CIOInsider India Magazine
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Manish Mimani
Founder & CEO
Mobile banking is one of the fastest growing segments in the Indian financial market. The growth prospects of this segment look promising, but there is always a risk involved from mobile cyber threat perspective. The number of user sessions in finance apps have increased by up to 49 percent over the first half of 2020. Over the same period, cyber attacks against financial institutions have gone up by 118 percent, according to the global reports. As per various recent studies, high risk vulnerabilities found in 38 percent iOS apps, 43 percent Android apps, and 77 percent of apps have at least one critical or high severity vulnerability is certainly an alarming situation.
In such a scenario, security remains the biggest concern for banks. This is where Protectt.ai is making a mark with its Industry First Innovation, a unique Run Time Application Self Protection solution.
Protectt.ai offers a robust mobile app security framework that allows banks to deliver secured and enhanced user experience to their customers. Manish Mimani, Founder and CEO of Protectt. ai, further talks about his innovative platform’s features and functionalities and his company’s journey so far.
Walk us through the idea behind the inception of Protectt.ai?
Protectt.ai is a mobile threat defense company building the next generation Mobile App, Device & Transaction security solution driven by Deep Tech. It is Industry First Innovation with unique Runtime Application Self Protection for Mobile App security. Our mission is to prevent mobile cyber fraud and protect customer data by providing innovative & next generation Mobile Threat Defense (MTD) solutions of the SaaS model, powered by Deep Tech on Cloud & driven by Artificial Intelligence.
The idea to introduce such a platform was born out of a significant market need for a cutting-edge and robust solution that could help businesses get rid of the traditional cyber security frameworks that they needed to do away with. Hence, we decided to tap this area and come up with a solution that could integrate with all the mobile apps and completely secure them against all kinds of cyber threats .
We are committed to deliver best in class Mobile App, Device & Transaction security solutions to the industry and safeguard mobile application usage to enhance the user experience
We also provide mobile device and mobile transaction security, for which we have created mobile antivirus programs.
How has the journey been for Protectt. ai since its inception? Also talk about the kind of clients the company has onboarded along with their response towards your solution.
Our company was founded during the Covid phase, when mobile payments were on a rise. Hence, right after we introduced the platform, we on-boarded large leading players from banks, insurance companies, and stock exchanges and there has been a great response from these clients. Over all, our platform has been well accepted among our clientele since we have launched our solution.
We have fully operational offices in Gurgaon, Mumbai and Chennai covering PAN India presence. Our Product Innovation Center is based at Chennai where a team of dedicated product & cyber security experts continuously
strives to solve complex mobile cyber security challenges.
What have been the distinguishing factors for Protectt.ai that have helped it grow well in such a short span?
Apart from offering a capable mobile application security platform, we are creating a lot of awareness, which makes us unique. There are some competitive products in the US market that address the mobile app security concerns, but they have hardly made any impact in India. We are making the most of this opportunity, having developed a solution for the Indian market. We believe in 'Safety First Approach' and every banking mobile app should adapt and that’s what we are driven towards.
Additionally, our customers have witnessed significant improvement after integrating with our platform in terms of complete data security as well as compliance with the regulatory guidelines and above all, customer privacy. We play by the rules and ensure that there is no data leakage.
Which latest industry trends Protectt.ai has adopted to develop or elevate its solutions?
Our platform is built on runtime security. We believe that apps should understand the threats on runtime basis and thus perform Runtime Application Self Protection (RASP). It allows us to make mobile apps intelligent enough to understand any threats and carry out self-protection. Our solutions are integrated with security cloud and are driven by artificial intelligence and machine learning. Once we do a complete threat analysis our technology runs multiple use case scenarios and generates better responses for the customers.
Please tell us about Protectt.ai’s roadmap for the next few years.
Our vision is to provide Mobile App & Device security covering two Billion Mobile App Sessions every month spanning over 200 million smartphone users in India over the next 2 years. Having witnessed an impressive response in such a short time itself, we are hopeful that we can achieve that number in the said time frame. We believe that banks and other large corporates should focus on the core development of their mobile apps and leave security to us as we are rightly positioned to manage their mobile security needs.
