Singapore-based cybersecurity firm Right-Hand has announced USD $1,000,000 (SGD $1,400,000) in seed funding. Right-Hand offers a Software-as-a-Service (SaaS) platform for companies to monitor, measure and mitigate human-induced cybersecurity risks. 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 leading talent investor that provides expertise to individuals to develop technology companies.
What does this funding mean for Right-Hand?
Theo Nasser, CEO, Right-Hand said, “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 behaviours online that inflict immense cyber risk for themselves and their employer. Right-Hand aims to bridge that gap.”
Right-Hand’s SaaS platform analyses employee behaviour in real-time, produces user behaviour analytics, and delivers customized and user friendly micro-learning training modules to educate employees on their risky behaviours. This empowers organisations to more effectively and efficiently improve company-wide cybersecurity awareness and culture.
With customers already within the government and financial sectors across South East Asia and Australia, Right-Hand sees their market opportunity growing in parallel with the evolving and broadened cyber threat landscape. “Organizations are introducing new technologies, communication channels, and remote-work flexibility into their business, and therefore, are also introducing new opportunities for cyber criminals to exploit. Right-Hand helps organizations mitigate these risks that are associated with employee online behaviour”, says Theo Nasser.
Why has Right-Hand attracted this funding?
In 2019, IDC projected global spending on security products and services will reach $151.2 billion in 2023 with a compound annual growth rate (CAGR) of 9.4% over the 2019-2023 forecast period, while Asia Pacific is predicted to reach $34 billion by 2023.
IBM’s ‘Cost of a Data Breach Report’ in 2019 notes the average organisational 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 notes that unintentional breaches due to human error and system glitches were the cause of 49% of data breaches.
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.”
Hsien-Hui Tong, Head, Venture Investing, SGInnovate said, “In today’s digital world, cybersecurity underpins all industries, cutting across both public and private sectors. As organisations 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.”