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Castlepoint Systems, a Canberra-based artificial intelligence (AI) compliance software specialist, has been named in the CyberTech100, an annual list that recognises 100 of the world’s most innovative cyber technology companies.
Evaluated by an advisory board, regulatory analysts and recognised for the innovation of the technology solution offered, companies that have made the list have demonstrated potential cost saving and efficiency improvement for clients, as well as company growth.
According to Rachael Greaves, Castlepoint CEO and co-founder, knowing and applying regulatory rules are the best ways to reduce cyber risk.
"We’re delighted to be named in the CyberTech100 for the second year running.
"With regulated entities coming under increasing attacks from malicious actors in attempts to access data, if a breach occurs, it’s essential to quickly understand what the exposure was.
"The best way to find all that risky data, track it, match it to the regulations and rules, and manage it compliantly, is via AI," Greaves added.
Castlepoint's AI is designed to register every system in an environment, in the cloud and on-prem.
It registers every record in every system (structured or unstructured), and every file in every record, and uses natural language processing to extract all the meaningful topics and entities mentioned in every item, no matter the format. It captures every event on the data, as well as all metadata.
Last year, after suffering a breach, an Australian university contacted Castlepoint, according to Greaves, who explained that within 24 hours, the company took on managing the university's data. Castlepoint registered over 50,000 systems containing more than seven million items and indexed and classified approximately 200 systems in scope of the breach.
"This incident illustrates the speed at which our AI works.
"Within one day we coded a Secrecy Provisions ontology from Acts and Regulations specific to the client, and a Records Authority to identify which of the spilled data was overdue for disposal.
"The university was able to report the impact of the breach to their governance team within 48 hours and have kept Castlepoint in place to help prevent any future spills," Greaves added.
Most organisations focus on immediate priorities like meeting targets, responding to FOIs, or completing reporting cycles which leaves a short planning horizon for cyber security which doesn’t seem as urgent in comparison to more frequent deadlines associated with pressing priorities that are more visible.
However, cyber threat actors can lie dormant in systems for months before striking. The most serious cyber incidents have a slow burn and can be slowly exfiltrating data without detection. With rapidly growing data stores and regulatory obligations, organisations are in need of a low-impact, high-coverage method to control data risk and value.
Greaves further explains that while there is "a need to do what we can to reduce likelihood of a breach, but completely prevent one isn't realistic".
"What we need to focus much more on is reducing the impact of a breach.
"We must know our own data so we can focus our efforts on what has the most risk, which can include national security, sensitive personal information, and financial data.
"Then we must understand the risks specific to the organisation, whether that’s IP, trade secrets, core business data, or regulated information – Castlepoint makes this possible," Greaves said.
FinTech Global's CyberTech100 is an annual list of 100 of the world’s most innovative cybertech companies. The 2022 list has been updated and recognises the next-generation of solution providers shaping the future of the cyber security industry.
"The CyberTech100 recognises the next generation of solution providers shaping the future of the cyber security industry.
"These are the companies every financial institution needs to know about as they consider and develop their information security and risk management strategies," FinTech Global concluded.
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