The fourth annual CyberTech100 has revealed the most innovative cybersecurity businesses worldwide that are boosting cyber defences in the financial world.
The financial services market is changing, and with this is the need for businesses in the space to be well protected against harmful threat actors.
Recent research has found that the CyberTech sector is expected to be an area of considerable future growth, with a CAGR of 13.8% predicted for the industry between 2023 and 2030. This would see overall revenues soar from $172.3bn to $424.9bn.
With this considered, this year’s list includes one of the widest and most diverse plethora of talent yet. A longlist of over 1,000 companies was produced by FinTech Global, which a panel of analysts and industry experts used to vote on the finalists.
Companies who made the list were selected based on their innovative use of technologies to solve pressing market issues, generate cost savings and make efficiency improvements across the security value chain.
FinTech Global director Richard Sachar said, “As challenges such as ransomware, phishing and data breaches still plague financial institutions, there has never been a more important time for businesses to use CyberTech solutions.
“With the average cost of data breaches being in the millions, it is critical firms look for the solutions that can guarantee their protection, particularly as the tough economic climate puts pressure on finances. This year’s CyberTech100 list arms companies with the necessary information to find the industry change-makers who are providing companies with the opportunity to be well protected against these threats.”
Of the companies that made the list this year, DataFlowX is a particularly strong example of the requirements that needed to be met. The firm offers next-generation cyber security solutions for critical networks and infrastructures with the objective of protecting sensitive data. Last year, the company signed a distribution agreement that would see its technology offered to the Turkish market first, and then to global customers in the medium term.
Another key example is Cobwebs Technologies. Cobwebs provides law enforcement-grade automated web intelligence solutions that enable financial institutions to drive safe, compliant business by delivering decision-quality insights. The firm recently partnered with Magnet Forensics, a developer of digital investigation solutions for more than 4,000 enterprises and public safety agencies in over 100 countries, to provide end-to-end investigation capabilities.
Netragard is a cybersecurity firm specializing in ethical hacking and advanced penetration testing, with a slogan stating ‘We protect you from people like us’.
Arctic Intelligence is a provider of enterprise-wide financial crime risk and compliance gap assessment software used globally by hundreds of businesses. Late last year, the firm released its AML Industry Benchmarking Report, which found the biggest challenge that compliance teams face with their money laundering and terrorist financing risk assessments are gathering the data and evidencing effectiveness.
Signicat, a leading provider of digital identity solutions in Europe which has a mission to build technology for people to trust each other in a digital world, acquired all the shares of UK anti-fraud company Sphonic for an undisclosed fee in April last year.
Theta Lake is a security and compliance for modern unified communication platforms like Microsoft Teams, Zoom, Webex and RingCentral. Recently, the firm partnered with visual collaboration platform Mural to enable secure capture of whiteboard content including text and rich media, long-term archiving and archive connectors for governance and recordkeeping
A full list of the CyberTech100 and detailed information about each company is available to download for free at www.CyberTech100.com.
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