New player joins the Danish IT security marketkarthick2019-10-01T16:14:11+00:00
New player joins the Danish IT security market
There will be further congestion in the market for IT security providers in Denmark. US Colortokens will capture customers with a different approach to cyber security. The first step is to build a partner landscape, says Nordic Sales Director.
Headquartered in the US Silicon Valley, the development center is located in Bangaluru, India, and now Denmark can be added to the list of markets on which IT security company Colortokens is present.
In early September, the company officially went on air in Denmark, and the ambition is to land customers from the public as well as private sector.
Christian Iversen is head of the Danish business. He comes from a position as sales manager in Combitech and, as a Nordic sales director, he is to establish Colortoken’s presence across the Nordic region.
The first step is to build the organization. It will be a combination of salespeople with an understanding for business and IT infrastructure as well as employees with technological insights.
” As regional sales director, I am the first person to join the Nordic team and I will build the partner landscape and the organization from Copenhagen. The strategy is that we will also involve people in Sweden, Norway and Finland,” says Christian Iversen and continues:
“It will be a tandem of experienced business developers with a great sales talent who can talk to businesses and understand the cyber and information security challenges of a digital world with a growing threat picture. We also need to have technical profiles in every country that can work with customers and partners as “trusted advisor” who help implement and identify technical challenges.”
The IT security company is behind a cloud-based Software-as-a-Service (SaaS) solution. It was founded in 2015 and is headquartered in Santa Clara, Silicon Valley.
Overall, the portfolio consists of three products, Xview, Xshield and Xprotect, which can detect security breaches and abnormal behavior – thus stopping and preventing cyber-attacks. Colortokens specializes in five different verticals – finance, health, retail, attorneys and airport security solutions.
The company launched on the Danish market on September 1st this year.
Colortokens approach to the market goes through partner channels in the form of local security experts as well as local and global managed service providers (MSP and MSSP) and system integrators.
Therefore, it is first and foremost about creating dialogue with partners who need to get to know the new player. It is, according to Colortokens itself, a different mindset, which lies behind the company’s approach to IT security, called ‘Zero Trust Security’. A term behind the Forrester Research analysis house.
Zero Trust Approach
Today, most companies IT portfolio consists of a mix of on-premise, private and public cloud solutions, from which they run many different applications.
The advantage of the solutions is typically that they provide much greater flexibility, cost-effectiveness and agility, but at the same time increase the vulnerability to cyber-attacks.
For Colortokens, the company’s solutions are characterized by a zero-trust approach. This means, among other things, that you visualize and segment workloads across the entire IT infrastructure.
The goal is to give customers an overview of all platforms, technologies and so-called endpoints in the form of devices such as laptops and smartphones.
Overview of all platforms
The idea behind this is that the classic approach to IT security, which seeks to secure the outer shell against intrusion, is no longer sufficient.
Especially because 80-85 per cent. of the communications in an organization on average are internal, and if cyber criminals first come within the fence, they can often move freely around the systems.
This is what Nitin Mehta, founder and CEO of Colortokens, tells ITWatch.
With 30 years of experience from Silicon Valley, he is a veteran in the IT industry. Nitin Mehta points out that segmentation and visualization of all workloads allow for a better overview of what is basically good and malicious action.
By knowing what actions and IT services employees use, it is also possible to identify the suspicious actions.
“We address the control and reduce the portion that can be attacked by ‘the bad guys’. So instead of having an overview of all the contents of a whole bowl of soup, we can just look at a spoonful of soup,” explains Nitin Mehta, who is in Denmark in connection with the company’s local launch.
NITIN MEHTA, ADM. DIRECTOR, COLORTOKENS
From the perspective of Colortokens, the Danish market is interesting, because many companies in Denmark are already relatively advanced in the digital transition.
“The appetite for using cloud solutions, the mobile workforce in the Nordic countries and our entire way of doing business is mature. In Denmark, we have digital front-runners in the form of public and large enterprises, so the time has come to talk about security in different way and look at IT infrastructure, networks and endpoints in a more holistic perspective,”explains Christian Iversen.
What would you like to achieve if we talk again in a year?
“First and foremost, we’ll have established offices and employed people in all the Nordic countries at that time, so we talk to the industry, partners and customers and by building Colortokens as a leader in zero trust security,” says Christian Iversen, adding:
“From a sales and customer perspective, our goal is to have customers in all five verticals and in all sizes.”
The five sectors that the Colortokens specialize in today are finance, health, retail, lawyers and airport security solutions.
Must find partners
At the same time, the number of employees will hopefully grow in the future, says Nitin Mehta.
“10-20 employees is not unrealistic. If you look at the market, billions are spent on IT security, so it depends on how susceptible companies in Denmark are to new technology and new ways of doing things. It is also a matter of culture.”
What are the biggest obstacles to achieving the goals?
“I think it’s the knowledge that it can actually be done. That’s probably the first thing we will be asked about. Next, we need to find enough customers who are open to having a dialogue and testing our technology,” says Christian Iversen.
He points out that it will be important to find partners who understand the vision and the solution – and who have the courage and desire to be involved from the beginning.
“There will be more players working together, so it’s important for us to find partners who are good at selling and complementing traditional perimeter security with infrastructure, application security and endpoint protection,” says Christian Iversen.
At the same time, they must understand the requirements for governance and compliance, which are abbreviated as GDPR, ISO, NIST and NIS. Ultimately, the goal is to create an overview as well as provide companies with a fact-based decision-making basis to support the business.
“Optimal cyber and information security is a competitive parameter today, and we want to strengthen Nordic companies in their competition in the near and far markets.”