CYFIRMA, a Singapore-based cybersecurity startup, has raised $5.5 million in a Pre-Series B funding round led by Israel’s OurCrowd and India’s L&T Innovation Fund, with participation from existing investors Goldman Sachs, Zodius Capital, and Z3 Partners. The company plans to use the funds to invest in product innovation, hiring across various verticals, brand development, and expansion in North America, Europe, the MENA region, and the SEA market. CYFIRMA uses cloud-based AI and ML-powered analytics to provide deep insights into the external cyber landscape and help clients stay alert about a possible attack. Last year, SafeHouse Tech, another cybersecurity startup, raised $6 million in Pre-Series A funding, and Secure Blink also raised an undisclosed amount of funding.
Bank governor Shaktikanta Das has directed fintech startups to focus on various frameworks related to governance, business conduct, data protection, customer centricity, regulatory compliance, and risk mitigation. This directive reflects the increasing importance of cybersecurity and risk management in the fintech sector, as well as the need for companies to prioritize customer protection and regulatory compliance. By adhering to these frameworks, fintech startups can help ensure the security and privacy of their customers’ data and transactions, as well as maintain their own reputation and trustworthiness in the market.