RecoLabs raises $30 million to prevent sensitive data leaks – gotechbusiness.com

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RecoLabs, a company that uses AI to map a company’s data exchange, today announced it has raised $30 million in a Series A round led by Insight Partners that includes Zeev Ventures, BoldStart, Angular Ventures, Jibe Ventures, CrewCapital and Cyber ​​Club London. CEO Ofer Klein said the proceeds will go towards product development and support the company’s go-to-market efforts.

Klein co-founded RecoLabs with Gal Nakash and Tal Shapira in 2020. RecoLabs is Klein’s second venture after Kwik, an internet of things platform for ‘connected customer experiences’. Nakash led research at the prime minister’s office in Israel before joining RecoLabs, while Shapira, who also worked at the prime minister’s office, was the head of algorithms at heads-up display startup Guardian Optical Technologies.

“The scattered workforce is growing. The number of collaboration tools used in one organization is increasing daily. And each of these introduces a new security risk,” Klein told gotechbusiness.com in an email interview. “Information sharing and collaboration across applications is extremely important to businesses and provides unlimited value to them, but without security context and intelligent analysis of what business data and interactions take place in those sub-environments, we see organizations increasing their risk.”

RecoLabs monitors data sharing inside and outside an organization to identify potential issues as they arise. For example, if a third-party vendor’s contract has expired but the vendor still has access to sensitive documents or a file is sent to the wrong account manager, RecoLabs can spot it and flag it for recovery, Klein claimed.

There is a lot of data management and governance software out there (see: Checks, DataGuard, Ketch and DataGrail), but Klein argues that RecoLabs’ “contextual” approach sets it apart. The platform creates a “business collaboration map” that ostensibly shows where an incident occurred, which parties were involved and the details of remediation actions.

According to Klein, RecoLabs uses an AI engine to learn context through the metadata in the audit logs generated by collaboration, storage, and email tools (e.g., Slack, Jira, Box, OneDrive, Outlook, etc.). The engine doesn’t require manual policy configuration to model the relationships between an organization’s employees, teams, and external vendors, Klein claimed, allowing security teams to focus on more urgent work.

“Our closest competitors are legacy data security tools that still focus on content rather than context. They require a high level of manual input and maintenance, create noise and organizational friction, and lack visibility into the context behind incidents leading to inaccurate alerts,” said Klein. †[With RecoLabs,] security teams can share incidents and their context with relevant team members to receive additional feedback to resolve the incident, or even enable the team member to take ownership of the incident and perform remediation activities themselves.”

Of course AI makes mistakes. Unforeseen biases can affect a system’s predictions and cause errors. Illustrating the magnitude of the problem, a 2021 study by Fastly and ESG found it that nearly half of all software cybersecurity warnings are false positives.

For what it’s worth, Klein stands behind its product, claiming that RecoLabs “results in the lowest false positive rate while detecting events and incidents that no other tool can detect.”

“The pandemic has pushed companies to widely use collaboration tools to support their dispersed workforce. Companies started using tools such as Slack, Teams and Google Drive with their customers and suppliers to accelerate business processes,” said Klein. “But there is no visibility and limited control over these channels… RecoLabs is well positioned to lead the next generation of security solutions that focus on enabling business while drastically saving money and effort.”

Klein declined to name RecoLabs’ customers with 35 employees or disclose revenue figures, but said “several” companies in finance, manufacturing, technology and insurance, including Fortune 500 companies, are using the product.

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