Expensive data breaches put billions at risk. CallSign hopes to tackle this problem by proactively defending against cyber-crime with intelligence-driven authentication. Dispensing with passwords, it instead uses AI to protect identities – enabling smartphone users to confirm who they are with a single swipe.
HOW THEY’RE DISRUPTING
CallSign offers banks and other institutions the ability to identify customers and staff online without the need for time-consuming two-factor authentication. Its software uses AI to build a picture of the user. If they were in an unfamiliar location or behaving strangely, it would trigger an alert. Unauthorised attempts to sign in to a device would also be detected. The multi-layered security software can also blacklist devices involved in past fraud cases and can be used with other authentication programmes such as ForgeRock.
In 2015, cyber-crime cost businesses $500bn, according to research agency Juniper, and the amount is forecast to quadruple to $2tn by 2019.
INVESTMENTS AND FUTURE
The cyber-security start-up recently raised $35m from the UK tech sector, taking total funding to $38.8m. The funding will be used to hire staff and open offices in San Francisco and New York. Mr Hayat also wants to create a development centre in his native Manchester in the north west of England.