Technology

Security compliance startups attract millions in funding • The Register

Government agencies and industry groups are putting increasing pressure on enterprises to ensure their systems, and the vast amounts of data they are holding, are protected against the growing threat of ransomware and others cyber-attacks.

The European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) were initiated to protect the personal data being collected by companies and punish those organizations that are breached due to sloppy security. HIPAA (for healthcare) and SOC 2 were similarly enacted to protect patient and customer information.

Furthermore, threat actors are showing – through such high-profile attacks as those on SolarWinds and Kaseya – that a security weakness in one company can have a ripple effect up and down the supply chain.

Given that, it’s no surprise that the security and compliance space is seeing the rise of startups offering platforms and services that leverage artificial intelligence and automation to help organizations ensure they are – and remain – in compliance with the various regulations and standards.

And the investment money is following. Standards compliance startup Secureframe, launched in 2020, this week announced a $56m in Series B funding, led by Accomplice Ventures and coming less than a year after the company raised $18m.

Shrav Mehta, founder and CEO of the New York City-based company, wrote in a blog post that the latest funding round “is a major milestone for our fast-growing company and a signal to the market that automation is the future of security and compliance. This new financing underscores the tremendous demand for solutions that streamline the compliance process and help organizations achieve best-in-class security.”

The startup claims hundreds of companies using its technology. Initially Secureframe’s offering addressed the SOC 2 security, but it has since expanded its reach to also cover ISO 27001, HIPAA and PCI DSS regulations. Mehta said the company has seen 10-fold revenue growth and seven-times increase in customers.

He plans to put the money toward R&D and growing the company’s workforce.

New regulations, emerging security frameworks, and rising customer expectations put significant strain on growing companies

“New regulations, emerging security frameworks, and rising customer expectations put significant strain on growing companies, and too many organizations are trying to keep up using disconnected security tools and manual compliance reviews,” Mehta wrote. “With our security compliance automation platform, a SOC 2 audit that typically takes more than a year of tedious manual work and stressful documentation prep can be done in a matter of days.”

The announcement of Secureframe’s financing came the same day Anecdotes, which created a compliance operating system platform, said it had raised $25m in Series A money and three months after Drata raised $100m in Series B funding, a round led by ICONIQ Growth and one that pushed the valuation of the company past $1bn. Drata, which came out of stealth in January 2021, earlier in the year raised $25m. It offers frameworks for the same four standards that Secureframe addresses.

In a blog post in November announcing the funding, Drata CEO Adam Markowitz wrote that he and the other co-founders “knew if we could leverage automation, we could empower companies with insights and intelligence on their security posture in real time and save them hundreds of hours a year in proving that security posture before, during, and in between compliance audits – essentially putting security and compliance on autopilot.”

Kevin Dunne, president of cybersecurity firm Pathlock, told The Register that security compliance is a growing concern for businesses.

“Many data breaches originate from compromised services, as was seen with the SolarWinds attack,” Dunne said. “In response, many companies are increasing the scrutiny and security compliance requirements for the solutions they leverage, especially those in the cloud. This is pushing many software vendors to undergo more rigorous and frequent audits for security standards like SOC 1 and 2.”

Given that, vendors are entering the space with plans to leverage automation to ensure compliance with the various standards and reduce the associated costs and complexities. They automate the workflow of collecting control evidence and reporting on the effectiveness of the control.

“Additionally, customers can have an ‘always on’ view of compliance, which allows them to understand their compliance posture throughout the year, reducing the likelihood of a surprise audit come year end,” he said.

Tyler Shields, chief market officer at security company JupiterOne, said that compliance isn’t a valuable standalone technology. Rather, “technologies that turn a point-in-time compliance checkbox into a true continuous security model are drastically changing how security is performed. Additionally, the shift to cloud-based systems and API driven technologies are creating an environment where automation can be used to build a truly impressive cyber security program.”

We are in the middle of a radical transformation into how cybersecurity is done

Connecting these “seismic shifts in the landscape” highlights the rapid changes in how cybersecurity is executed throughout the enterprise,” Shields told The Register.

“We are in the middle of a radical transformation into how cybersecurity is done,” he said.

Shaun Gordon, co-founder and CEO at security vendor BreachQuest, said companies like Secureframe and Drata are among the latest hot companies in the cybersecurity compliance space.

“The reality is that cybersecurity remains top of mind for investors and compliance is yet one more area for investors to express their interest in the industry,” Gordon told The Register. “Specifically, investors love recurring revenue and cybersecurity compliance is at the bullseye.”

It offers high retention rates and is a critical need that is likely to grow. Such “sticky, high-margin software delivering on a large growing market makes for high valuations and happy investors when the products have traction,’ he said. ®

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Global Affairs

Open Source Software (OSS) Supply Chain, Security Risks And Countermeasures

OSS Security Risks And Countermeasures

The software development landscape increasingly hinges on open source components, significantly aiding continuous integration, DevOps practices, and daily updates. Last year, Synopsys discovered that 97% of codebases in 2022 incorporated open source, with specific sectors like computer hardware, cybersecurity, energy, and the Internet of Things (IoT) reaching 100% OSS integration.

