Responsible Cyber, a Singaporean cybersecurity startup that manages software security for small and medium businesses, has acquired Secucial, a startup building a digital identity wallet. The acquisition values Responsible Cyber at S$7 million.
As a result of the acquisition, Responsible Cyber gains NUS Enterprise, the entrepreneurial arm of the National University of Singapore, and Singtel Innov8, the venture capital arm of the Singtel Group, as its new shareholders. The acquisition is timely, given the COVID-19 pandemic where small and medium businesses operating remotely are exposed to more cyber risks and need to protect themselves. Responsible Cyber aims to arm small and medium business owners with comprehensive cybersecurity support through its 360-degree cybersecurity platform. The fully integrated platform will empower small and medium businesses to stay one step ahead of black-hatted criminals.
NUS Enterprise and Singtel Innov8 are the co-founders of ICE71, which stands for “Innovation Cybersecurity Ecosystem at BLOCK71” and is the region’s first cybersecurity entrepreneur hub. The acquired company, Secucial, was part of the first cohort that graduated from ICE71 Accelerate, a three-month accelerator programme designed to help early-stage cybersecurity startups achieve a product market fit in a unique technical and demanding industry.
Responsible Cyber intends to align with the Cyber Security Agency of Singapore (CSA)’s six essential measures published in a handbook (“Be Safe Online”) to help businesses start their cybersecurity journey with essential controls; enhance their cyber defence capabilities and digital risk management, and protect themselves against cyber-attacks. To achieve this, Responsible Cyber will enhance its platform with new functionalities such as access control and identity management.
Access control is critical in information security. It controls who or what can view or use resources. It is a fundamental concept in security that minimises risk to the business of unauthorised data disclosure, theft, or loss. The process of identifying, authenticating and authorising individuals or groups of people to have access to applications, systems or networks by associating user rights and restrictions is called “identity management”.
Responsible Cyber is also part of the ICE71 Scale program, a landing pad that helps international and local cybersecurity startups seize opportunities and grow their businesses in Singapore and within Asia Pacific.
Responsible Cyber is preparing for its next round of funding, with one of the primary benefits for investors being the company’s resilience and ability to withstand the economic challenges across the world at this time.