Denmark-based Uniqkey has raised €5.35 million to expand its cybersecurity solutions across Europe and make businesses more resistant to cyber attacks and data theft.
The biggest security risk facing Europe is the poor security of SMEs: 24.3 million SMEs account for 99.8% of all European businesses, and the fact that 12 million SMEs (50%) currently have no cybersecurity plan in place could cripple the European economy.
However, tough regulations in this area, NIS2 and DORA, will soon come into force, making directors and boards of directors personally liable if the companies they represent do not implement adequate IT security.
Just as GDPR changed the way companies handle data, NIS2 will change the way companies approach IT security.
Today, businesses underestimate the risk of cyber attacks that could virtually wipe out their existence. Due to increased digitalization and modern working practices such as “work from anywhere”, employees leave behind larger data trails than ever before.
This leaves businesses vulnerable to cyber attacks and data theft. Uniqkey uses military-grade cybersecurity solutions to apply encrypted password protection to individual employees, strengthening every business's defenses against cyber attacks and data theft.
81 percent of data thefts and cyber attacks are caused by improper or careless handling of passwords. That's why employees are often the main target of hackers. Uniqkey's solution requires a mobile app when logging into your company's systems, just like there are local ID apps across Europe when using your bank account (Denmark: MitID, Sweden: BankID, etc.). It's easy and fast.
All passwords are encrypted to the highest standards and are virtually impossible to crack, eliminating the need for users to remember passwords.
“Uniqkey is a game changer,” said Hakan Yagci, CEO and founder of Uniqkey.
“Today, everyone has a mobile phone, and it has become an essential way for us to access online life in our daily lives.
“That's exactly why we've put the mobile phone at the heart of Uniqkey's security solutions, and why we're seeing such high demand for our solutions. Just as mobile apps have changed the way people transfer money instantly and access bank accounts, Uniqkey will change the way people access their internal systems – making it easier, faster and more secure.”
We currently protect over 500 SMEs across Europe and there is strong demand for our cybersecurity solutions, with 100% year-on-year growth over the past two years.
This investment allows us to capitalize on continued growth and maintain the latest safety standards.”
The investment was raised by BackingMinds in collaboration with industry veterans including Jesper Zerlang (former CEO of Logpoint), Lars Ankjer, Otto Krabbe and Rolf Bladt, as well as several prominent angel investors and key employees.
“BackingMinds is a game changer,” said Susanne Najafi, founding partner at BackingMinds.
“At BackingMinds, we invest in blind spots – areas that have great potential but are often overlooked.
With less than 1% of founders in the cybersecurity industry being immigrants and only 2% of cybersecurity start-ups coming from the Nordics, Uniqkey stands out as a hidden gem.”
Main image: Left to right: Sara Wimmercranz (BackingMinds Founding Partner), Simon Cederstråhle Hellstrøm-Melander (Uniqkey CMO), Hakan Yagci (Uniqkey Founder and CEO), Susanne Najafi (BackingMinds Founding Partner). Photo: Uncredited.
