Data privacy & security solutions have garnered high market momentum and notable industry leader activity in the fraud prevention & compliance space — making them a technology worth prioritizing.
Clients can download the full Fraud Prevention & Compliance for Payments Leaders report at the top left sidebar.
Payments leaders face compounding challenges of combating fraud and financial crime, securing consumer and payment card data, and complying with regulatory mandates to protect their businesses and customers — all while ensuring a frictionless user experience.
Using CB Insights data, we examined tech markets across fraud prevention & compliance for payments leaders and ranked them across two metrics — market momentum and industry leader activity — to help companies decide whether to monitor, vet, or prioritize these technologies.
FREE DOWNLOAD: STATE OF FINTECH Q1 2022
q1 2022 brought a -18% decline in quarterly fintech funding. Download the report to learn more.
Data privacy & security earned a recommendation to prioritize based on the market’s strong market momentum and industry leader activity.
Data privacy & security providers protect company, payment, card, and consumer data while reducing regulatory and privacy risk.
Typical solutions in data privacy & security include: data anonymization and pseudonymization; data discovery and mapping; consent management; data request management; encryption; tokenization; data loss protection and backup; data monitoring; data governance; secure data sharing; and data monetization.
According to a Cisco survey, the average privacy budget among organizations with at least 50 employees doubled from 2019 to 2020 and grew another 13% in 2021. In the same survey, nearly one-third of security professionals said data privacy and governance was one of their top 3 areas of responsibility.
Data privacy & security providers integrate with card networks (e.g., Mastercard, Visa) and serve payment processors, banks, retailers, and other financial services providers.
FACTS & FIGURES: Data privacy & security
- Funding: Data privacy & security companies evaluated in this report raised a record $1.8B in 2021, up 55% YoY. Deals to this group also reached a new high of 89.
- Stage: In 2021, a majority (62%) of deals were early-stage (seed/angel or Series A).
- Top-funded companies: Top-funded companies in the space include OneTrust ($937M in disclosed equity funding), iGATE ($480M), and Druva ($475M).
- Geography: While companies based in the US attract the most deals in this space (48%), China (24%) and the UK (5.8%) also draw a number of deals.
Clients can dive into data privacy & security and more in our complete MVP Technology Framework: Fraud Prevention & Compliance for Payments Leaders report.