How Mumbai-based Protectt.ai is leveraging deeptech to protect digital assets from cyber threats

The rapid growth of mobile banking in India, a segment that is one of the fastest-growing in the financial market, presents a significant challenge in terms of mobile cyber threats. 

The increasing reliance on finance apps, evidenced by a 49% rise in user sessions in the first half of 2020, is paralleled by a worrying increase in cyber attacks against financial institutions, which have surged by 118% in the same period. 

The rise in cyber threats is a major concern for banks and financial institutions as they strive to provide secure and reliable services to their customers. 

Studies reveal alarming statistics regarding app vulnerabilities: 38% of iOS apps and 43% of Android apps contain high-risk vulnerabilities, with 77% of apps having at least one critical or high-severity vulnerability.

This situation signals the need for robust security measures to protect sensitive customer data and financial transactions. 

Traditional cybersecurity frameworks are proving inadequate in addressing these evolving threats, highlighting the necessity for innovative solutions that can integrate seamlessly with mobile apps and provide comprehensive protection against a wide range of cyber threats. 

This is where Protectt.ai steps in. The startup aims to address these challenges with its innovative Run Time Application Self-Protection solution. 

How did it start?

While doing their research into mobile applications during the COVID-19 phase, Manish Mimani  realised the increased reliance on mobile applications was opening up new avenues for cyber threats and attacks

Hence, right after this, He launched Protectt.ai and so far has onboarded large leading players from banks, insurance companies, and stock exchanges.

“We on-boarded large leading players from banks, insurance companies, and stock exchanges and there has been a great response from these clients. Overall, our platform has been well accepted among our clientele since we have launched our solution,” Protect.ai founder said.

Who is the founder?

Manish Mimani is the founder & CEO of Protectt.ai Labs. Prior to this, he worked at Aviva India as the Chief Information Officer. Manish, an MBA graduate from the Indian Institute of Information Technology and Management, began his professional career at Satyam Computer Services as an Associate.

In addition, he has worked at ICICI Prudential, Reliance Nippon Life Insurance, Star Union Dai-ichi Life Insurance, and Howden India.

What does Protectt.ai do?

Founded in 2020 by Mimani and Mohanraj Selvaraj, Protectt.ai is a deep-tech company specialising in mobile threat defence (MTD) for businesses. The startup focuses on providing comprehensive security solutions for mobile applications, devices, and transactions. 

Notably, The platform is designed to integrate seamlessly with mobile apps, offering a cost-effective and scalable solution for enterprises looking to move away from traditional cybersecurity frameworks. 

Protectt.ai offerings

The startup .ai offers a range of defence solutions, including AppProtectt, AppProtectt Lite, AppBind, MProtectt, and RealTime Protectt.

These solutions use advanced algorithms, data analysis, and behavioural analytics to identify and respond to real-time security risks, effectively mitigating cyber threats across various industries. 

1. AppProtectt is a lightweight software development kit (SDK) that offers over 50 mobile app security capabilities. 

2. AppBind ensures a secure mobile banking experience. 

3. MProtectt enhances mobile device security against malware and data leakage threats. 

4. RealTime Protectt provides fraud management features to safeguard real-time online payments.

5. Codeprotectt is a security solution designed to protect the code of mobile apps on Android and iOS platforms. 

Offering 360° protection 

The startup follows a comprehensive approach, offering 360-degree protection with over 50 cybersecurity features, including low-code integration for rapid deployment. 

It provides a dashboard that offers an analytics-driven framework for mobile apps, contextualising user behaviour based on key parameters like total sessions, threat sessions, device count, and threat response. 

One of the key technologies used by Protectt.ai is Runtime Application Self Protection (RASP), which allows for advanced detection and mitigation of mobile threats, enabling companies to focus on developing their core business features while offloading security and compliance concerns. 

RASP technology protects applications from various threats, including unsecured networks, jailbroken devices, and unsecured VPNs. It ensures application security and prevents potential exploitation. 

For example, AppProtectt includes anti-reverse engineering controls to prevent app decompilation. If a malicious user attempts to tamper with the application at runtime, the system detects and prevents tampering. 

Runtime security actively secures apps running on users' devices, and if a threat is detected, it warns users about the unsafe device or network conditions, preventing the application from running. 

Additionally, Protectt.ai ensures compliance with RBI Digital Payment Security Control Guidelines for mobile banking apps, including advanced measures like device binding, unsecured Wi-Fi security checks, anti-screen mirroring, anti-malware protection, Man-in-the-Middle (MiTM) attack prevention, app tampering, and reverse engineering prevention.

Protectt.ai customer base

At present, around 60 apps utilise Protectt.ai’s solutions in the banking, insurance, NBFCs, fintech, and stock exchange sectors. Some of its clients are Bombay Stock Exchange (BSE), RBL Bank, Yes Bank, Fincare, IIFL Securities, and 5Paisa, among others.

How does Proctectt.ai make money?

Protectt.ai operates on a business model that primarily involves charging its clients an annual subscription fee. The fee structure is based on the number of users a startup has, which can include an active user base subscription fee or a fee per mobile app download.

With this flexible pricing model, Protectt.ai can cater to a wide range of clients, from small startups to large enterprises.

One of the key aspects of Protectt.ai's business model is its pay-as-you-go system. This model eliminates the need for upfront licensing costs, making it more accessible and cost-effective for organizations to adopt their security solutions. By removing the barrier of high initial costs, Protectt.ai makes it easier for companies of all sizes to access advanced mobile security solutions, thereby reducing the total cost of ownership for these companies.

To date, Protectt.ai has monitored over two billion mobile sessions, secured more than 250 million devices, and identified and acted upon 20 million threats.

How well is Protectt.ai performing financially? 

In terms of financial growth, Protectt.ai registered a 500% growth in revenue in FY23 and is projected to grow by another 500% in the following financial year (FY24). 

The startup competes with international players like Zimperium, a US-based company that offers real-time machine learning-based protection, and LookOut, a Boston-based data-centric cloud security platform. Despite this competition, Protectt.ai's unique approach and business model have enabled it to establish a strong presence in the market.

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