SAN FRANCISCO – Ten cyber security vendors set up booths in the RSA Conference 2018 Innovation Sandbox on April 16 to demonstrate their technologies. At the end of the day, BigID stood alone on the main stage as the winner.
The ten vendors selected as finalists by the RSA Conference judges span a range of different technologies, including deception, threat-hunting, network security, encryption, cloud security and container security. See our article profiling the 10 innovation sandbox finalists, and follow all our RSA Conference at the eSecurity Planet Guide to RSA Conference 2018.
Why did BigID win?
The sandbox innovation judges collectively decided that the problem set that BigID tackles represents the largest market opportunity. BigID’s technology platform helps organizations discover personally identifiable information from both unstructured and structured data, which in the modern era of privacy regulations like the EU General Data Protection Regulation (GDPR) and the ongoing risks of data breaches, has become increasingly important (see Enterprise Technologies That Tame GDPR Compliance).
“BigID has the ability to look at private information in a broader context than people have historically,” RSA Innovation Sandbox judge Paul Kocher said. Kocher is well known in the security community for authoring the SSLv3 cryptographic standard.
“It’s incredibly depressing that companies don’t know where their data is, or whether their data is an asset or toxic waste,” Kocher said. “To be able to collect basic information that companies don’t have today is critically important.
BigID has raised $16.1 million in funding to date, as investors have taken nore of the company’s prospects for growth. Nillofar Razi Howe, RSA’s Senior Vice President and Chief Strategy Officer and also a judge, said the market opportunity for BigID is large.
“The thing that at the end of the day differentiated the winner for us was the absolute size of the market opportunity,” Howe said. “There aren’t a lot of competitors in this market and it’s a tsunami that is coming that everybody is going to have to deal with.”
BigID founder Dimitri Sirota was understandably thrilled by the award, which provides new recognition for the company he founded only two years ago.
“For too long privacy has been a backwater when it comes to the security industry,” Sirota told eSecurity Planet. “Companies are now standing up and taking notice that safeguarding their customer data is essential to their business.”
Sirota added that clearly privacy matters now more than ever, and companies need tools to better safeguard customer data.
“We help companies get actionable insight around their data,” Sirota said. “Next, we help them take action to simplify how they store, share and analyze data in a compliant way.”
Sean Michael Kerner is a senior editor at eSecurityPlanet and InternetNews.com. Follow him on Twitter @TechJournalist.