BehavioSec: A Swedish Company is Changing the Game of Cybersecurity
You might have heard about the company from Luleå, Sweden that has been taking the world by storm in the field of cybersecurity and it goes by the name of BehavioSec. Behaviosec provides security solutions by identifying how people use keyboards and mobile phones as a way to provide an extra layer of security on the internet. In today’s day and age where hacker attacks continue to appear in the headlines around the world, could this be the key we’re looking for? Large companies with huge investments seem to think so, more specifically the company has taken in over SEK 138 million. Could the solution to our problems be in the very name of this company?
Behaviosec provides security solutions that identify the user through so-called behavioral biometrics. In other words, they identify how the person manages the keyboard, mouse, mobile phone and apps and recognize whether the user is who they say they are. This principal area of behavioral biometrics has existed since the telegraph began to play the role of the warfare – that it would be possible to identify a telegraphist by recognizing the character through touch. The company is already established and has won various awards, notably in 2016 when it collected two wins in the European Fintech Awards. This included winning the “Risk Intelligence & Security” category and the company was also named Best European Fintech. Among the 100 startup companies nominated for the competition, there were several Swedish companies, including Klarna and Izettle. Back then, they worked closely with over 50 banks but have since then grown to a global company with staff in Asia, Europe and the United States.
The company was founded by Olov Renberg and Peder Nordström in 2006 and currently has offices in both Europe and the United States. Since then, it has grown through various rounds of financing, notably in the beginning of this year. According to Digital DI, Cisco investments are one of the investors of Behaviosec as it collects further capital. The Swedish firm was weighted at a figure of $17.5 million, equivalent to approximately SEK 138 million, in a new round of financing in January. In addition to Cisco, existing shareholders, ABM Amro and Trident Capital Cybersecurity, also have a stake.
Behavioral biometrics is their specialty. It is essentially a field of study that looks at individual, unique and measurable patterns in human behavior. But BehavioSec has seen this as the principal area of their activities, which has led to successful results. Cyberthreats against companies and banks is a growing problem that can have devastating consequences. The attacks are often detected late or not at all, which may affect the entire organization’s operations. This is where BehavioSec comes in. With their technology, which records and analyzes data about, among other things, the time between the keys you make on a keyboard or touch screen, you can identify yourself through your typing rhythm and your motion pattern. Let’s say you’re a hacker and you’ve just received personal data about someone and you’re ready for an intrusion into their account. With this technology, it can make way for such intrusion not to be possible. The personal data generated in this way is called behavioral biometric data. And unlike the collection of other biometric data, such as your fingerprints, no special hardware is required. This makes the technology cheaper and that it can be used unnoticed.
“The advantage of a touch-based device is to know how hard you push and where you’re pushing. You also get other measurement points like the gyroscope and the accelerometer, so how you keep the phone when using it,” says Olov Renberg to Swedish Radio. According to various sources like Ekot, BankID which is the leading electronic identification in Sweden with over 6,5 million users (almost two-thirds of the entire population) has implemented the technology in their services. “Biometric methods are something we use in BankID, something that we have used for many years and something we see will grow strongly, but I do not want to know exactly what details and biometric methods we use. We do not want to go into that”, says Malin Wemnell Gunnarsson, Administrative Manager of BankID to Expressen. A significant factor in this is the recent GDPR regulation which sets a standard for data protection and privacy in the EU. For the moment, we don’t know how the technology is implemented within the standards of the regulation but since it’s been approved on a wide scale, we can only assume that it does so within legal boundaries. Biometric data, and behavioral biometric data, are included in the new personal data law, which came into action earlier this year. The responsibility for collected data lies on the banks, or the company that uses BehaviorSec, or any other developer’s corresponding security solution. It will be interesting to see what the future holds for the company. Evolvera – evolve in a new era