Responsible Cyber, a Singaporean cybersecurity startup that manages software security for small and medium businesses, has acquired Secucial, a startup building a digital identity wallet. The acquisition values Responsible Cyber at S$7 million.
As a result of the acquisition, Responsible Cyber gains NUS Enterprise, the entrepreneurial arm of the National University of Singapore, and Singtel Innov8, the venture capital arm of the Singtel Group, as its new shareholders. The acquisition is timely, given the COVID-19 pandemic where small and medium businesses operating remotely are exposed to more cyber risks and need to protect themselves. Responsible Cyber aims to arm small and medium business owners with comprehensive cybersecurity support through its 360-degree cybersecurity platform. The fully integrated platform will empower small and medium businesses to stay one step ahead of black-hatted criminals.
NUS Enterprise and Singtel Innov8 are the co-founders of ICE71, which stands for “Innovation Cybersecurity Ecosystem at BLOCK71” and is the region’s first cybersecurity entrepreneur hub. The acquired company, Secucial, was part of the first cohort that graduated from ICE71 Accelerate, a three-month accelerator program designed to help early-stage cybersecurity startups achieve a product market fit in a unique technical and demanding industry. Responsible Cyber is now part of the ICE71 Scale program, a landing pad that helps international and local cybersecurity startups seize opportunities and grow their businesses in Singapore and within Asia Pacific.
“We welcome NUS Enterprise and Singtel Innov8 as our shareholders, especially during uncertain times like these. We live in an age where cybersecurity is no longer an option. It is a necessity that ensures the long-term survival of small and medium businesses,” said Ms. Magda Chelly, Founder and Managing Director, Responsible Cyber. “Our platform addresses the needs of business owners who do not have the right means and technical knowledge to implement cybersecurity measures for their businesses. By providing a user-friendly cybersecurity solution, we help small and medium businesses continue operating remotely, reliably and securely, especially during this COVID-19 pandemic.”
Responsible Cyber intends to align with the Cyber Security Agency of Singapore (CSA)’s six essential measures published in a handbook (“Be Safe Online”) to help businesses start their cyber security journey with essential controls; enhance their cyber defense capabilities and digital risk management; and protect themselves against cyber-attacks. To achieve this, Responsible Cyber will enhance its platform with new functionalities such as access control and identity management.
Access control is critical in information security. It controls who or what can view or use resources. It is a fundamental concept in security that minimizes risk to the business of unauthorized data disclosure, theft, or loss. The process of identifying, authenticating, and authorizing individuals or groups of people to have access to applications, systems, or networks by associating user rights and restrictions is called “identity management”.
Often, a small and medium business is working with outsourced IT providers to ensure the security of its IT controls. However, the business owner lacks visibility on control deployment. Responsible Cyber’s IMMUNE platform addresses the reality of the current businesses, where third parties have an important part to play in securing their client’s environment. Therefore, Responsible Cyber’s product development is focused on a robust collaboration feature for IMMUNE in addition to the pre-existing functionalities like digital footprint, risk register, all-in-one control monitoring and cyber insurance.
“Today’s announcement continues what has been four years of exponential growth for Responsible Cyber,” said Mr. Mikko Laaksonen, Co-Founder and Technical Chief Information Security Officer, Responsible Cyber. “The Asian market currently makes up around 40% of Responsible Cyber’s customers and this substantial booster enables us to accelerate product development for items that customers need, along with the talent and marketing needed to scale our business to serve more customers and have a greater impact in the European and American markets,” he concluded. (Source: Responsible Cyber)