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Saturday, December 3, 2022

$2.5 Million EU Grant for AI-Powered Data Classification and Security Solution for Cloud

MinerEye has been awarded a competitive SME Instrument Grant from the European Commission worth 2.2 million EUR ($2.5 million).

The grant organization selected MinerEye’s Data Tracker™ to provide EU companies with secure and compliant cloud adoption. According to the grant organization, “The solution is highly disruptive as it tackles an emerging need in a very innovative way. The timing is perfect, as the new European regulation is in favor of such solutions.”

SME Instrument is part Horizon 2020, the EU Research and Innovation arm that identifies, evaluates and selects solutions that foster innovation and economic growth in the EU. Only 6.8 percent of companies that apply have received the grant since its inception.

Yaniv Avidan, Chief Executive Officer of MinerEye said the EU “recognizes the unique capabilities of MinerEye’s DataTracker to ensure complete data visibility – including dark and unstructured data – and its importance to secure and compliant cloud adoption.”

Companies have been unable to protect data and meet GDPR regulations when moving to the cloud because it requires the ability to identify and understand how data behaves. Older solutions and technology constraints often compel chief data protection officers and chief information security officers to allocate significant budgets, resources and time to define and identify sensitive data. As a result, consumer data and highly sensitive corporate data are not always protected.

MinerEye has developed a proprietary technology based on computer vision and machine learning that automatically categorizes, classifies and tracks very large amounts of data. Working at the byte level, MinerEye’s DataTracker is designed to identify and tag all types of enterprise data, from PII to contracts, patents, designs, photos and video.

“The axiom that you cannot protect what you cannot see has become even more significant in today’s era of the cloud and the advent of hybrid cloud environments,” Avidan says. “Companies need to manage and secure increasingly complex data environments. With MinerEye, this task can become a regular part of ongoing data security activities, bringing true sensitive data protection and adherence to privacy regulations.”

Earlier this year, a Gartner Group report advised that organizations using Cloud Service Providers (CPS) Google, Amazon and Microsoft, consider deploying third party tools for data discovery, classification and governance in order to comply with GDPR.

Automated data cataloging and tracking before, during and after cloud migration is taking on an increasingly important role in the enterprise, buoyed by regulatory pressures such as GDPR as well the need to secure cloud data.



Kylie Bielby
Kylie Bielby has more than 20 years' experience in reporting and editing a wide range of security topics, covering geopolitical and policy analysis to international and country-specific trends and events. Before joining GTSC's Homeland Security Today staff, she was an editor and contributor for Jane's, and a columnist and managing editor for security and counter-terror publications.

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