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NetCrypt [SMART 100, 2017]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

…as Founder of a Cloud Back-up provider, I was looking for hosted storage or a file-sharing (Dropbox) type of product to use to monetise unused bandwidth on my infrastructure, especially during the day. I researched file-sharing products and was disappointed with what was in the market. I was particularly concerned these vendors were using folders on the end-point device to store data. These applications were leaving data unsecured and at the risk of being stolen by an employee, hacked and a data breach. So I made the decision to create NetCrypt which evolved into a data security solution.

2. WHAT & HOW

The purpose of this innovation is to…

…enable organisations to create an encrypted global storage network to secure data, improve data availability and infrastructure without changing the way that users work. NetCrypt is single data security solution, ensuring compliance requirements are met in the increasingly mobile landscape.

It does this by…

…storing data in AES-256 bit encrypted vaults. Data is hidden until the user is authenticated and identity is proven, only then data is mounted and made accessible through a secure mapped drive. With flexible storage deployments on-premise and in the cloud, an organisation can choose to store data in their own jurisdiction or desired location to meet compliance needs.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

Competitors File-sharing solutions were initially designed for consumer use to transfer large personal documents and photos. These applications have become adopted for business use, often without IT’s approval. Unbeknown to employees in most cases, their use of these applications are potentially exposing corporate data and risking a data breach, as data is not secured, particularly at the end-point.

Its various benefits to the customer/end-user include…

…data security at all 3 points: transit, rest and the end-point. NetCrypt is a data security solution that provides file-sharing capabilities, enabling secure collaboration with key protection benefits such as the ability to create a sovereign based global encrypted network.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

File-sharing applications have evolved in the last 5 years, as companies began migrating to the Cloud. Data security risks have increased as Cloud and mobile device adoption has grown and information has needed to become more accessible. Previous remote data access methods such as VPN have hindered productivity, so employees have looked for other applications to “get the job done”.

Its predecessors/competitors include…

…file-sharing products like OneDrive, Dropbox, GoogleDrive, as well as companies operating within the Encryption, DLP (Data Loss Prevention) and Back-up fields. NetCrypt is a unique product delivering a single cross-category solution, rather than specialising in one area of data security.

5. TARGET MARKET

It is made for…

…any organisation that needs secured, particularly medium to enterprise sized companies that have multiple offices and mobile employees needing to securely access data from multiple devices to maintain productivity and collaborate with third parties. Legislation, mandatory breach notification regulations and sovereignty mean that there are particular global markets that are a key focus including the United States, Australia, UK, Switzerland (and Europe from 2018) and Hong Kong. Heavy regulated industries are a focus including Healthcare and Pharmaceutical particularly in the US with 1.6 million medical organisations regulated by HIPAA, Government, Finance, Legal, Insurance, Education and Construction.

It is available for sale through…

Managed Service Providers, Cloud Service Providers, Value Added Resellers and IT consultants. The IT Channel can provide customers with a data security solution and for those providing cloud storage, they can monetise it, in return for high margin recurring revenue.

Our marketing strategy is to…

…engage the IT channel by demonstrating how NetCrypt secures company data and generates high-margin recurring revenue. Marketing has been limited to-date to a channel industry publication ad, minimal Google Adwords and social media activity. Events, PR, sponsorship, webinars, social media to show the product in use where possible plus ads in target vertical industry publications.

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

Maven Judge Vote: NetCrypt – Smart 100 2017
(Please note – The form below is for judging purposes only and is restricted to the public)

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