The rise in large scale cyber-attacks in the Nordics over the last couple of years showed that one of the most advanced tech regions in the world still lacked proper funding and investment in the cybersecurity sector. But that is all changing fast. Cybersecurity experts at CyberNews have reviewed and selected their top 5 most promising cybersecurity companies in the Nordics.
Leaving behind the established big cybersecurity players – such as F-Secure or Combitech – CyberNews sheds light on the 5 Nordic cybersecurity startups that they believe have a strong, pertinent and creative product suite and bear the big potential of growth in the near future.
1. Baffin Bay Networks
Baffin Bay Networks is one of the most promising cybersecurity companies in Sweden. Its cloud-based predictive threat protection for businesses and organisations is backed by machine learning and threat intelligence gathered by their researchers to stay up-to-date with current threats. The platform also offers DDoS and Bot protection, plus a Web Application Firewall.
Why it’s hot: This year, Baffin Bay Networks acquired the US-based data security business Loryka to create its first affiliate in US territory. The acquisition followed a €5.6 million Series A investment led by EQT Ventures.
No person moves exactly like another person, nor touches exactly like another person. This difference is what makes a user’s signature unique, which is what Sweden’s Behaviosec uses to perform continuous identification. Fine-tuning each user’s interaction with the machine helps create personalised profiles that drastically improve security and reduce the risk of fraud, false positives, and complex attacks.
Why it’s hot: The behavioural biometrics market garnered $675.6 million in 2018 and is projected to reach $2.6 billion by 2023. With a total of $25.7 million in funding in 4 rounds, Behaviosec is poised to become one of the big players in the field.
Sweden’s Detectify uses automation and asset monitoring to protect domains and web applications. The plus factor to that website vulnerability scanner? They use crowdsourcing – with contributions from more than 150 ethical hackers – to feed intelligence into their security test tool and make it available to all their customers.
Why it’s hot: After raising its €5 million Series A round, the company raised €21 million in further funding in the third quarter of 2019 to power its hiring campaign and accelerate company growth.
4. Arctic Security
Based in Finland, Arctic Security delivers threat intelligence as a service. The company creates tools to automate the collection, harmonisation and processing of threat information that is in turn analysed by their cyber threat intelligence experts. Raw cyber information is then turned into proper usable and actionable intelligence.
Why it’s hot: With over €2 million in international sales in just 2 years, Arctic Security closed another undisclosed investment to its series A round in February 2019 and should continue its growth in 2020.
5. Cap Data Technologies
Cape Data Technologies is a behavior analytics company that uses machine learning and artificial intelligence to spot anomalies in infrastructures to help uncover previously invisible threats. Possibly the smallest company on our list, Cape Data Technologies is a spin-off from the University of Jyväskylä in Finland, founded by a doctor in information technology and a former Nokia info tech expert.
Why it’s hot: While less flashy than others on this list, Cap Data Technologies occupies a very promising spot in the cybersecurity landscape. Its unique approach, tools and expertise could make it one of Finland’s best kept cybersec secrets.
About the Author
Jonathan Rolland is a writer at CyberNews with an entrepreneurial background. He is passionate about new gadgets, the intersection of technology and politics, the future of AI and finding exciting new music and places to eat. Connect with Jonathan on Twitter or Linkedin.