Stellenbosch-based fintech company, Entersekt, has been ranked as part of a list of the world’s “hottest and most innovative companies” in the cyber security industry.
It comes as the group looks to expand its operations globally, following a recent multi-million dollar cash injection.
The company has announced a number of new appointments in July to drive this expansion, including former PayPal, executive, Jonathan Knoll in his new role as country manager for Central Europe.
Cybersecurity Ventures recently announced the Q2 2017 edition of the Cybersecurity 500, a global compilation of leading companies who provide cyber security solutions and services.
It noted that the Cybersecurity 500 creates awareness and recognition for the most innovative cyber security companies – ranging from the largest and most recognizable brands, to VC-backed startups and emerging players, to small firms with potentially game-changing technologies.
Cyber crime continues to fuel an expanding cyber market, with Cybersecurity Ventures predicting that cyber crime damages will cost the world $6 trillion annually by 2021, up from $3 trillion last year.
Herjavec Group, No. 2 overall and the top privately held firm on the Cybersecurity 500, continued to grow its business in the first of 2017 with demand for their outsourced security services during a prolonged labor shortage that is predicted to reach 3.5 million unfilled cyber security jobs globally by 2021.
Raytheon Cyber climbed up to the No. 3 position on the heels of announcing a five-year, $1 billion Department of Homeland Security contract to help defend “.gov” websites from cyber attacks, Cybersecurity Ventures said.
IBM Security, No. 7, and the Cisco Security Group, No. 8, announced they are joining forces to tackle cyber crime. Together, they aim to improve security effectiveness for customers through technology integration, services and threat intelligence collaboration.
Entersekt is ranked No. 318 on the list – the company’s push-based authentication solutions transforms the mobile phone into a weapon in the fight against account takeover fraud.
“Our patented technology picks up where password-based approaches have failed, by introducing an isolated communication channel between phone and financial institution that avoids reliance on the open Internet for user and transaction verification,” it said.