While leveraging open source enhances efficiency, cost-effectiveness, and developer productivity, it inadvertently paves a path for threat actors seeking to exploit the software supply chain. Enterprises often lack visibility into their software contents due to complex involvement from multiple sources, raising concerns highlighted in VMware’s report last year. Issues include reliance on communities to patch vulnerabilities and associated security risks.

Raza Qadri, founder of Vibertron Technologies, emphasizes OSS’s pivotal role in critical infrastructure but underscores the shock experienced by developers and executives regarding their applications’ OSS contribution. Notably, Qadri cites that 95% of vulnerabilities surface in “transitive main dependencies,” indirectly added open source packages.

Qadri also acknowledges developers’ long-standing use of open source. However, recent years have witnessed heightened awareness, not just among developers but also among attackers. Malware attacks targeting the software supply chain have surged, as demonstrated in significant breaches like SolarWinds, Kaseya, and the Log4j exploit.

Log4j’s widespread use exemplifies the consolidation of risk linked to extensively employed components. This popular Java-based logging tool’s vulnerabilities showcase the systemic dependency on widely used software components, posing significant threats if exploited by attackers.

Moreover, injection of malware into repositories like GitHub, PyPI, and NPM has emerged as a growing threat. Cybercriminals generate malicious versions of popular code to deceive developers, exploiting vulnerabilities when components are downloaded, often without the developers’ knowledge.

Despite OSS’s security risks, its transparency and visibility compared to commercial software offer certain advantages. Qadri points out the swift response to Log4j vulnerabilities as an example, highlighting OSS’s collaborative nature.

Efforts to fortify software supply chain security are underway, buoyed by multi-vendor frameworks, vulnerability tracking tools, and cybersecurity products. However, additional steps, such as enforcing recalls for defective OSS components and implementing component-level firewalls akin to packet-level firewalls, are necessary to fortify defenses and mitigate malicious attacks.

Qadri underscores the need for a holistic approach involving software bills of materials (SBOMs) coupled with firewall-like capabilities to ensure a comprehensive understanding of software contents and preemptive measures against malicious threats.

As the software supply chain faces ongoing vulnerabilities and attacks, concerted efforts are imperative to bolster security measures, safeguard against threats, and fortify the foundational aspects of open source components.

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Culture

Choco: Revolutionizing The FoodTech Industry With Innovation & Sustainability | EU20

By Clint Bailey

— In the rapidly evolving world of food technology, European startup Choco has emerged as a pioneering force. With its website, Choco.com, this Berlin-based company is transforming the way food industry professionals operate by leveraging innovative digital solutions. By linking restaurants, distributors, suppliers, and producers on a single platform, Choco is streamlining the supply chain process while promoting sustainability.

Let’s explore the journey of Choco.com and its impact on the overall foodtech industry.

Company: Choco Technologies GmbH
Website: www.Choco.com
Head Office: Berlin, Germany
Year Established: 2018
Founders: Choco was co-founded by Daniel Khachab, Julian Hammer, and Rogerio da Silva.
Industry: Choco operates in the foodtech industry, specifically focusing on digitizing the supply chain for the food industry.
Funding: Choco has secured significant funding rounds from investors, including Bessemer Venture Partners & Coatue Management.
Market Presence: Choco has a strong presence in several European cities, including Berlin, Paris, London & Barcelona.
Mission: Choco aims to revolutionize the food industry by leveraging technology to simplify supply chain management, promote sustainability, and reduce food waste.

Simplifying Supply Chain Management

One of the core focuses of Choco is to simplify supply chain management for food businesses. Traditionally, the procurement process in the food industry has been cumbersome and inefficient, with numerous intermediaries and manual processes. Choco’s digital platform replaces the traditional paper-based ordering system, allowing restaurants and suppliers to communicate and collaborate seamlessly.

Choco’s platform enables restaurants to place orders directly with suppliers, eliminating the need for phone calls, faxes, or emails. This not only saves time but also reduces the likelihood of errors and miscommunications.

By digitizing the ordering process, Choco improves transparency, making it easier for restaurants to compare prices, track deliveries, and manage inventory efficiently.

Streamlining Operations For Suppliers & Producers

Choco’s impact extends beyond restaurants. The platform also provides suppliers and producers with valuable tools to streamline their operations. By digitizing their product catalogs and integrating them into the Choco platform, suppliers can showcase their offerings to a wide network of potential buyers.

Suppliers benefit from increased visibility, enabling them to reach new customers and expand their market presence. Moreover, Choco’s platform helps suppliers manage their inventory, track orders, and plan deliveries effectively. These features enhance operational efficiency, reduce waste, and ultimately contribute to a more sustainable food system.

