3rd annual CyberTech100 lists companies best protecting financial institutions

The third annual CyberTech100 has been revealed, detailing the must-know names in the industry.

 This new list, which was launched by specialist research firm FinTech Global, highlights 100 of the world’s most innovative solution providers helping financial services firms combat cyberattacks, protect customer information and mitigate digital risks.

A panel of analysts and industry experts voted from a list of over 1,000 companies. Winners were picked for their innovative use of technology to solve a significant industry problem, generate cost savings or efficiency improvements across the security value chain.

CyberTech within the financial services has seen a huge shift in popularity, particularly as more businesses accelerate their digitalisation strategies. With an average cost of $4.24m per data breach, according to a report from IBM, companies are eagerly looking to increase their security budgets.

FinTech Global director Richard Sachar said “Financial institutions are 300 times more likely to be the target of a cyber-attack compared to other companies. As such security executives in financial services must stay on top of the latest innovation and threats in the market to proactively prevent data breaches and avoid reputational damage.

“The CyberTech100 list helps them do just that by identifying the top new technologies which can be part of an integrated cybersecurity risk management strategy.”

Many of the companies featured in this year’s list have hit the headlines in recent months.

One of these is Enveil, which develops privacy enhancing technology to protect data in use and enable secure search, analytics, sharing, and collaboration. The company recently featured in the news after the close of a $25m funding round, which was headed by USAA. Other backers included Mastercard, Capital One Ventures, C5 Capital, DataTribe, Cyber Mentor Fund and others.

Similarly, Feroot also made the headlines for its own funding round. The company offers client-side security with automated JavaScript scanning, monitoring, controls, and policies to stop threats and protect customer data. It raised an $11m seed round in February, with capital coming from True Ventures.

Guardsquare, which is one of the CyberTech100 companies, offers a complete approach to mobile application security on the market including app security testing, protection and monitoring. It recently released mobile app protection support for Flutter, an open-source framework created by Google.

Another one of the featured companies is CSS, a Confluence company. The company helps organisations understand cybersecurity risks from regulatory, business and operational perspectives. It was acquired by Confluence Technologies, a global technology solutions provider for the investment management space, in November 2021.

Some of the other companies to feature in the new list are automated web intelligence solution Cobwebs Technologies, standardised third-party cyber risk management platform CyberGRX, behavioural science and data science-powered cybersecurity software CybSafe, identity and cyber security solutions developer Kocho, AI-driven SaaS platform combating financial crime Schwarzthal Tech and cyber defence solution for communication and collaboration tools xorlab.

More detailed company information for all 100 companies can be found in the report.

The full CyberTech100 list, which can be downloaded for free, can be found at www.CyberTech100.com.

Copyright © 2022 FinTech Global

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