Cryptosense has secured €700m in funding to advance security within the European banking system.
Cyberattacks targeting financial institutions have steadily increased over the past few years; hardly a month goes by when you do not hear of a major retailer or financial service which has admitted a security breach -- whether it beor . However, companies are now beginning to realize that investment must be made in network security to prevent embarrassing, reputation-destroying security breaches which place customer data at risk from taking place.
Banks must invest heavily in cybersecurity due to the vast amounts of sensitive information they hold on customers, as well as the keys to their financial kingdoms. As a result, companies such as Paris-based Cryptosense are being tapped to provide the security expertise these institutions lack.
Cryptosense announced this week the closure of a €700,000 seed round of funding led by Elaia Partners and IT-Translation. The two-year-old security analysis software company tackles cybersecurity in a different manner to most white-hat hackers or security firms -- through the Cryptosense Analyzer, which simulates the actions of a powerful intruder to detect vulnerabilities in cryptographic systems before a true attack takes place.
The company's software aims to detect enterprise weaknesses before they are exploited. In particular, the software is used in the financial sector to audit security of back-office systems managing the cash machine network or interbank payments.
According to CEO Graham Steel, Cryptosense is working with several European banks and government security agencies to shore up network defenses. Steel says the fresh round of funding will be used to "build the team both on the development and commercial side, to enable us to continue to develop the product in collaboration with our existing customers, and to refine our product-market fit."
It is important that financial institutions continue to give cybersecurity more emphasis in the future. As more and more of our personal data finds its way online -- ranging from bank account details to contact information, social security numbers and health records -- companies are now under additional pressure to keep our data safe and secure.
Read on: In the world of security