A recently launched Mumbai-based startup is harnessing the potential of blockchain and emerging technology to reclaim the world of cybersecurity. Blending cybersecurity insights, IT security best practices and emerging technologies together, Block Armour is looking forward to providing a base for a new breed of identity management, data/information integrity and IoT related security solutions.
Cybersecurity incidents have been escalating at an unprecedented rate, costing millions in damage. While major attacks, serious data breaches and new vulnerabilities continue to plague enterprises across industry sectors, the birth of IoT has contributed towards adding a whole new dimension to it. It has made the challenges bolder, bigger and more complex to counter, with the cost of securing assets still escalating at a unnatural rate. According to statistics available, the spending on cybersecurity products and services is expected to be around $1t for the period 2017-21.
Seeing that the existing solutions were unable to keep pace with the dramatic rise in cybercrime, Narayan Neelakantan and Floyd DCosta decided to take the reins in their hands and do something about the situation. This is when they co-founded Block Armour. Neelakantan has 16 years of experience in the area of Cyber Security, IT Governance, Risk & Compliance and IT Infrastructure. DCosta, on the other hand, has over 16 years of international professional experience in setting up and growing international business practices as well as advising senior clients executives on decisive topics. So, together they both have the talent and business acumen, and form an impressive duo.
The startup believes that the blockchain technology, which is an open, secure and decentralised technology, has the capability of effectively addressing multiple infosec challenges. This is why Block Armour aims to harness the potential of blockchains to counter the growing cyber security challenges in a smarter, faster way, and at a fraction of the current cost.
In a recent interview with CNN, Neelakantan shared their vision for Block Armour and how they plan to take on the cybercrime world. He said, “We have emerging technologies like blockchain and TLS technology as well as architectures like the Software Defined Perimeter that can be effectively used to reclaim cybersecurity. That’s exactly what we are bringing together at Block Armour.”
The Block Armour team is planning to make use of the Software Defined Perimeter and then use digital signatures based on authentication for humans, devices and data. According to the startup, this will allow them to securely ring-fence critical infrastructure in addition to providing IoT related security.
Whether Block Armour’s solution is able to provide the cyber security world with the answer they have been looking for so long is yet to be determined. While the the alpha version of the solution was launched in the market in February, a beta version of the same is expected to be launched in May 2017.