Quantum cybersecurity pioneer listed in 2017 Cloud Security, Threat-Facing Technologies and Data Security reports
San Jose, Calif. – August 16, 2017 – QuintessenceLabs was recently included as a sample vendor in three 2017 Gartner Hype Cycle Reports for Cloud Security, Data Security, and Threat-Facing Technologies. This is the second year in a row that QuintessenceLabs has been named in multiple Gartner Hype Cycle Reports, having been listed in 2016 for Data Security and Infrastructure Protection.
The Hype Cycle for Cloud Security includes technology that improves the “security, governance and reliability of private and public cloud computing.” Data is a critical asset that is often stored both on-premises and in public clouds, which is why the Hype Cycle for Data Security includes companies that have a “data-centric security strategy” that prioritizes datasets and mitigates risks such as threats from hacking, fraud and ransomware. The Hype Cycle for Threat-Facing Technologies looks at the technology that protects IT infrastructure, including networks and hosts based on persistent, ongoing threats.
“We believe Gartner recognizes QuintessenceLabs for the work we are doing to secure critical data for many kinds of organizations, including financial service companies, government and others, today and for the foreseeable future,” said Vikram Sharma, founder and CEO of QuintessenceLabs. “We’re pleased that our company was listed in three different reports as we think this reflects well on our efforts to deliver the highest quality key and policy management solutions for our growing list of partners and customers.”
Listed in the enterprise key management (EKM) and key management as a service (KMaaS) categories in the 2017 Hype Cycle for Data Security Report, Quintessence Labs was recognized a second time for each category in the Hype Cycle Threat-Facing Technologies Report and Hype Cycle for Cloud Security Report respectively.
QuintessenceLabs was also identified in the 2016 Gartner Hype Cycle Reports for Data Security and Infrastructure Protection. It was one of only eight vendors listed by Gartner in the growing EKM category in each report.
Additional mid-year highlights
Since the last round of Gartner Hype Cycle Reports, QuintessenceLabs has had a year of growth and recognition, garnering multiple industry honors and additional investments by multiple sources.
PKWARE, a global encryption software provider, and QuintessenceLabs announced a strategic partnership in September 2016 to create an enhanced encryption solution, offering unique key management capabilities and control of data-security policies for global enterprises and government organizations. The integrated solution, combining QuintessenceLabs’ Trusted Security Foundation and PKWARE’s Smartcrypt, benefits organizations struggling to stay ahead of attacks by generating high-speed, true random keys from an embedded quantum source.
In January 2017, Westpac raised its capital investment into QuintessenceLabs, which increased the company’s stake from approximately 11 percent to 16 percent. At the same time, QuintessenceLabs expanded its services to provide Westpac and its technology partners with quantum cybersecurity combined with advanced key management and policy management solutions, designed to reduce the risk of identity theft, customer data breaches and privacy concerns.
QuintessenceLabs was then selected by a panel of third-party judges as one of the top 20 high-potential businesses as part of the Westpac Businesses of Tomorrow program in April 2017. The program selects 200 Australian businesses shaping Australia’s future. This distinction from the Westpac Group cited QuintessenceLabs for its work reshaping the cybersecurity landscape in Australia and beyond through a combination of advanced cybersecurity and quantum technology, leveraging quantum properties to deliver the next generation cybersecurity.
In July 2017, the Australian Department of Defence awarded QuintessenceLabs with $3.26 million AUD ($2.4 million USD) to further advance the company’s work on the expansion of quantum key distribution capabilities and extend it to free space communications. This was the second time the Australian Department of Defence supported QuintessenceLabs’ work, originally investing $1.1 million AUD ($860,000 USD) in the company in 2012.