RecoLabs hopes to secure enterprise collaboration

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Collaboration security provider, RecoLabs (Reco), announced that it has raised શ્રેણી 30 million in Category A rounds to secure collaboration tools in today’s modern enterprise.

The company’s collaboration security platform is designed to allow organizations to securely gain visibility and share information through multichannel collaboration tools such as Slack, G-Suite, Jira and others.

As remote and hybrid work arrangements continue to impact the business ecosystem, employees expect greater transparency, better technology, improved collaboration, and greater flexibility. As a result, the number of new technologies for digital workplace solutions has increased and collaboration tools are part of that stack.

However, this development marks the beginning of a new challenge. A recent report states that the frequency of cyber attacks due to remote work has increased by 238%. Another Verizon report states that 85% of all violations exploit human vulnerability. This underscores the fact that most of the breaches are caused by users of these collaboration tools and it is important that companies understand the context of these breaches.

Reco claims to create tools that help organizations protect sensitive assets through mapping and monitoring of relevant metadata. The company claims that it uses Applied Machine Learning (ML) to create a model of interactions and collaboration between the organization’s employees, teams and outside vendors, allowing them to understand and visualize the risks of collaboration and sharing. According to Reko, this will result in the creation of a contextual knowledge graph that allows security teams to detect and respond to unauthorized or unusual activities in real-time.

Workflow in a modern enterprise

Collaboration tools are becoming the new standard and an indisputable part of today’s business. In fact, Gartner predicted that about 80% of workers would use collaboration tools. These tools provide access to technology that allows onsite and remote employees to connect and communicate both inside and outside their work environment.

After the Covid-19 outbreak, collaboration applications installed on enterprise devices increased by 176%, making collaboration security risk management a major focus for CISOs.

While collaboration tools enable people to work faster and more efficiently, Reco co-founder and CEO Offer Klein said they also expose companies to new sets of vulnerabilities and increased areas of risk. These risks and problems, according to Reco, can be divided as follows:

Inability to maintain legacy systems

A legacy system is a computer with old software, hardware, or both, still in use instead of a newer version. Systems continue to adapt to the requirements for which they were created, but can no longer be expanded. They need a lot of static rules, which quickly become obsolete and slow down the operation.

Lack of mobility can lead to a lot of noise – either they find everything and hinder business, or they can’t find enough. Due to the lack of a dynamic and resource-intensive structure, security teams must regularly deal with manual rules such as permissions, whitelists, and warnings, which can be very taxing to operate.

Legacy systems suffer from a lack of visibility

Legacy equipment is unable to understand why the incident occurred. For example, this can be done by applying static rules that prevent certain files from leaving the organization. While it was straightforward because data did not leave the business, it is now more challenging because information is legally shared outside the organization. However, there is no way to successfully secure collaborative tools without first understanding why this is so.

CISO, employees and companies as a whole are affected by these two main challenges. According to Klein, protecting key assets is a key responsibility for any company and the only way to identify real collaborative security issues is to understand the business context of each interaction. He claims that Reko plays a key role in this.

Reco says organizations can use its security solutions to intelligently detect and correct common challenges, such as false outside vendor access and transferring or sharing files with them. It accomplishes this using Reco Ontology, a comprehensive metadata view supported by two internal algorithms: Process-Discover, which detects interactions, classifies entities and classifies them by their actual business process.

Content-Based Security to Context-Based Security

Insider risk and data loss prevention (DLP) is becoming a major concern for businesses with a growing workforce and increasing reliance on technology. While it seems self-evident that modern workplaces need modern security solutions, many organizations are reluctant to abandon their legacy systems. This may be due to concerns about unfamiliar, excessive technology costs or lack of time to revolutionize.

After the epidemic, about 74% of manufacturing enterprises rely on legacy systems to get the job done, and about 90% of organizations have stalled in terms of growth and efficiency due to outdated technology.

Klein said in an email interview that Reco offers a new approach to collaboration security by learning the context and cause of each collaborative event. Instead of reading the content of user interactions, Reco claims to have developed the Business Context Justification (BCJ) engine, which uses Applied Machine Learning and Cognitive Analytics to find out why, not just how. This, according to the company, is a “game changer” that sets it apart from the competition.

According to Klein, BCJ is responsible for creating collaboration maps and understanding the business context. Collaboration maps show the context of each interaction between teams within the company. Reco BCJ can be used to create security events based on non-business-related events. Through a better understanding of dynamic organization, support for actions develops over time. Reco says this eliminates the need for manual intervention in security incident reporting.

In addition, the company claims that its business context AI engine does not require manual policy making, tagging, classification or ongoing maintenance. It claims to free up 40% of the work of security teams while maintaining a high level of security without slowing down the ever-growing business.

Reco says its “no agent” feature allows users to join in minutes and receive instant value. According to the company, this results in the lowest number of false positive results, while also detecting events and situations that no other tool can detect – for example, sharing sensitive information in the wrong Slack channel. Reco claims that it only reads meta-data, not the actual contents of emails, slack messages or files.

Reco plans to invest funds to develop its team and accelerate the go-to market in the US. Series A Round was led by Zeev Ventures and Insight Partners, with the participation of Boldstart Ventures, Angular Ventures and leading private investors.

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