Business India ×
  Magazine:
Corporate Report

Published on: Jan. 14, 2023, 2:21 p.m.
Protectt.ai unveils plans to fight mobile frauds and cyber threats
  • Mimani: making end-user more secured

By Lancelot Joseph. Executive Editor, Business India

Manish Mimani is a man on a mission. On the eve of Republic Day 2023, Mimani is unveiling his latest initiative, ‘Protectech’. Protectt.ai's innovative mobile security integrated platform aims to give Indian mobile users freedom from mobile frauds & cyber threats. The founder & CEO, Protectt.ai, a new-age company, claims that this freedom should now be counted as a basic human right, as it is as fundamental as any other essentials.

Cyber protection is indeed a fundamental right! As digital engagement and transactions grow, there is record increase in hacking and fraud attempts on mobile banking transactions and apps, thus impacting digital trust, while causing financial loss to businesses and customers. Mimani is seeking to provide protection and security, where we need it most – in smartphones and digital devices. And, where it matters most – on your mobile device, which is home to your most important and confidential information.

From your precious memories captured on the phone camera and your virtual life on social media to the data in your banking app and private communications on Whatsapp, your phone holds more personal and private information than any other digital or non-digital device – your computer, your wallet or even all the paperwork in your cupboard. 

Tech innovator

Mimani, a passionate entrepreneur, with proven expertise in the global technology platforms, digital transformation, greenfield implementation and IT turnaround, is a technology innovator. And, he has focussed on deep tech to build Protectt.ai as the next generation mobile application security platform. The laureate of the CIO100 award for three consecutive years, he has received many other awards for tech & digital transformation too.

Though Mimani admits that he has just scratched the surface, he elucidates that his vision is to provide mobile app & device security, covering 2 billion mobile app sessions every month, spanning over 200 million smartphone users in India.

“We have established Protectt.ai to leapfrog cyber security preparedness of enterprises in general and mobile banking, as well as fintech players in particular,” explains Mimani. “As we progress, we aim to extend this capability and enablement to overall mobile app users in India as well as across the globe”.

Pioneering approach

Mimani emphasises that his company’s pioneering and distinct approach is to come up with RunTime Application Self Protection (RASP)-based mobile threat defence mechanism-driven Mobile Threat Defence (MTD), which is a pioneering concept in the global cyber security value chain.

According to Gartner, the mobile apps from any sector – finance, education, insurance, travel, food ordering, etc – need to be able to detect and mitigate cyber threats at their end. This can only be achieved if the apps are incorporated with RASP. Thus, fundamentally, Protectt.ai is conceptualised as a deep tech cyber security start-up specialising in mobile app, device & transaction security solutions.  

“Coming from modest boot-strapped roots, our journey in the initial phase was humbling indeed,” acknowledges Mimani. “However, as we have scaled up and evolved, we have experienced the best of benefits of being resilient and focussed, however hard the challenges one may have to encounter”.

Mimani is now aiming to raise $10-12 million as part of Series A funding. As the first step towards it, in the pre-Series A round, he admits that he is in advanced talks to raise about $3 million. The pre-Series A fund round is expected to conclude by next quarter.

Setting the record straight, Mimani informs: “While we cannot reveal the details at this point, a prominent Mumbai-based fund and another Bengaluru-based VC are likely to be part of the pre-Series A funding. Fundamentally, those funds and VCs, who see a long-term growth horizon in the distinct confluence of digital ecosystem with deep tech-based futuristic cyber security business opportunities, are the kind of partners we are looking at.” 

  • Handa: driving key strategic initiatives

    Handa: driving key strategic initiatives

Protectt.ai will utilise the funds to further innovation advancements in the RASP-driven MTD. “A portion of the funds will also be used to complement our expansion pursuits,” explains Mimani. “We aim to nurture talent in mobile cyber security space to contribute towards building world class, homegrown cyber security solutions”.

“In a mobile-first-digital-first world that we live in, more specifically in the post-pandemic world, the need of the hour is to make the end-user more secured and empowered from a cyber security perspective,” Mimani explains further. “In fact, there is a latent opportunity for ecosystem players to offer cyber security driven peace of mind proposition to such digitally-transacting end-users. It is our belief that the business opportunity provided by mobile threat defence preparedness of the overall cyber security value chain is immense and early entrants with deep tech expertise will make the most of this opportunity.”

Cutting-edge products

Protectt.ai has several products – AppProtectt, AppProtectt Lite, AppBind, MProtect Biz+, RealTimeProtectt and Platform – for corporates and SMEs. MProtectt offers you peace of mind with enhanced mobile security that is always-on and working tirelessly to safeguard you against any malicious threat out there. Protectt.ai Lab’s state-of-the-art security cloud is always scanning the horizons of the internet for known and unknown threats to ensure your device stays updated with best-in-class security.

The Reserve Bank of India has published guidelines to ensure utmost security for the growing digital payment landscape. Regulated Entities (RE) like commercial banks, payment banks, small finance banks and credit card issuing NBFCs are required to follow mandates for mobile application payment ecosystem. These mandates are released keeping security aspect in a view.

With over 3 billion active devices, Android is one of the most popular and widely used operating systems in the world today. By 2019 alone, Android was sitting on 414 identified vulnerabilities – a number that has skyrocketed since then. Unsurprisingly, a University of Cambridge study found that over 87 per cent of Android devices in use are insecure. AppProtectt from Protectt.ai provides 50+ mobile cyber security features and comply with RBI Digital Payment Security Control guidelines.

