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Ever received an email asking you to click on a link you’re not familiar with, or take an urgent action that seems a little out of place? That’s a type of data security breach called phishing – but this is just ONE example of how data can be compromised.
In Q1 2023, 6.41 million data breaches took place globally (Source: Statista). Consequences of such data breaches can be severe, from loss in stock value to direct costs incurred because of legal paperwork and business downtime (Source: HBR).
Hence, in an increasingly digital landscape, data security management becomes of paramount importance. Many startups are now emerging in this realm, claiming to help businesses secure their data and prevent fraud by leveraging sophisticated data security technologies.
If you’re looking for cybersecurity providers or simply learn more about the field, here are 5 startups solving this problem in very cool, cutting-edge ways.
Sift provides services that help prevent digital fraud and abuse. Its suite of services includes monitoring and removal of fraudulent accounts, identifying suspicious transactions that may result in payment fraud and high chargeback rates, blocking harmful content from reaching users, and others.
Catering to a wide range of companies across e-commerce, food, and transport – including Shopify and DoorDash – Sift has made its mark in the industry. Another claim to fame for Sift is that it has 12+ years of tuning AI/ML models under its belt, which would have allowed it to largely hone model accuracy. (Source: Sift).
Although this one operates in the realm of physical security, it is using data in super interesting ways to become a pioneer in the field. Ambient.ai leverages a computer vision model that seems smarter than most, going beyond traditional facial recognition to detect security breaches.
The model is trained in various, highly contextualized situations that help detect suspicious activity (e.g., someone lingering near a security check-post at nighttime). The relevant personnel are then dispatched to investigate the problem. Ambient.ai investors include Andreessen Horowitz, and the company has managed to raise more than $50 million so far. (Source: TechCrunch)
Pro tip: If you don’t have the expertise in-house or need comprehensive help determining the direction of your data security adoption strategy and its execution, the right call is to request help from professionals.
Reach out to Data Pilot, experienced providers of enterprise data strategy management, and let’s discuss opportunities.
Founded by previous AWS and SpaceX employees, 0pass is solving the problem of phishing which it says causes nearly 90% of all security breaches (Source: Y Combinator). It does this by replacing password and username logins with techniques such as facial recognition and Touch ID.
Although it is far from being the only player in the market, 0pass claims it stands out because it is offering this solution across all systems whether it be Windows, Linux, Mac, websites or remote desktops (Source: TechCrunch).
This startup is backed by Y Combinator, amongst other VC and angel investors.
Synk is a developer focused tool that helps locate and fix vulnerabilities during the development process. One of its popular use cases is vulnerability scanning. Synk’s customer Telenor implemented the tool to help find vulnerabilities within its open-source code, reporting that it was easy to insert the tool into its workflows and resulted in the number of critical vulnerabilities rectified increasing by 10x (Source: Synk).
Synk claims 2.2 million developers are using its solutions, across companies such as Atlassian, Salesforce, AWS, and Google.
Positioning itself as an EdTech in the realm of security, HoxHunt has taken on the responsibility of raising awareness around what data security is and why it is important. Companies can enroll their employees in the startup’s training modules, which include actual simulations of phishing attacks (Source: Exploding Topics). But HoxHunt does more too.
It provides automated feedback on suspicious emails reported by users on its platform, directing users to take the necessary next step. It also helps cluster similar threats over time and identify incoming threats, aiding companies in automating their threat identification and response process. (Source: HoxHunt)
Companies report a surge in real threat reports by their employees as high as 75% because of HoxHunt’s training simulations (Source: HoxHunt).
In a world where every click, every link, and every interaction carry the potential for a data breach, the importance of robust data security solutions cannot be overstated. The five startups explored in this article are solving the problem of data security in unique and innovative ways, but this may just be the tip of the iceberg.
As technology continues to evolve, so will the threats we face. Some of these include: the continued upward trend of remote work requiring secure remote access solutions; the rise of quantum computing with the ability to break many encryption methods; increasingly sophisticated phishing techniques that may be harder to identify and avoid (Source: Splash Top).
In this ever-changing landscape, one thing remains clear: the importance of staying ahead of the curve in data security. What may help immensely is building awareness around data security as well as internal capacity to setup and execute security protocols and pursuing strategic cybersecurity partnerships to aid you in the journey towards digital trust and safety.
By Manaal Shuja.
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