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Thursday, November 30, 2023

Protectt.ai: The Mumbai-based startup that protects digital assets from cyber threats using deep-tech

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Indian digitalisation has accelerated, with about 750 million smartphone users and internet connectivity reaching remote areas. Over 28 billion Indians downloaded applications in 2022, according to App Annie.

This increases cybersecurity risk. According to Appknox, 75% of India’s top 100 Android apps pose security threats, disturbing mobile app security.

Our in-house study shows that over 90% of BFSI apps are vulnerable to reverse engineering, VPN detection, and code obfuscation. Manish Mimani, Founder and CEO of Protectt.ai emphasizes the importance of always-on, run-time mobile app security.

The creators discovered during their mobile application security research that rising reliance on mobile apps was introducing new cyberattack routes.

Protectt.ai, a deep-tech B2B mobile threat defence (MTD) cybersecurity business founded in 2020 by Mimani and Mohanraj Selvaraj, secures mobile apps, devices, and transactions.

Their mobile security technology interfaces with mobile apps and provides run-time protection to sensitive mobile apps at a low cost of ownership and scalability to assist organizations transition away from traditional cybersecurity frameworks.

AppProtectt, AppProtectt Lite, AppBind, MProtectt, and RealTime Protectt are offered by the Mumbai startup.

The business mitigates cyber hazards in any industry by identifying and responding to real-time security concerns in digital assets using powerful algorithms, data analysis, and behavioural analytics.

AppProtectt is a lightweight SDK with over 50 mobile app security features, while AppBind offers safe mobile banking.

However, MProtectt protects mobile devices from malware and data leaks, while RealTime Protectt protects real-time online payments from fraud.

Protectt.ai offers 360-degree security with over 50 cyber security capabilities and low-code integration for speedy deployment.

Mobile app dashboards from the startup contextualize user behavior based on total sessions, threat sessions, device count, and threat reaction.

It allows Runtime Application Self Protection (RASP) for enhanced mobile threat detection and mitigation, freeing enterprises to focus on essential business aspects rather than security and compliance.

RASP technology protects programs from unsecured networks, jailbroken devices, insecure VPNs, and proxy networks, preventing exploitation.

We use RASP technology to run our solution. AppProtectt prevents decompilation with anti-reverse engineering. Mimani adds that it will detect and prevent run-time tampering by malicious users.

Run-time security actively protects user apps. If it identifies a threat, it alerts users that the device or network is hazardous and the program cannot function.

The company also follows RBI Digital Payment Security Control Guidelines for mobile banking apps, including device binding, unsecured Wi-Fi security checks, anti-screen mirroring, anti-malware protection, MiTM prevention, app tampering, and reverse engineering prevention.

A case study of an Indian private sector bank showed that Protectt.ai’s solution reduced screen mirroring cases by 87%, blocked high-severity threats, and changed user behavior to safe settings in 78% of cases, improving risk posture and user behavior.

Grand View Research estimates the global mobile threat defence market was $2.25 billion in 2022 and will expand 25.2% between 2023 and 2030.

About 60 banking, insurance, NBFC, fintech, and stock exchange apps use Protectt.ai. Our platform will host over 100 banks by 2025.

Protectt.ai charges companies an annual subscription fee based on their active user base or mobile app downloads.

Pay-as-you-go security solutions eliminate licensing expenses, making them easier for organizations to access and lowering total cost of ownership.

Protectt.ai has checked over two billion mobile sessions, safeguarded 250 million devices, and recognized and stopped 20 million attacks.

“We believe mobile threat defence is critical for a digital-first economy like India and protecting users’ data and privacy is crucial,” Mimani says.

Company sales grew 500% in FY23 and is expected to expand 500% in FY24.

The startup faces Zimperium, a real-time machine learning-based security platform, and LookOut, a data-centric cloud security platform.

Pan-Indian Protectt.ai has offices in Gurugram, Mumbai, and Chennai.

By FY24, Protectt.ai hopes to raise $10-12 million in pre-Series A fundraising. Starting with $3-5 million, it is in advanced talks. By Q3 of this financial year, it wants to expand in the Middle East and US.

The corporation will launch innovative products to diversify its product line. The business wants to develop a mobile app community with open-source services like RootProtectt Rooted device protection and CodeProtectt Android code obfuscation to democratize mobile app security. For mobile devices, MProtectt provides comprehensive antivirus security.

These offerings promote collaboration and knowledge sharing to combat mobile threats. Mimani says developers and organizations may use these resources to improve app security without the financial costs of proprietary solutions.

Nitin Gohil
Nitin Gohil
A Mumbai-based tech professional with a passion for writing about his field: through his columns and blogs, he loves exploring and sharing insights on the latest trends, innovations, and challenges in technology, designing and integrating marketing communication strategies, client management, and analytics. His favourite quote is, "Let's dive into the fascinating world of tech together."

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