As the threat of cyberattacks continue to rise, FinTech Global has named the 100 most innovative CyberTech companies in its second annual list.
The list comprises the 100 CyberTech companies building digital solutions to help financial services defend themselves from online attacks and safeguard their data.
A total of 1,000 companies were in the running for the list, but a panel of industry experts and analysts deliberated the companies and identified the standout 100. Companies were selected based on their innovative use of technology to solve a significant industry problem, generate cost savings, or make improvements across the security value chain.
The CyberTech space has seen rapid growth over the past five years, with the amount of capital invested into companies rising from a total of $700m in 2016 to $6.2bn in 2020 – growing at a 91.6% CAGR. The number of investment rounds have also increased in this period, going from 106 to 354.
With the pandemic forcing many people to work remotely and devices that are less protected, there has been a rise in cyberattacks to capitalise on the vulnerabilities. The FBI recently reported the daily complaints for cyberattacks has increased by 400% to up to 4,000 each day. This is a similar situation around the world. The UK reported a 20% increase in cyberattacks levels from 2019 to 2020.
Businesses need to ensure their online defences are prepared for attacks, as threats are showing no signs of stopping. The head of GCHQ recently claimed the UK and its allies are facing a ‘moment of reckoning’ where the global direction of cybersecurity might not be ‘shaped and controlled by the west.’
FinTech Global director Richard Sachar said, “Security executives in financial services need to be aware of the latest innovation and threats in the market in order to protect client and company data as well as fend off cyber and financial criminals.
“The CyberTech100 list helps them do just that and identify new technologies which will have lasting impact on the industry.”
Many of the companies on the list have recently featured in the news. One of the companies to make the new list is CSS, which provides technology-driven solutions to help financial services improve their operations. Its solutions enable businesses to perform security testing and build cyber programs leveraging a combination of custom services and technology. The company recently acquired AMFINE, a provider of SaaS-based regulatory reporting services to European asset managers, asset servicers and insurers.
ThreatQuotient recently hit the headlines when it closed a $22.5m funding round to support its innovation and expansion. The company aims to bolster the effectiveness and efficiency of companies’ security operations through a platform that simplifies and speeds up investigations across teams.
Another company in the second CyberTech100 list is Electronic IDentification, which is a leading software manufacturer for the next generation of e-trust solutions with its video identification and Qualified Electronic Signature services.
Virsec Systems is also on the CyberTech100 list. The company provides application-aware workload protection that delivers system integrity assurance, runtime application, and memory protection all in a single solution.
Among the 100 companies in the list were Flare Systems, which helps organisations continuously monitor and detect all external threats whether they are caused by human error or malicious actors; PRODAFT, which provides cyber threat intelligence and cybersecurity services; Redscan, an award-winning provider of security services, specialised in managed detection and response; and Schwarzthal Tech, which offers an AI-driven platform that provides financial crime intelligence and graph-based investigation technology. improves an organisation’s understanding of threats and accelerates detection and response.
Finally, Regulativ.ai transforms cyber-regulatory compliance, governance and insurance across all sectors and markets using the latest in machine learning technology.
The full CyberTech100 list, which can be downloaded for free, can be found at: www.CyberTech100.com
Copyright © 2021 FinTech Global