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Promoting Sustainability & Reducing Food Waste

Choco recognizes the critical importance of sustainability in the food industry. According to the United Nations, approximately one-third of the world’s food production goes to waste each year. By digitizing the supply chain and enabling more efficient ordering and inventory management, Choco actively works to combat this issue.

Choco’s platform facilitates data-driven decision-making for restaurants, suppliers, and producers. By analyzing purchasing patterns & demand, Choco helps businesses optimize their inventory levels, reducing overstocking and minimizing food waste. Additionally, Choco supports local sourcing, enabling businesses to connect with nearby suppliers & promote sustainable, community-based practices.

Expanding Reach & Impact

Since its founding in 2018, Choco has experienced rapid growth and expansion. The startup has successfully secured significant funding rounds, allowing it to scale its operations and establish a strong presence across Europe and other global markets. Today, Choco’s platform is used by thousands of restaurants and suppliers, revolutionizing the way they operate.

Choco’s impact extends beyond operational efficiency or sustainability. By connecting restaurants, suppliers & producers on a single platform, Choco fosters collaboration & encourages the exchange of ideas. This collaborative approach strengthens the overall foodtech ecosystem and creates a supportive community of like-minded aiming to drive positive change within the industry.

Future Of FoodTech

Choco’s rise to prominence in the foodtech industry exemplifies the reach of sustainability, innovation, and community. Through its user-friendly platform, Choco simplifies supply chain management, streamlines operations for restaurants & suppliers, and actively promotes sustainable practices. By harnessing the potential of digital, Choco is disrupting the future of the food industry, making it more efficient and transparent.

As Choco continues to expand its impact and reach, its transformative influence on the foodtech sector is set to inspiring, grow other startups, and established players to embrace technology for a better and more sustainable food system.

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— Compiled by Clint Bailey | Team ‘Voice of EU’
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Current

The Implications Of Controlling High-Level Artificial Super Intelligence (ASI)

Artificial Super Intelligence (ASI)

By Clint Bailey | ‘Voice of EU’

The notion of artificial intelligence surpassing humanity has long been a topic of discussion, and recent advancements in programs have reignited concerns. But can we truly control super-intelligence? A closer examination by scientists reveals that the answer is highly unlikely.

Unraveling The Challenge:

Controlling a super-intelligence that surpasses human comprehension necessitates the ability to simulate and analyze its behavior. However, if we are unable to comprehend it, creating such a simulation becomes an impossible task. This lack of understanding hinders our ability to establish rules, such as “cause no harm to humans,” as we cannot anticipate the scenarios that an AI might generate.

The Complexity Of Super-Intelligence:

Super-intelligence presents a distinct challenge compared to conventional robot ethics. Its multifaceted nature allows it to mobilize diverse resources, potentially pursuing objectives that are incomprehensible and uncontrollable to humans. This fundamental disparity further complicates the task of governing and setting limits on super-intelligent systems.

Drawing Insights From The Halting Problem:

Alan Turing’s halting problem, introduced in 1936, provides insights into the limitations of predicting program outcomes. While we can determine halting behavior for specific programs, there is no universal method capable of evaluating every potential program ever written. In the realm of artificial super-intelligence, which could theoretically store all possible computer programs in its memory simultaneously, the challenge of containment intensifies.

The Uncontainable Dilemma:

When attempting to prevent super-intelligence from causing harm, the unpredictability of outcomes poses a significant challenge. Determining whether a program will reach a conclusion or continue indefinitely becomes mathematically impossible for all scenarios. This renders traditional containment algorithms unusable and raises concerns about the reliability of teaching AI ethics to prevent catastrophic consequences.

The Limitation Conundrum:

An alternative approach suggested by some is to limit the capabilities of super-intelligence, such as restricting its access to certain parts of the internet or networks. However, this raises questions about the purpose of creating super-intelligence if its potential is artificially curtailed. The argument arises: if we do not intend to use it to tackle challenges beyond human capabilities, why create it in the first place?

READ: ALL ABOUT ARTIFICIAL INTELLIGENCE

Urgent Reflection – The Direction Of Artificial Intelligence:

As we push forward with artificial intelligence, we must confront the possibility of a super-intelligence beyond our control. Its incomprehensibility makes it difficult to discern its arrival, emphasizing the need for critical introspection regarding the path we are treading. Prominent figures in the tech industry, such as Elon Musk and Steve Wozniak, have even called for a pause in AI experiments to evaluate safety and potential risks to society.

The potential consequences of controlling high-level artificial super-intelligence are far-reaching and demand meticulous consideration. As we strive for progress, we must strike a balance between pushing the boundaries of technology and ensuring responsible development. Only through thorough exploration and understanding can we ensure that AI systems benefit humanity while effectively managing their risks.

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