Ottawa cybersecurity firm Cord3 lands $2M financing from BDC Capital

Ottawa Business Journal published a good article on Cord3’s financing by BDC Capital’s Growth and Transition Capital division. Check it out!

 

Cord3 Innovation Announces Financing from BDC Capital to Support Growth

Cord3’s Unique Solutions Focus on Strongly Protecting Customers’ Data With Easy-to-Use and Easy-to-Deploy Software

OTTAWA, ON           3 October 2019

Cord3 Innovation, Inc., a data-centric cybersecurity company headquartered in Ottawa, Canada, announced today that it has secured $2 million of growth financing from BDC Capital’s Growth & Transition Capital division. This financing will enable Cord3 to commercially scale its solutions that were developed to meet cybersecurity requirements originally established by Canada’s Department of National Defence. These same requirements also need to be met in government, financial, high-technology, and other organizations globally to stop ongoing, widespread data breaches and theft of financial and intellectual property. Over the past 5 years, Cord3 has demonstrated its cybersecurity technology in numerous advanced NATO military exercises.

Cord3 develops software that secures sensitive data directly, rather than trying to secure the networks and applications in which sensitive data exists. Cord3’s software uniquely breaks the longstanding connection between administrator system access providing unrestricted data access, which is the underlying cause of all major data breaches. The company’s unique solutions protect customers without having to install or change any software on user devices or servers. Completely transparently to users and applications, the solutions strongly encrypt data to protect against insider and external attacks. Cord3 specifically prevents administrators with system access from also having access to sensitive data, which is the root cause of virtually every large-scale data breach.

Cord3’s CEO, Kevin Rankin, stated, “Cord3 is entering this next growth stage with great technology and solutions for customers. We anticipate using this funding to hire key resources to execute growth strategies directly with customers and also with partners serving government, military and financial organizations. We are thankful to BDC Capital for their vision and support of Cord3.”

In line with its plans for expansion, Cord3 also announced that it was invited by Global Affairs Canada, the federal government ministry focused on international trade, to participate in cyber security meetings at the Consulate General of Canada in New York from October 1 to 3. Cord3 is one of a select set of innovative cyber companies invited to this summit to speak with cybersecurity and fintech leaders in New York City.

 

About Cord3 Innovation Inc.
Cord3 offers solutions to strongly protect files and emails by encrypting them at rest and controlling access to protected data assets. These solutions deliver consistent, policy-driven data security for Cloud and enterprise data that protects against access by unauthorized privileged administrators, including hackers and insiders who steal privileged administrator credentials – the #1 cause of data breaches. And, unlike other data security approaches, Cord3’s solutions work completely transparently to users and do not require any changes to existing applications. For more information, visit: www.cord3inc.com

Contact: Ian Curry, ian.curry@cord3innovation.com

 

 

About BDC Capital

BDC Capital is the investment arm of BDC – Canada’s only bank devoted exclusively to entrepreneurs. With more than $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.

 

SOURCE: Cord3 Innovation Inc.

 

 

Cord3 Named 2020 TAG Cyber Distinguished Vendor

Ottawa, ON – Sept. 24, 2019 – Cord3, a leader in data-centric security solutions, announces today its selection by TAG Cyber as a Distinguished Vendor in this year’s 2020 Security Annual.

Cord3 is part of an industry collective supporting democratization of cyber security research and advisory materials. Each distinguished vendor is selected by Dr. Edward Amoroso, CEO of TAG Cyber, and agrees to support and promote the free report, available today for free download at TAG Cyber’s Web site — https://www.tag-cyber.com/.

“We’re proud to be part of TAG’s research report since we believe it is highly informative and useful for cyber security teams everywhere,” said Kevin Rankin, CEO of Cord3. “Ed and his team spent considerable time with us, and they truly understand the value we bring to customers and the cyber industry.”

The 2020 Security Annual is part of an annual series from TAG Cyber that is published each September since 2016. The massive report offers expert guidance, analysis, and education on fifty different aspects of the cyber security ecosystem.

“We are proud to include the Cord3 team in our program,” said Amoroso. “Their solutions strongly protect data without having to change existing infrastructure or install software on user devices or servers, which makes Cord3 attractive to military, government, and commercial customers .”

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About Cord3. Ottawa-based Cord3 data-centric security overlay platform delivers easy deployment, administration, and use to protect data across a variety of solutions, including email and files. These solutions require no changes to applications and deliver transparent data security.

About TAG Cyber. TAG Cyber is a research and advisory firm focused on democratizing world-class support for everyone. Based in New York City and led by Dr. Edward Amoroso, the firm is proud to support enterprise and government customers around the world.

Privileged Credential Abuse Icon

Protect Your Data from Privileged Credential Attacks – Detecting Attacks is Too Late!

A recent Forbes article states – “The bottom line is that investing in securing perimeters leaves the most popular attack vector of all unprotected, which are privileged credentials.” We could not agree more.Some of the solutions proposed in the article, however, do not prevent privileged credential attacks – they just detect attacks, maybe, once they have occurred.

LightNeuron malware – Cord3’s Solution!

Numerous media sources are reporting newly discovered Exchange malware, called LightNeuron, believed to have been created by a Russian hacking organization known as Turla.

LightNeuron is a “backdoor” that allows attackers to read and modify any email passing through compromised Microsoft Exchange servers. The malware also allows attackers to create and send new emails, as well as to block emails so that intended recipients do not receive them. Researchers who discovered LightNeuron believe that this malware has been in use since 2014!

Cord3’s UNITY Email solution protects emails with encryption before they reach the Exchange server, so even a LightNeuron-compromised server cannot read emails protected by Cord3.

While LightNeuron is one specific attack vector, Cord3’s general approach prevents all sorts of attacks on email servers from accessing sensitive emails, including attacks using privileged administrator credentials.

Cord3’s solutions separate data security away from users, applications, and servers. It is this approach that mitigates traditional attack vectors, newly discovered attacks like LightNeuron, and even new attacks to come in the future. If Turla has determined techniques to install malware on Exchange servers, it is reasonable to believe others will follow in their footsteps and generate similar attacks.

Email is an entrenched business tool. Organizations cannot just turn off email. The best solution against LightNeuron and other backdoor attacks is to protect sensitive emails before they reach the Exchange server with software that is easy to deploy and easy to use – Cord3’s UNITY Email solution is exactly that solution!

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Cord3 to Exhibit at RSA Conference 2019

Cord3 was selected by the Ontario Provincial Government to participate in its pavilion at the RSA Conference in San Francisco from March 5 – 7, 2019. The pavilion is booth #1953 in the South Hall of the Moscone Center.

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Cord3 Innovation receives FIPS 140-2 validation from the National Institute of Standards and Technology (NIST)

4 March 2019 – Cord3 announced today that its cryptographic module is fully validated by NIST to the FIPS 140-2 standard. Cord3’s FIPS 140-2 certificate is #3369.

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Cord3 to Exhibit at Black Hat 2019

Innovation City – August 7 – 8, Mandalay Bay, Las Vegas
Cord3 will exhibit its cyber security solutions at Black Hat in Las Vegas from August 7 – 8, 2019. Cord3’s booth is located in Innovation City (booth #IC2001) in the Mandalay Bay Convention Center.

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Cloud Encryption Security Broker

“Our value proposition is that we keep the responsibility for protecting data – and this includes management of cryptographic keys – in the hands of the owner,” Rankin explained. “For any enterprise users who choose not to trust their data to the cloud, we are a great option.” I agree with his assessment, and this will become a more powerful statement as the company expands its use-cases to additional local and cloud computing options.