In today’s modern economy, data can unlock the full potential of businesses in just about any industry. Coined as “the new gold,” data is being collected, processed and consumed at an unprecedented pace, enabling visibility and new revenue streams for the next generation of businesses.
While data presents massive opportunities, it also has become a growing target for cyber attackers: Data breaches and the costs associated with them continue to rise, with no slowdown in sight. In the U.S alone, there were nearly 2,000 data breaches incidents in 2021, representing a 70% growth year-over-year, and the average global cost of a data breach reached $4.35 million in 2022.
With GDPR and other privacy laws imposing penalties on the exposure of sensitive data, the protection of data remains a fundamental challenge faced by organizations today. Security practitioners must continuously invest in their data security strategy, looking for solutions that will provide for better security but without decreasing the usability of data and hindering business performance.
We at SentinelOne understand the significance of harnessing the power of data and keeping it secure—it’s fundamental to the success and sustainability of any business, including our own. This is why we are excited to announce our investment in Vaultree.
Headquartered in Ireland with presence across North America, the E.U., and Latin America, Vaultree’s global and diverse team has an ambitious goal in mind: to develop an encryption solution that enables customers with an easily integrated, highly performant, and scalable way to keep their data secure.
Vaultree’s flagship product is a database encryption solution that leverages data-in-use encryption concepts. Traditional encryption security controls that encrypt data-at-rest or data-in-transit leave data significantly vulnerable to attacks. In order to process data in the database, it must be decrypted once received or retrieved from storage to allow any type of computation to be performed. This means that data is completely exposed when unauthorized access is caused by access to the database machine, database vulnerabilities, cloud misconfigurations, or leaked and stolen credentials. So far, efforts in the industry to encrypt data-in-use have resulted in limited usability, poor performance, or complex deployment.
Vaultree has developed a data-in-use encryption solution that leaves data always encrypted in the database or server, enabling customers to work with fully encrypted data without the need to ever decrypt plaintext data in order to process it. The company employs a unique combination of patented Searchable Encryption (SE) and Fully Homomorphic Encryption (FHE) for greater performance and scalability and enabling more flexible deployment.
Since launching its beta product earlier this year, Vaultree already supports and integrates with several popular database technologies, and is engaging with large financial and healthcare customers across the globe.
S Ventures is always on the lookout for founders who take on significant challenges experienced by modern enterprises by building unique, market-changing technologies. Vaultree’s dedication to addressing the pervasive pain points of securely processing, searching, and querying encrypted data aligns with our mission to accelerate and nurture security & data solutions with wide-reaching potential for impact.