Iota Security secures VC funding, launches mobile cybersecurity protection for Android applications at Money 20/20
TORONTO, ONTARIO October 22, 2016 – Iota Security, a cybersecurity venture exhibiting at the Money 20/20 conference, has is pleased to announce the launch of its Cybervisor™ product for security-sensitive Android applications. The Iota Security Cybervisor™ allows companies to protect their customers from cybercrime, detecting the presence of information-stealing malicious applications on their devices in near real-time
The Cybervisor system includes a lightweight library (SDK) that can be embedded directly into host mobile apps, allowing banks, fintechs and others to build in #SecurityByDesign.
After of successful trials by an Asian bank with over 120 million customers, and a large Android device manufacturer, Iota Security has attracted Venture Capital investment to further build on their success.
Cybercrime is a growing problem, costing nearly half a trillion dollars annually. Mobile threats targeting the financial system in particular are accelerating rapidly.
By the end of the year, it is estimated that there will be over 20 million new mobile viruses, and traditional signature-based security products rely on armies of security analysts to discover new threats. The lead-time to detection can range from a few days, to half a year. Moreover, most consumers fail to install even basic free antivirus solutions.
While many companies build advanced encryption and authentication technologies into their apps, these won’t stop malware, like banking Trojans SlemBunk, Bankosy and SVPeng. According to Gartner SVP Avivah Litan, “Banks cannot cleanse their customers' smartphones and have no control over this type of Trojan. All they can control is customer interactions with their bank applications. Even securing mobile bank applications and strengthening authentication processes for mobile users won't stop this type of Trojan from operating.”
The Iota Security Cybervisor solves these problems. Rather than rely on signatures and malware analysts, Iota Security’s proprietary machine intelligence system can identify entirely new viruses in near real time. Banks and FinTech companies can embed this detection capability directly into their applications.
“Our customers understand that financial relationships are built on trust, and that malware can undermine confidence in the mobile channel. Our system allows them to protect all their customers, while crucially maintaining full control of their customers’ experience,” says Yaron Vorona, Iota Security’s CEO and Co-Founder.
Mobile finance and health technology companies must stay on top of cyber threats to their customers, and go beyond basic PCI and HIPAA compliance. With the injection of venture funding, Iota Security is now positioned to become a leader in this space.
For more information, visit www.iotasecurity.com or our booth (#SR2) at the Money 20/20 conference.
For more information contact:
Co-Founder & CEO
About Iota Security
Iota Security prevents cybercrime on mobile and IoT devices. Our Cybervisor™ technology can integrate seamlessly into mobile applications and connected devices and provides near real time protection against advanced threats. Our mission is to make the world more secure by allowing people, organizations and governments to safely realize the benefits of emerging technologies. Iota Security is headquartered in Toronto, with further R&D in Seattle. The company is funded by leading West Coast investors.