Startups Look for Answers to Protect Cloud Storage

essidsolutions

As alarms over cybersecurity ring louder, new companies are jumping into the fray to help control the dangers posed to exponentially expanding universes of data.

According to a reportOpens a new window funded by IBM, the cost of just one data breach to business has increased 12% over the past five years and now stands at about $8 million per single breach in the United States, more than double the global average.

The cost represents the multiyear financial impact of breaches, increased regulation and the difficult process of resolving the criminal attacks — and threaten to cripple many small and medium-sized businesses.

Human error and faulty configurations of cloud servers are major contributors to breaches, the IBM report found. Speed of response and the use of encryption were major factors in limiting the financial impact of most data breachesOpens a new window , and businesses deploying automated security technologies cut the costs of a breach in half.

As the attacks come thick and fast, companies are spending more to fend them off. According to a report by Global Market Insights, the cybersecurity market will be worth $300 billion by 2024Opens a new window , a sharp increase from $120 billion currently.

The rise in cyberattacks goes hand-in-hand with rising internet penetration, the proliferation of smart devices and the growth of technologies.

The use of mobile devices and the culture of bring-your-own-device to work also increased the risk to businesses, according to the report.

Danger triggers innovation

Hence, cybersecurity is a fast-growing business. Consider Cyral, a small, 15-person Silicon Valley startup that designed an innovative software security solution to guard massive amounts of data stored in cloud repositories. By this month, it had secured $15.5 million over two rounds of funding to develop its “security layer” solution that can shut down access to a cloud database, data lake or data warehouse automatically the moment a hacker tries to access it.

It also identifies major problems in repositories such as faulty configurations and can generate advisory alerts to security teams.

The company interviewed more than 50 security professionals and experts during its initial set-up, which co-founder and software engineer Srinivas Vadlamani saidOpens a new window helped them to appreciate just how overburdened security teams are with vast numbers of unfilled cybersecurity positions and repetitive “alert fatigue.”

In addition, at about the same time the data security start-up Privafy reported $22 million in investor funding that it will use to expand its product aimed at securing data in motionOpens a new window moving across on-premise and cloud data centers as well as wireless networks.

System clogging

While the cloudOpens a new window means small and large businesses alike can develop applications and services quickly, their traditional firewalls and security measures can clog things up.

Cyral’s security system, which plugs into an infrastructure-as-code framework, goes beyond such traditional gateways to protect information at the data layer, allowing client organizations to guard against data breaches without the need for agents or modifications to applications.

“The cloud has created transparency for enterprises in the same way that the internet has created transparency for consumers” said Cyral’s other founder, Manav Mital,Opens a new window who earlier started the cybersecurity firm Instart Logic. “But the cloud, with micro services, containers and serverless architectures, can make threat detection and incident response very difficult for security teams. Older, host-based approaches with agents and watch points are not designed for modern environments.”