Very Good Security CTO and co-founder Marshall Jones took to the stage at the National Press Club in Washington, D.C. on November 8, 2018 to present at the annual SINET Showcase. Each year the Security Innovation Network (SINET) evaluates the technologies and products of hundreds of emerging cybersecurity companies from around the world and selects the 16 most innovative and compelling companies. The winners are then invited to outline their company’s unique approach to addressing the most pressing needs and requirements in cybersecurity.
To the audience of 300 security experts from organizations like Homeland Security, Oracle and Wells Fargo, Abdelkader explained how the increasing demand for innovation has resulted in a growing number of APIs and data leaks. In August of this year, for example, T-Mobile alerted 2.3 million customers of a data breach tied to a “leaky API.” Between 2016 and 2017, data breaches dropped on stolen equipment, removable media, and paper but then dramatically increased on network channels such as the web and the cloud.
With VGS, data is aliased to protect it and allow it to be exchanged safely. Abdelkader explained that VGS adds the ability to collect, protect, and exchange data through an integration that takes minutes to set up and involves no application changes. By collecting the data before it reaches a customer’s system, security is increased while their scope for liability is reduced.
Using VGS provides three key benefits. The first outlined by Abdelkader is that companies can innovate without compromising on security. VGS customer LendUp Card Services was able to reach full PCI 1 Compliance in 21 days. Without VGS, it would have taken them an estimated 10 months. The second benefit he outlined is that VGS can expedite partnerships. A loan company needed to partner with a vendor but the typical due diligence process for that vendor would have taken six to nine months and cost six figures. The last major benefit he cited is that using VGS companies can implement key SANS controls instantly, reducing the total cost of sensitive data ownership. SANS security controls are critical to maintaining effective security programs and achieving compliance certifications like PCI 1, HIPAA, and SOC 2.
Companies have been turning to VGS for a variety of data cybersecurity functions. Abdelkader’s customer examples included:
- Enterprise data exchanging
- Decoupling of sensitive data from app business logic
- Loan and credit underwriting
- Call centers
- Secrets management
- Health and medical records
SINET Judging Criteria
VGS was selected for the SINET 16 by the SINET Judging Committee, which consists of more than 100 industry experts. Judging was based on cumulative scoring associated with:
- The urgency in the marketplace for their products and solutions
- How innovative and unique their solutions are
- How well their products and technologies solve real and significant Cybersecurity problems
- What advantages exist over other solutions
- The companies’ ability to succeed based on the state of their product, capital, and leadership.
The other 2018 SINET 16 awardees include companies fighting cybersecurity threats in a variety of areas, such as predictive email defense, Internet of Things devices, and digital identity authentication. VGS recently announced a $8.5 million Series A funding round led by Andreessen Horowitz.
To talk to a VGS representative about how your company can increase innovation and reach compliance faster, email contact at verygoodsecurity.com.