Jan 21 2020

RazorSecure raises £2.6m to improve cyber security in passenger transport


Basingstoke, UK , 21 January 2020 - Digitalization in public transport and other passenger transport comes along with risks of cybercrime. The Mainport Innovation Fund II invests £2.6 million in the British startup RazorSecure, together with Wentworth Limited and Breed Reply. RazorSecure offers advanced software with which transport companies can better arm themselves against cyber risks.

Cyber security is a growing challenge for passenger transport
New technology is setting the transport sector in motion. Maintenance is empowered by remote connectivity, cars are able to communicate with traffic lights to speed up journeys and travellers benefit from conveniences such as wireless connectivity and entertainment during their journey. At the same time, this trend towards digitalization is accompanied by an increasing vulnerability to cybercrime. The transport sector is facing extraordinary challenges in this regard, because it is characterized by a large public network with millions of users. Traditionally, the online environment has been strictly separated from operational systems, but this strict separation is increasingly fading.

Smart software increases safety in transportation
The RazorSecure software is designed to secure critical transport systems. Using artificial intelligence, the software detects how the system normally operates and then identifies any deviation from it as a possible threat. This is a different approach to traditional security systems that focus on known viruses and hacks, that enables RazorSecure to keep the number of hacks at a minimum.

Vulnerabilities exist everywhere
Founder Alex Cowan says: "Vulnerabilities exist in the most unlikely places throughout a network. And a transport network with many moving vehicles is particularly difficult to protect. Attacks on 'non-critical' networks such as entertainment systems or passenger Wi-Fi seem relatively harmless but can be a gateway for hackers to safety systems that are critical to safety. "
One advantage of the RazorSecure solution is that it does not require a permanent connection to the internet - "So even in areas or places where there is no internet, the system remains secure. This is important in transport, because sometimes you're out of reach when you're driving through a tunnel, for example,'' says Cowan.

European directive to mitigate cyber risks
The European NIS Directive, which has been in force since May 2018, requires transport organisations to ensure active intrusion protection against cyber risks. Transport is widely accessible to the public, making it an attractive target for hackers with financial or disruptive motivations. A potential hack can result in inconveniences for travellers, for instance through theft of passenger data, hacked security cameras or service disruptions. Less likely, - but not impossible - are hacks that affect the operations, such as control of the braking system or traffic control.

After rail and aviation also automotive and shipping
RazorSecure's main customers are in the rail and aviation sectors but its ambition is to serve a broader market, including the automotive and shipping industries.
"2019 was a good year for RazorSecure, we have secured a number of great international customers and partners, such as Arriva, Icomera, Nomad Digital and VT Miltope. With the strategic vision and investment of the new investors, we aim to double the size of the team by 2020 and expand our customer base internationally," according to Cowan.

Investment comes with mix of knowledge
In addition to the financial investment, the consortium of investors offers RazorSecure a diverse mix of knowledge. The Mainport Innovation Fund (MIF II) is focused on innovation in transportation, whereas Wentworth Limited and existing investor Breed Reply have extensive experience investing in cyber security and the Internet of Things respectively.

 

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About RazorSecure
RazorSecure is an innovative British company delivering intrusion and anomaly detection software powered by patented machine-based learning. Protecting assets in a cyber physical environment, they work with transport operators and system suppliers such as Arriva, Icomera, Nomad Digital and VT Miltope to defend their brand reputation and operational continuity across rail and aviation.
RazorSecure have previously participated in the GCHQ Cyber Accelerator in association with Wayra, working with the GCHQ team for 9 months and gaining unique insight into some challenges for securing critical infrastructure using artificial intelligence.
Fore more information, visit https://www.web.razorsecure.com/

About Wentworth Limited
Wentworth has a track record of successfully investing in growth situations. It is known for its proactive involvement in companies in which it takes a stake and its network of contacts will be particularly useful to RS as the business grows .
A director of Wentworth commented, "We are very excited to be involved with RazorSecure as we see the market for asset protection via intrusion and anomaly detection as having well above average growth potential. The team is highly professional and dedicated to delivering top quality service and we look forward to work with them to realise the vast potential in this sector of the marketplace."

About Breed Reply
Breed Reply, Reply's active operational investor, funds and supports the development of early-stage companies in the Internet of Things (IoT) in Europe and the USA. Based in London, with operational offices in Italy, Breed Reply supports entrepreneurs and young talent by quickly bringing new ideas to the market. This is done via three fundamental services: funding at early-stage level; active operational involvement with significant know how transfer of business, managerial and technological expertise; and go-to market support through the extensive Reply network.

Breed Reply focuses on Health, Fitness & Wellness, Smart Building & Cities, Security, Industrial IoT, Big Data, Platforms, Drones.
For more information, please visit www.reply.com/breed-reply

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