CyberTech is one of the fastest growing sectors within the FinTech industry, with FinTech Global data showing investment in the space has grown 14x since 2014 to reach $3.4bn last year.
That surge in activity comes as financial services firms are increasingly moving towards digital operations and expanding their security budgets. According to a study by Gov.uk, finance and insurance firms increased their spending on cybersecurity by 23% YoY in 2019.
Given the huge rise in appetite for the sector, the CyberTech100 was produced to identify the 100 innovative companies that every financial institution needs to know about when they consider and develop their information security and financial crime fighting strategies.
The standout companies, including Egress, were chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 CyberTech companies undertaken by FinTech Global, a data and research firm. The solution providers making the final list were recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the security value chain
FinTech Global director Richard Sachar said, "Established financial institutions need to be aware of the latest security technology in the market to protect their organisations from data leaks and cyber attacks.
"The CyberTech100 list helps senior management filter through all the vendors in the market by highlighting the leading companies in sectors such as Threat Management, Data Governance, Cloud Security, Employee Risk and Fraud Prevention,” he added.