Mimani has a committed team, comprising industry stalwarts, who echo his vision and mission – Sunita Handa (principal advisor, strategy), Mohanraj Selvaraj (head, engineering) and Pankaj Patankar (head, marketing). Handa is a banking veteran, with three decades of rich experience in large-scale technology & transformation initiatives. Prior to Protectt.ai, she worked as chief general manager, State Bank of India, leading digital & mobile banking initiatives across the globe. She is responsible for driving key strategic initiatives, including building a strong product roadmap and ‘go-to-market’ strategy. She has won many prestigious accolades for her contribution to the industry.

“The surge in online security threats necessitates a security system that protects the banks and customer information comprehensively,” says Handa. “There is an inherent need to strengthen the banking mobile app security. Some of the prominent ways to improve the mobile app security for banking apps are Run Time App Monitoring; Enhanced Application Security, with regulatory compliances; Fraud Detection & Control; and In-Time Threat Detection. A mobile banking app is exposed to several bank-side security and user-side vulnerabilities. As cyber-crime advances and takes a new shape, it becomes impossible to detect threats quickly without a methodical and consistent banking mobile application security system; this is what AppProtectt from Protectt.ai delivers.”

  • Patankar: branding strategies

    Patankar: branding strategies

Selvaraj is responsible for research & analysis of disruptive technologies, to build stronger mobile application security solutions. A B Tech in Information Technology, he has been instrumental in enabling to set up a research lab for Protectt.ai and building a strong foundation for an organisation. He is involved in assisting various customers in building high levels of mobile application security ecosystem to create digital transformation roadmap of their organisation.

“While the convenience of a mobile device is unparalleled to any other modern technological tool, it comes with its own unique vulnerabilities that risk your emotional, physical and financial well-being,” admits Selvaraj. “Safeguarding your smartphone is a priority – before any other device or any physical item and place.”

Patankar has over a decade of experience in brand management & integrated marketing communication to build sustainable branding strategies. He has been instrumental in driving integrated marketing communication strategies for various IT brands. Claimant of the A-PAC Best Marketing Team Award for meticulous branding work, this MBA is an innovative thinker and a great marketer.

“We don’t want corporates to compromise business flexibility,” Patankar explains. “And, we want them to trust their employee device. In today’s world, mobile devices are integral to life – personal or business. To maintain the productivity & flexibility, it’s critical to empower employees to work from anywhere, while protecting corporate data. BYOD (bring your own device) is important but at the same time it brings cyber risk to organisations. Hence, it’s important to manage personal devices in a way that personal privacy is respected, while corporate data is also protected.”

Cyber lab services

Each data that is stored and used in cyberspace is at risk. With the advent of rapid technology adoption, cyber threats and attacks for many organizations are high. Protectt.ai Labs provide a cohesive and integrated approach to protect and safeguard business data. Protectt.ai lab’s managed security services helps organizations to deal with cyber issues related to processes, data and infrastructure.

Protectt.ai’s experienced cyber security consultants works with the organisations to effectively monitor and control threats from various applications, devices and IT infrastructure without any impact to the businesses.

Protectt.ai helps organisations to plan and implement comprehensive cyber solutions by next-gen cyber security tools and services to enhance customer satisfaction. Their trusted and experienced cyber security advisors help the organisations to be compliant. Protectt.ai lab’s advisors work with the business to be more proactive by implementing and ensuring, regulatory compliances are met without losing time and data loss.

Corporate Report

Attero Recycling: Ready for the big stage

Attero, in its present form, is in the game for the long-haul on its own

Cover Feature

The new birth of Shriram

Surviving the vicissitudes of times and regulations, the Shriram group manages to emerge bigger

Special Report

Indian Railways on a modernisation drive

Overhauling Railways has an economic and political logic

Special Feature

Auto Expo 2023: Green show

The 16th edition of Auto Expo displayed a variety of green vehicles for the future

E-MAGAZINE
The new birth of Shriram
Defence business boom
Predictions 2023
FROM THIS ISSUE

Editorial

Niche Business

Advertising

Corporate Report

Selections

Startup

Agriculture

The introduction of black pepper as an inter-crop in the sopari and coconut orchards, has enabled farmers to cultivate crops simultaneously

Skill Development

In 2020-21, the programme reached over 112,482 girls in urban and rural locations across six states in India, including 10,000 across Delhi

Collaboration

The event brought together stakeholders and changemakers to participate in a series of conversations on global trends and recent developments

Healthcare

The programme will focus on educating children on oral health and building awareness around the dangers of tobacco use

Renewable Energy

India favoured for RE investment: Survey

Published on Feb. 1, 2023, 11:26 a.m.

During 2014-2021, total investment in renewables stood at $78.1 billion in India

Conferences

Power-packed G20 meet in Bengaluru

Published on Feb. 1, 2023, 11:11 a.m.

The event will enable sharing of knowledge from successful initiatives

Mobility

New EVs in the fray

Published on Jan. 25, 2023, 8:20 p.m.

As companies line up new products, competition hots up

Shipping

Ships get ‘greener’

Published on Jan. 25, 2023, 7:58 p.m.

Embracing the wind to reduce emissions is a growing trend in the shipping industry