Since the last few years, data protection regulation has largely been concerned with preventing the theft of personal data. Security and security products have focused on preventing breaches. Still, cybercrime has been soaring and the number of stolen records has increased exponentially. According to Juniper Research, the number of digital records stolen until 2033 will reach 33 billion as compared to the 12 billion stolen in 2018.
The aftermath of this increase in cybercrime is the rise of the cybersecurity market, which is expected to be worth $300 billion by 2024. Hundreds of firms are occupying the market but silicon valley based Security.ai, a firm designing a platform to automate the cybersecurity process is making headlines. The firm emerged out of stealth with $31 million funding.
SECURITI is led by CEO Rehan Jalil (a Pakistani), who is a top 25 Disruptor enterprise CEO of 2015 and Ernst & Young Entrepreneur of the Year finalist for 2010. Previously, Jalil was heading the cloud security division at Symantec. The Pakistani, before running a team at the Symantec was running his previous startup called Elastica but after its merger with Blue Coat, he moved to Symantec. At Symantec, the team lead by Jalil became the fastest growing team, that is what inspired the idea of Privaci, Securiti.ai’s debut product. Jalil said:
There are a dozen state-level privacy regulations in the works, and we look forward to scaling our team and expanding our product capabilities to ensure businesses stay prepared as new regulations go into effect. We’re on a mission to help enterprises prepare for the privacy Armageddon that awaits them.
Privaci is currently dealing with a number of configurable modules that are designed for operationalizing data management and compliance.