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OutThink raises $10 million to tackle human errors behind data breaches
Global Banking & Finance Review®
Company
By Juliette Portala
(Reuters) – London-based cybersecurity company OutThink has raised $10 million in early-stage investments backed by venture capital firm AlbionVC, it said on Tuesday, as it looks to help organisations identify human behaviour that can lead to data breaches.
The company, which says human behaviour is the source of 91% of data breaches, uses machine learning, natural language processing and applied psychology to identify, understand and manage the attitudes, intentions and sentiment of individuals.
Founded by a team of chief information security officers, security experts and researchers, the group said organisations carried a “significant level of risk” despite considerable investment in cybersecurity technology and security awareness solutions, especially as remote working practices grow.
“The fact cybercrime continues to rise proves such conventional approaches aren’t working and there is an urgent need for a new, more effective approach,” OutThink said in a statement.
The financing, in which Triple Point Ventures, Forward Partners, Gapminder and Innovate UK took part, brings the firm’s total funding to $11.4 million. The money will be used to speed up its international distribution.
OutThink said its platform was used by major organisations, including Whirlpool, Danske Bank, Rothschild and NatWest.
(This story has been officially corrected to fix one of the financing participant’s names to Triple Point Ventures in the 5th paragraph)
(Reporting by Juliette Portala, editing by Supantha Mukherjee and Mark Potter)
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. These attacks are often aimed at accessing, changing, or destroying sensitive information.
Venture capital is a form of private equity financing that is provided by venture capital firms to startups and small businesses with perceived long-term growth potential.
Data breaches occur when unauthorized individuals gain access to sensitive, protected, or confidential data, often leading to identity theft and financial loss.
Machine learning is a subset of artificial intelligence that enables systems to learn from data, identify patterns, and make decisions with minimal human intervention.
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