions to its platform for discovering and assessing all APIs in use by an organization and preventing fraud and abuse of business assets and processes through them. The features reflect rapidly growing market demand and recognition as companies grapple with potential loss of money, data, trust and resources through the use of business APIs.

A new API inventory feature enables organizations to see and have a constantly up-to-date, unified view of all APIs in use with detailed information on each. This centralized view is particularly important when an organization has a large number of APIs and services in place. The new discovery experience shows which APIs saw the greatest number of endpoints recently added. It can instantly show the riskiest APIs and those that pass sensitive information within them. Detailed risk scoring, risk posture and a quick way to see risk changes makes it easy to manage large sets of APIs. Typical values and top-ten values of any parameter can also be displayed, which makes it easy to understand how the APIs are used in practice.

A new automated service and endpoint risk scoring shows risk values and risk changes for each API and endpoint. The feature enables security professionals to understand any endpoint and service along with all its details, including its risk posture, and any actions that need to be taken or prioritized. In addition, the recently available ShadowHunt service augments use of the Neosec platform with a team of threat-hunting experts to respond to findings quickly, investigate potential threats and recommend immediate remediation and actions.

"Companies are quickly waking up to the rapidly increasing potential for third parties or external attackers to abuse business APIs for criminal or malicious gain," said Giora Engel, co-founder and chief executive officer, Neosec. "We are continually advancing our platform to add greater visibility, understanding and protection of the abuses that can take place within business APIs."

Neosec is receiving growing industry recognition and attention from companies around the world. Recently, the company was named a 2022 Gartner® "Cool Vendor" in Application Security as well as being selected as a finalist for the RSA Conference 2022 Innovation Sandbox Contest. Neosec was also selected as an Excellence Award finalist in the Best Emerging Technology category for the 2022 SC Awards and as Cutting Edge Infosec Start-Up of the Year in the Global Infosec Awards 2022.

As Neosec continues to receive recognition and accelerate their go to market strategy, they welcome DC Cullinane as the Vice President of Sales, spearheading global sales expansion. Cullinane brings over 20 years of sales leadership experience and has previously served in key roles as Global Sales VP, Senior Director Sales, and Strategic Advisor Roles for Deduce, Kasada, Shape Security, Inktomi and ThreatMetrix.

For more information about the Neosec platform:

About Neosec

Neosec is re-inventing application security with a powerful platform that unifies security and development teams to protect modern applications from threats. The foundation of the SaaS platform is built on data and analytics to manage security at scale. Neosec prevents threats from abusing the complex network of APIs that connect today's businesses. The platform helps organizations discover every API and audit risk. Neosec has pioneered the use of behavioral analytics to understand normal versus abnormal API usage and delivers powerful threat hunting capabilities together with a team of expert threat hunters. Neosec prevents threats and stops abuse hiding within APIs and brings new intelligence to application security. Neosec is based in Palo Alto, California with R&D in Tel Aviv, Israel. To learn more, visit Neosec.com.

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SOURCE Neosec

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When President Joe Biden won the 2020 U.S. presidential election, a wave of optimism washed over Latin America. Many in the region saw Biden’s rhetoric on closer relations between the U.S. and regional governments as a sign of a thaw after an adversarial four years under President Donald Trump. The expected re-engagement with Latin America, notably Venezuela a near-failed state suffering from the world’s worst peacetime economic and humanitarian crises, did not eventuate. This was especially disappointing because it was clear that harsh U.S. sanctions had failed and were only worsening the suffering of the Venezuelan people. In little over a decade, from when President Hugo Chavez took power, Venezuela went from being among the wealthiest countries in Latin America to one of the poorest. The humanitarian crisis is so severe that the UNHCR estimates 6 million Venezuelans have fled their homeland to escape hunger, extreme poverty, violence, and insecurity. Now there are several signs that the White House is considering easing strict U.S. sanctions and bringing Venezuelan crude oil back to global energy markets. In a surprise move, Biden dispatched a diplomatic mission to meet with President Maduro in early March 2022. That was the first diplomatic contact between the U.S. and Venezuela since the Trump administration suspended diplomatic operations in March 2019. While the White House claimed the mission, which secured the release of two American citizens held by the Maduro regime, was a humanitarian initiative critics viewed it as a cynical attempt to access Venezuela’s vast oil reserves, which at 303.6 billion barrels are the world’s largest, at a time when domestic fuel prices were surging to record highs. Since then, a second diplomatic mission in June 2022 failed to secure the release of other U.S. nationals detained in Venezuela, including the remaining five Citgo executives of the group known as the Citgo six who have been held since 2017.

Rampant inflation, because of soaring oil as well as natural gas prices and supply chain breakdowns, is threatening the global post-pandemic economic recovery. That is further exacerbated by the energy crisis that emerged in Europe and North America because of Russia’s invasion of Ukraine. As a result, policymakers are under considerable pressure to bring inflation under control, with a focus on reducing energy prices which can only be achieved by boosting global oil supplies. For those reasons, the Biden administration is edging closer to relaxing strict sanctions against Venezuela to allow the OPEC member to increase petroleum exports. The return of Venezuelan crude oil to North American refining markets could be a game changer for the U.S. with the potential to significantly lower domestic gasoline prices while boosting global petroleum supplies at a crucial moment.

