16 cybersecurity startups that are promising even in a down economy – Business Insider

§ May 20th, 2020 § Filed under Quantum Computer Comments Off on 16 cybersecurity startups that are promising even in a down economy – Business Insider

The cybersecurity industry has experienced a rare silver lining of the COVID-19 economic collapse, recent studies show. Remote workers need new kinds of protection; healthcare organizations need defenses in a desperate time; and high-profile ransomware cases drive demand for new solutions.

"Cybersecurity is perhaps more relevant than ever given the new scale of remote work," analysts from startup incubator DataTribe recently wrote. "This is a great time to invest in quality ventures."

The global cybersecurity market is expected to grow from $183.2 billion in 2019 to $230 billion by 2021, led by remote worker security and healthcare security, according to April research on COVID-19's impact from the firm Markets and Markets. Meanwhile, customers are willing to pay up for innovative products: The number of companies spending more than 20% of their cybersecurity budgets on advanced technologies has doubled in the last three years, according to recent research from Accenture.

With these market forces in mind, we rounded up 16 cybersecurity startups that are making news and impressing investors. Several are announcing new funding this week while others just launched. They range in funding from $10 million to $570 million. All are plunging into developing areas, whether that means exploring new approaches to authentication to avoid passwords, harnessing the power of automation, or using machine learning to teach algorithms to protect us.

While it's far from a complete list, here's a look at some of the cybersecurity startups bringing innovation and investment opportunity to a down economy:

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16 cybersecurity startups that are promising even in a down economy - Business Insider

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