As cybercrime increases, Metomic's creative approach helps organisations like Slack and Google Drive stay safe. How prepared are businesses for the next big cyber threat?
Metomic offers complete SaaS security solutions to protect sensitive data from cyber threats. Their tools include data discovery, loss prevention, access controls, and insider threat detection, and they work smoothly with platforms like Google Drive, Slack, Notion, ChatGPT, Jira, Github, and Zendesk.
According to Mordor Intelligence, the cybersecurity market size is estimated at USD 182.86 billion in 2023 and is expected to reach USD 314.28 billion by 2028, growing at a CAGR of 11.44% during the forecast period (2023-2028).
Organisations are adopting software as a service (SaaS) platform as the world becomes increasingly digital to meet their operational needs. Companies rely heavily on these platforms to boost efficiency, foster collaboration, and support remote working from project management to communication. However, this heavy reliance creates a big challenge: keeping sensitive data safe. The risks of data breaches, identity theft, and corporate spying are higher than ever, making it essential to find strong cybersecurity solutions.
The cybersecurity landscape has changed significantly over the past decade, with threats becoming more advanced and difficult to spot. In a recent interview with Dinis Guarda, Eric O’Neill, a national security lawyer and former FBI operative, discussed the increasing dangers of cybercrime and the Dark Web. He explained that as more organisations shift their operations online, the Dark Web has turned into a marketplace for cybercriminals, where sensitive information is traded, often without the victims even knowing.
Eric shared his concerns about the surge in ransomware attacks, phishing schemes, and data thefts. He noted:
“The actual cost that the dark web will affect the world economy in 2024 is over 12 trillion and my prediction is by 2026, it will be at 20 if you just look at the astronomical growth of cybercrime.
We have to worry about this because this unchecked crime means that more young enterprising people are deciding to become criminals because it is not seen as the same crime as, say robbing a bank with a firearm. Call centres are springing up in countries all over the Earth and crime is increasing. This is why those working in cyber security are starting to work and solve the problem themselves and the way to do that is to become more resilient than strong."
Metomic’s approach to data security
Metomic was started by Ben and Rich, two technologists who, like many others, spent years working with SaaS tools like Slack, Google Drive, and GitHub. They noticed a growing issue: sensitive data was being uploaded, shared, and stored in these applications at a worrying rate, often without enough security in place. This made data breaches a common risk across various industries.
Metomic’s goal is to reduce this risk by helping organisations easily find and protect their sensitive data. Their approach is based on the idea that businesses should enjoy the productivity benefits of SaaS without having to compromise on security.
Metomic has already made significant strides in the cybersecurity industry. The company raised $20 million in a Series A funding round led by Evolution Equity Partners, highlighting the growing demand for its data security platform.
Moreover, Metomic’s insights into the data security landscape have been invaluable. Their finding that 37% of publicly shared files contain personally identifiable information serves as a wake-up call for organisations that have yet to take data security seriously.
This statistic underscores the importance of adopting comprehensive data protection strategies, especially for companies that rely on SaaS platforms.
What Metomic offers: a comprehensive solution for SaaS security
Metomic’s core offerings focus on securing sensitive data in SaaS environments, providing companies with the tools to maintain operational efficiency without the fear of leaking critical information.
- Sensitive Data Discovery
A major challenge for organisations is not knowing where their sensitive data is stored. Metomic’s Sensitive Data Discovery tool helps companies find and monitor this data across their SaaS platforms. This ensures they are aware of what information is at risk and where it is being kept. - Data Loss Prevention (DLP)
To avoid accidental data leaks or malicious breaches, Metomic provides a strong Data Loss Prevention (DLP) solution. This tool not only detects sensitive data but also sets up protections to stop unauthorised access or sharing, ensuring the information remains securely within the organisation. - Data Security Posture Management (DSPM)
Metomic’s Data Security Posture Management (DSPM) tool gives organisations a complete view of their data security status, helping them monitor and improve their security measures regularly. This proactive method allows businesses to fix weaknesses before cybercriminals can exploit them. - Access Controls
Metomic’s Access Controls solution allows organisations to set detailed permissions for their SaaS applications. This ensures that only the right people can access sensitive data, reducing the chances of internal threats and data leaks. - Human Firewall
Understanding that human mistakes can lead to security breaches, Metomic also aims to create what they call a "human firewall." This means they offer ongoing education and training to employees to help prevent insider threats. Employees learn about the risks involved and the actions they need to take to keep their digital environments safe. - Insider Threat Detection
Metomic’s platform is made to find and reduce insider threats, which can sometimes be more harmful than attacks from outside. By looking at how users behave and the patterns of their access, Metomic can spot possible security risks that may come from employees and contractors. - Compliance Software
Regulatory compliance is a critical aspect of data security, especially for industries such as healthcare, finance, and insurance. Metomic’s compliance software ensures that companies meet the data protection standards required by law, such as GDPR and HIPAA, without adding unnecessary complexity to their operations. - Data Classification
Properly sorting data is crucial for keeping a strong security stance. Metomic assists organisations in classifying their data according to its sensitivity, ensuring that the appropriate protections are put in place for each type of information.
Metomic’s seamless integration and user-friendly approach
One of the main advantages of Metomic’s platform is that it easily connects with popular SaaS applications. Metomic works with platforms like Google Drive, Slack, Notion, ChatGPT, Jira, and GitHub, enabling companies to protect their sensitive data without interrupting their usual work processes. This straightforward approach means that security measures do not slow down productivity.
The company uses advanced technology, such as end-to-end encryption and secure architecture, to keep sensitive data safe when it is stored or transferred. By cryptographically hashing data, Metomic reduces its sensitivity while still letting organisations watch for potential risks. This high level of security means that even if a data breach occurs, the risk of sensitive information is kept to a minimum.
Why do we need solutions like Metomic?
As Eric O’Neill mentioned in his interview, the increase in cybercrime has created a perfect storm for companies that are not ready to handle these threats. Data breaches can lead to huge financial losses and harm the reputation of organisations. Often, the stolen data includes not just corporate information but also personal data belonging to customers, clients, and employees. The responsibility to safeguard this data is huge, and solutions like Metomic are crucial for companies to meet this responsibility.
Moreover, traditional ways of protecting data, like getting employees to sign security policies or using old encryption methods, are no longer enough. Cybercriminals have become too clever, and the risk has grown as more employees work from home and use SaaS applications.
Metomic’s fresh approach to SaaS security provides a solution to this rising problem. By giving organisations the tools to find, classify, and protect sensitive data, Metomic helps businesses stay ahead of the game, ensuring that they can keep running smoothly while upholding the highest security standards.
Metomic is leading the way in the fight against cyber threats by providing a range of tools that help organisations find, classify, and protect their sensitive data. Its easy integration with well-known SaaS platforms, strong security measures, and dedication to ongoing improvement make Metomic a key player in changing how data security is handled in the future.