The Biden administration has previously tinkered with the harsh sanctions introduced by Trump. The most notable development was the U.S. Office Of Foreign Assets Control (OFAC) authorizing the import of liquified petroleum gas to Venezuela in July 2021. That was an important development because chronic shortages of the fuel were causing considerable hardship for everyday Venezuelans because 90% of households use it for cooking. This was recently extended by OFAC to July 2023. That was widely seen at the time as the start of a thawing of relations between Washington and Caracas, but it took until Russia’s February 2022 invasion of Ukraine and the ensuing energy crisis for the Whitehouse to entertain moderating sanctions further. After the March 2022 diplomatic mission to Caracas, the White House made minor concessions during May 2022. While they were not significant, they included removing a former senior PDVSA official and nephew of Maduro’s wife from the list of sanctioned individuals and allowing global energy super major Chevron to negotiate licenses with PDVSA. That alteration, while significant in the context of existing U.S. sanctions, still does not allow the energy supermajor to enter new contracts or drill in Venezuela. Those developments occurred after the U.S. Treasury Department, in early May 2022, renewed Chevron’s license to maintain existing assets in Venezuela until November 2022. These actions were aimed at incentivizing Maduro to continue negotiations with Washington over the fate of U.S. citizens detained in Venezuela.

Then in the most significant development to date, during June 2022 it was announced that Venezuela would resume oil exports to Europe after a two-year hiatus. Washington authorized European energy majors Italy’s Eni and Spain’s Repsol to receive Venezuelan oil cargoes as a means of paying down the billions of dollars of debt that the two companies had accrued since 2019. You see, when the Trump Administration ratcheted-up sanctions during early 2019 the oil swaps used by Caracas and national oil company PDVSA to facilitate debt payments using shipments of Venezuelan crude oil were suspended. As a result, foreign energy companies, including Chevron, found themselves owed billions of dollars that could no longer be recouped through Venezuelan petroleum cargoes. 

Related: German Energy Industry Warns Of High Prices & Social Unrest

It is estimated the greenlighting of Venezuelan oil cargoes to Europe saw around two billion barrels shipped during June 2022 with more to follow over the remainder of the year. Those cargoes must go to Europe and cannot be resold anywhere else. While this has been heralded as a means of easing Europe’s worsening energy crisis, such small cargoes and the continent’s over-reliance on Russian natural gas means they will not materially ease the existing energy shortages and spiraling prices. To recoup billions of dollars of debt accrued since 2019, Chevron is renegotiating its contracts with PDVSA with the supermajor rumored to be discussing expanding its operations while taking control of joint ventures held with Venezuela’s national oil company. Those moves make sense when it is considered that at the start of 2021 Maduro proposed allowing private companies to operate oilfields and even control energy projects in Venezuela. This formed part of Caracas’ plans to rebuild Venezuela’s shattered oil industry, which is the country’s economic backbone, by attracting crucial foreign energy investment. Various numbers have been thrown around with it estimated that it could take an investment of up to $110 billion over a decade to rebuild decaying industry infrastructure and lift Venezuela’s production to at least 2.5 million barrels per day. It is only foreign energy majors, like Chevron, which possess the massive amounts of capital, technology, and skilled labor required to rebuild Venezuela’s shattered oil industry. 

There are further signs that the frosty relationship between Washington and Caracas is slowly thawing. U.S. refiner Citigo, which is indirectly owned by PDVSA and at the center of creditor lawsuits against the national oil company, in a recent statement, said it was willing to resume imports of crude oil from Venezuela if authorized by Washington. Two U.S. investment funds, Gramercy Funds Management and Atmos Global Energy, announced in early July 2022 that they will partner with Venezuelan energy company Inelectra Group to exploit the Gulf of Paria East offshore oil discovery. The companies did not disclose the size of their investment or whether they had yet been granted approval by the U.S. Treasury Department to make such an investment given that U.S. approval is needed for it to proceed.

There are emerging signs that the hostile relationship between Washington and Caracas, which has existed since President Obama declared Venezuela a threat to U.S. national security in 2015, is thawing. The Biden administration is tinkering with sanctions, making minor concessions, to keep the autocratic Maduro regime at the negotiating table. There are signs that Washington is ready to further ease sanctions to access Venezuelan crude oil so as to ease the energy crisis and rampant inflation. That, however, is under threat with Venezuelan authorities detaining, in separate incidents, three U.S. citizens earlier this year who they claim entered the country illegally. Those citizens, who the U.S. State Department considers to be wrongfully detained, are facing lengthy prison terms. Washington believes they are being held by the Maduro regime for use as bargaining chips, but such actions point to the considerable hostility that still exists toward the U.S. within Venezuela’s government. There are fears that hardliners in Venezuela, who are opposed to negotiations, are exploiting Maduro’s lack of control and undertaking such measures to derail any further discussions. This could see further plans to ease strict U.S. sanctions against Venezuela stall.

By Matthew Smith for Oilprice.com

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