24th May 2016
Over 65% of British businesses have been pinpointed by hackers in the past year, and the cyber security industry is undergoing extensive change as officials are feeling increasingly threatened by the rapid rate and scale of attacks. We take a look at the best cybersecurity fintechs out there and how they are making a difference for businesses worldwide.
Crypta Labs is set to revolutionise the mobile security market with the implementation of the Quantum Random Number Generator (QRNG). This technology works by using the mobile device’s lens and light sensors in order to detect the photons beams and then these beams are counted to generate a random number. Crypta Labs is the first to commercialise the QRNG on a mobile device and will continue to combine quantum psychics with mobile technology to benefit the cybersecurity industry.
As an organisation that describes itself as a next generation biometrics engineering company, this tech fintech deserves to be named a 2016 FinTech50 finalist. Banks can use biometric authentication to combat mobile fraud in three different ways – behavioural, facial and voice. At the end of last year, Aimbrain secured funding from venture capital fund, Episode1 and co-founder and CEO of the company, Andruis Sutas, highlighted that their product is the future. “Our vision of the future is that any device you interact with will know that it’s actually you. It will just work. You won’t need to remember any passwords.”
This Swedish company has also jumped on the biometrics bandwagon and enforces the idea that user experience should not get in the way of customer security. Voted the Best European FinTech Company and the Best in Risk, Intelligence and Security last month, BehavioSec found that more needs to be done about security. In their recent report on “Lifting the Lid on Digital Behaviour”, it states that only 12% of survey respondents believed that their personal data would not be useful to other people. This means that we are not as careful about identity theft as we should be.
A member of Level39, Behavox provides market abuse and fraud detection solutions for forensics teams and compliance officers. At the start of this year, the company hired ex-FSA regulator Alex Viall as their Head of Regulatory Intelligence and ex-RBS surveillance director Paul Dean as Global Head of Product. Like many fintechs nowadays, Behavox also teamed up with University of Warwick and the Tampere University of Technology for research purposes which will refine employee behavioural profiling and illicit behaviour detection.
After recently closing a $14 million Series B funding round led by Trinity Ventures, cybersecurity startup Digital Shadows is attempting to manage threat with Searchlight, a continuous real-time scan of more than 100 million data sources online. Partner at Passion Capital, Eileen Burbidge, describes this fintech as a tremendous UK success story and said that her company invested in Digital Shadows “because of its unique approach to the market, providing truly relevant threat intelligence as part of a much broader offering that reduces the risk and burden of its customers.”
Anonymity can cause a lot of problems for banks, regulators and businesses, but London based tech firm, Elliptic helps to solve this problem for those companies that use Bitcoin. According to the Telegraph, the software uses artificial intelligence to scan the Bitcoin network, which makes it easier to trace suspicious behaviour. “People realise that if Bitcoin and blockchain is going to be taken seriously you have to start acting like the rest of the world,” co-founder of Elliptic, Dr James Smith said.
The original article can be viewed here.