Internet of Things: Symantec and venture capitalist partner on security

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CNBC identified the top five security risks in 2015 as ‘Ransome’ malware, the Internet of Things, cyber-espionage, cyber theft and insecure passwords

US IT security giant Symantec Corporation has announced its partnership with venture capital firm Frost Data Capital – companies which will together, develop an incubator for start-up companies focusing on cybersecurity analytics, Big Data and Internet of Things (IoT) security.

The Silicon Valley Business Journal reports that Symantec plans on creating up to 10 security and Internet of Things analytics start-ups in the first year of its incubator programme.

Meanwhile, Southern California investment firm Frost Data Capital will provide companies with funding, resources and expertise.

Internet of Things priority areas

The two companies will seek consultation form their biggest clients, brainstorming ideas for solutions to their most pressing challenges and then find the right people to follow through on these ideas.

Critical services and infrastructure such as manufacturing, transportation, energy, finance, healthcare and the challenges faced across these verticals, are representative of where most R&D and development efforts will be focused.

Companies in early development will have access to Frost Data Capital’s data analytics ecosystem and experts at both companies.

Ken Schneider, vice president of technology strategy at Symantec, said: “We’ve been looking at more open innovation models.

“As we look at how we drive innovation more quickly, the idea of incubating start-ups for the biggest security challenges is something we were very attracted to.”

Schneider added that the company wants to innovate as “quickly as possible” in the emerging Internet of Things market, owing to incoming enquires and interest garnered from customers pertaining to security issues associated with connected devices.

Frost and Symantec will carefully consider participants wanting to partake in its IoT incubator programme. John Vigouroux, managing partner and president of Frost Data Capital said that they would not establish a company unless “it’s a validated idea”.

“Once we get validation, then we will go out and find the right fit,” continued Vigouroux.

Cyber-attackers “out-smarting” defence mechanisms

Research conducted by Symantec revealed that cyber-attackers are bypassing and outpacing defence systems that are designed to secure sensitive meter data management systems for example.

The company adds that hackers are leveraging legitimate technology, like enterprise software and corporate management tools, as well as like connected devices to carry out attacks.