An early investor in billion-dollar Snyk names the next big cybersecurity startups and trends

VC Joydeep Bhattacharyya of Canaan Partners, an early investor in billion-dollar startup Snyk, picks new cybersecurity trends and

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Managed security service providers, companies that provide cybersecurity to smaller firms, can address issues small companies cannot with their limited in-house personnel and tools. "Large businesses can actually pay off the ransomware or somehow extricate themselves by going into their rainy day fund.

The public company Zscaler, and the startups Banyan Security, Axis Security, and Odo Security are succeeding in this area, Bhattacharyy believes. "It used to be security was added on, like maybe you alluded to security as an afterthought when you were building a software product or application," Bhattacharyya says.

COVID has finally made that way of looking at security "almost irrelevant," Bhattacharyya says, as entire workforces became remote, accessing company data and tools from home.

With the rise in the Internet of Things and its cousin, the Industrial Internet of Things, hackers can now cause trouble in new ways. "If you think about oil refineries, electrical grids, railways, airlines – all of these are in some way or form connected to the internet," Bhattacharyy says. "When these are vulnerable, it's not about some financial ramifications.

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That access needs to be more focused and limited, he says. "There's a class of companies that provide granular, pointed access to precise apps on your network in a way that's easy for employees.

Bhattacharyy, a general partner at San Francisco venture capital firm Canaan Partners, invested early in the booming $1 billion cybersecurity startup Snyk, sits on the board of the industrial cybersecurity firm Dragos, and previously led enterprise investing at Silicon Valley's Shasta Ventures.

Bhattacharyy sits on the board of Dragos, which he says is an industry leader in IIoT security, and likes the competing companies Nozomi Networks and Claroty.

And that can cause problems in the era of ransomware, when data stolen from big companies can be used "downstream," as hackers steal log-in credentials and other data that makes partners and customers vulnerable.

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