CYBER SECURITY FIRM PRODUCES VIDEO TO HELP SECURE FUNDING
A NORTH Wales Cyber security company has set its sights on securing more funding.
Anglesey-based company Cufflink was recently named one of the top five Tech Start-ups in Wales and will represent the country at the Cyber Wales European Start-up Awards as it looks to secure vital funding needed to write the next chapter in its mission to help businesses protect their customers’ personal data.
Co-founded by Billy Williams and Boris Grekov in 2018, Cufflink has set out to redefine how personal data is stored and shared, making it safer and less likely to be hacked. It recently opened its £1.3m EIS funding round and is seeking further investment alongside existing investors, including the Development Bank of Wales.
A UK business is, incredibly, hacked every 19 seconds with 44% of these hacks leading to the loss of personal data. This cost UK businesses an average £2.5m and it’s getting worse with cyber security data breaches up 27% and regulatory penalties, for data breaches, also having tripled to over $1.13bn.
Cufflink’s patentpending encryption and decentralised storage
and ledger (or Blockchain) technologies, splits, shifts and encrypts personal data making it much harder for hackers
to steal.
Their innovative use of “data licenses” to control the “Terms” of why and how a company can process personal data, controlling exactly what can and can’t be done with personal data, ensures companies remain compliant and encourages a more open and transparent data sharing economy.
By securing personal data in this way, Cufflink reduces the risks and costs of a data breach alongside enhancing regulatory compliance, data insights and helping restore consumer trust.
Co-founder and CEO Billy Williams said: “Current Cyber-security solutions ignore the ‘honey pots’ of personal data and focus on building bigger, thicker walls and then testing those walls for weaknesses. Yet the frequency and impact of data breaches continues to grow. We see personal data differently.
“By changing the nature of how personal data is stored and accessed, Cufflink controls exactly who, how, why and from where personal data is accessed making companies, and as a consequence, everyone a little safer. This means that even if someone does manage to break in, we make sure there’s nothing of value there to steal. Essentially, Cufflink make companies more secure, compliant and trusted.”
The Cufflink offices are at M-sparc (Menai
Science Park) and the team now consists of 10 technologists and privacy advocates – working alongside local and global businesses and continuing to collaborate with world-leading academics from Bangor University on the ethics of data sharing.
Cufflink’s strong Anglesey and North Wales links are also reflected in its new funding video, with several local businesses and landmarks showcased - like include Dylans, Zipworld, Ribride and Cread Cyf
By showing local businesses in picturesque locations across North Wales, Cufflink aims to highlight the wider business, and personal, benefits of being based in North Wales.
Co-founder and CTO Boris Grekov added: “We hope the video generates some great publicity for ourselves, but also for local businesses that have been severely impacted by Covid-19 recently.”