Cyber Security grew into a 1Trillion Dollar problem during the pandemic as remote workers provided ample new opportunities.
Hacks and breaches surged as digital pirates demanded bigger “ransoms” from companies, swindled local governments, hobbled hospital systems, even hacked cameras in Tesla factories.
Technicians troubleshooting from afar—and bypassing security protocols in the process—are also to blame.
As a result, companies are spending more than ever on digital security, opening new avenues for security obsessed startups.
With two-thirds of Americans admitting to using the same password across multiple sites, companies are beefing up multi-factor authentication and attempting to kill the password once and for all. Google recently announced two-step verification would become the default for most users.
New York-based Beyond Identity raised 105 million dollar to replace passwords with a “chain of trust” using asymmetric key cryptography. Meanwhile, Magic (they’re hiring) raised a 4 million dollar seed round to create “a world in which user identity and authentication is decentralized and not subject to control by the tech giants,” according to AngelList co-founder Naval Ravikant, who invested in the company. Similarly, HYPR (they’re hiring) raised 66 million dollar since 2014 to advance password less authentication.
Startups are also helping companies navigate the ever-complex world of international security regulations—including the California Privacy Rights Act that goes into effect in 2023.
Password management is a particular challenge for crypto investors who must store their keys somewhere they can retrieve them. For that, there’s Singapore-based Torus (they’re hiring) which specializes in “cryptographic key management.”
Reference: AngelList.
