The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Marshall, Va.-based CySecure Inc., developer of next generation identity and authentication solutions. CySecure is developing solutions to eliminate passwords entirely – for users and at company servers – making it impossible for hackers to steal users' personal data. CySecure successfully completed MACH37's 90-day program, designed to accelerate a startup's path to a sustainable business model. CySecure has made significant progress towards launching the general availability of their product and will use this investment for product development.According to Verizon's 2020 Data Breach Investigations Report, compromised passwords are responsible for 81% of all hacking-related data breaches. The root cause of this problem is that companies continue to store user passwords on servers. While there has been a new wave of passwordless authentications that eliminate passwords at the user level, these passwords still remain stored on company servers. CySecure's Public Key Infrastructure (PKI)-based verification eliminates passwords entirely, and Self-Sovereign Identity allows users to maintain possession and control of their Personally Identifiable Information (PII)."Cybersecurity breaches rank in the top five global risks according to the World Economic Forum; hence data breach liability is a foremost priority for business leaders. CySecure eliminates data breach liability for companies with its passwordless authentication Solution. Also, with no need to reset the passwords, the companies reduce their operating cost and improve worker productivity." said Neal Chandra, CEO of CySecure. "Due to the COVID-19 pandemic, 42% of U.S. labor force is now working from home, which has caused an increase in data breach incidents. CySecure Solution provides the most secure authentication to enterprises whether the user is working in office, from home, or in a remote location. We are grateful for the support of CIT and MACH37, which have already played an important role in setting us up for future success."The CySecure Solution is frictionless and easy to use. The Solution is designed for both companies and end users. Companies reduce data breach liability with a secure PKI based authentication solution, while reducing their operating cost. The users have an easy way to login to their accounts and maintain possession of their personal data. CySecure will use Artificial Intelligence and Machine Learning for fraud detection, allowing its customers to be alerted in real time."As password management continues to be a leading cause of data breaches, more and more organizations are beginning to adopt and implement passwordless methods. CySecure's value proposition not only reduces cyber risk, it also enables businesses to deliver higher customer satisfaction while reducing costs and liability," said Tom Weithman, CIT Chief Investment Officer and Managing Director of CIT GAP Funds. "CySecure's solutions, which effectively eliminate the need for passwords, is well-positioned to take advantage of a growing market opportunity and bring a critical solution to both companies and end users. We look forward to being part of their continued success."
CIT invests in CySecure
