Half of data breaches were caused by human error, here is US$1m in seed funding.
IBM’s ‘Cost of a Data Breach Report’ in 2019 noted the average organizational cost of a data breach in ASEAN to be USD $2.62 Million, with Australia closely behind at USD $2.13 Million. The report also noted that unintentional breaches due to human error and system glitches were the cause of 49% of data breaches.
With that in focus, a Singapore-based cybersecurity firm Right-Hand, which offers a Software-as-a-Service (SaaS) platform for companies to monitor, measure and mitigate human-induced cybersecurity risks, has received USD $1,000,000 (SGD $1,400,000) in seed funding. The seed round funds will be used to accelerate Right-Hand’s product roadmap development.
The seed round is led by Atlas Ventures, a Singapore-based early stage VC fund. Also participating is SGInnovate, an investment firm backed by the Singapore Government; and Entrepreneur First, a talent investor that provides expertise to individuals to develop technology companies.
The right time for Right-Hand
Right-Hand’s SaaS platform analyzes employee behavior in real-time, produces user behavior analytics, and delivers customized and user-friendly micro-learning training modules to educate employees on what constitute risky behavior. This empowers organizations to more effectively and efficiently improve company-wide cybersecurity awareness and culture.
Said Theo Nasser, CEO, Right-Hand: “A company’s employee workforce is typically their biggest asset, but when it comes to cybersecurity, the workforce can also be their biggest liability. There is a massive gap between what most employees know about cybersecurity, and their day-to-day behavior online that inflict immense cyber risk for themselves and their employer. Right-Hand aims to bridge that gap.”
With customers already within the government and financial sectors across South East Asia and Australia, Right-Hand has its niche in helping organizations to mitigate risks that are associated with employee online behavior, says Theo Nasser.
Lead investor Atlas Ventures’ Investment Director Maxim Shkvaruk described its interest in Right-Hand: “Although humans present one of the biggest loopholes in cybersecurity, much of the focus from both investors and corporates alike have been on various technical solutions like threat detection systems, firewalls and such. The human aspect is often overlooked. Right-Hand is a pioneer in providing solutions to mitigate human-caused cyber-risk. Our investment in Right-Hand is also a complementary addition to our portfolio of other cybersecurity-related investments.”
Meanwhile, Hsien-Hui Tong, Head, Venture Investing, SGInnovate felt that in today’s digital world, cybersecurity underpins all industries, cutting across both public and private sectors. “As organizations start to adopt frontier technologies such as AI, they need to be cognizant of and prepared to deal with new cyber threats—starting with its people. We are pleased to support Right-Hand as it ramps up the development of its unique solutions and to promote the importance of people-centric cybersecurity across the region.”