Latest news with #VeraxProtect
Techday NZ
an hour ago
- Business
- Techday NZ
Verax launches Protect to tackle AI data leak risks for firms
Verax AI has announced the global launch of Verax Protect, a solution designed for enterprise use to uncover and mitigate risks associated with Generative AI, with a particular focus on preventing the unintended leakage of sensitive data. The adoption of Generative AI in workplaces is continuing to rise, with many businesses turning to such technology to enhance productivity. However, this rapid integration is exposing us to a number of significant risks, particularly the risk of data leakage. One key concern is that employees might input sensitive data or proprietary information into AI prompts, unintentionally sharing it with external third-party platforms. Recent data shows that over 40% of businesses in the United States now have paid subscriptions to AI models, platforms, and tools, a substantial increase from just 5% in 2023. At the same time, 30% of organisations using AI have already experienced incidents related to AI security. These incidents are also becoming increasingly costly; the global average cost of a data breach reached an all-time high of USD $4.88 million in 2024, a 10% increase from the previous year. Verax Protect is positioned to assist enterprises, including those operating in highly regulated sectors such as finance, healthcare, and defence, in harnessing the advantages of AI while maintaining compliance with data privacy and cybersecurity standards. The solution is designed to support these organisations in avoiding compromises in their stringent data protection regimes as they expand their use of AI. Core features Verax Protect features several core components designed to address key enterprise concerns. The solution aims to prevent proprietary and sensitive data from being inadvertently leaked into third-party AI tools. As AI platforms encourage users to input as much information as possible for optimal results, this has sometimes resulted in employees exposing confidential information to providers that their organisation has not fully vetted. Another key capability is preventing AI tools from disclosing information to staff who are not authorised to access it. The growing use of AI for tasks such as generating reports and summarising company documents increases the risk that internal data could be overshared, placing sensitive material at risk of being viewed by unauthorised personnel. Verax Protect also facilitates the enforcement of organisational AI policies by automating compliance measures. Traditionally, companies have relied on approaches such as employee training sessions and reminder pop-ups to ensure compliance, though these methods have proven largely ineffective. The automated approach aims to reduce the chances of both accidental and deliberate violations of internal policies. In addition to these controls, the solution is designed to help organisations meet security and data protection certification requirements. Many regulatory frameworks, such as the General Data Protection Regulation (GDPR) in Europe or sector-specific laws in the United States, like HIPAA for healthcare and GLBA for financial services, mandate demonstrable efforts to safeguard sensitive data. The adoption of Generative AI presents new challenges around implementing and demonstrating such protections. Verax Protect provides tools to support compliance initiatives and document data safeguarding activities even as AI use increases. Executive insight The launch of Verax Protect is the latest step for the company, which was founded in 2023 by Leo Feinberg, Co-founder and Chief Executive Officer, and Oren Gev, Chief Technology Officer. The two previously founded CloudEndure, a cloud migration and disaster recovery business, was later acquired by Amazon Web Services for USD $250 million. Leo Feinberg, commented: "Generative AI is a double-edged sword. It promises unprecedented gains in productivity, but it also introduces unprecedented risks. With Verax Protect, we're enabling enterprises to stay competitive by leveraging the power of AI without compromising the security, privacy, and compliance of their most sensitive data." Verax AI also offers other products designed to govern AI usage, including Verax Explore and Verax Control. These tools are intended to help organisations monitor and manage both their internal and external use of AI technologies. According to the company, Verax Protect operates as a real-time oversight and risk mitigation tool tailored to the requirements of modern enterprises. The system integrates with internal business systems and provides adjustable controls that reflect both technical and organisational policy requirements. The increasing prevalence of AI adoption in regulated industries underlines the need for effective risk management and oversight. Verax Protect is designed with these requirements in mind, aiming to help businesses benefit from the productivity enhancements of AI while continuing to meet regulatory and security expectations.
Business Wire
16 hours ago
- Business
- Business Wire
Verax AI Unveils Verax Protect to Safeguard Companies Against Rising AI Risks
LONDON--(BUSINESS WIRE)-- Verax AI, a leader in enabling the safe and responsible adoption of AI for enterprise use, announces the global launch of Verax Protect. This cutting-edge solution – suitable even for companies in highly regulated industries – aims to help large enterprises uncover and mitigate Generative AI risks, including unintended leaks of sensitive data. As companies race to embrace the productivity potential of Generative AI, they're also increasingly exposed to the risks associated with this technology. One of the most pressing risks is data leakage – employees including sensitive data or proprietary information in Gen AI prompts, and thereby unintentionally leaking it to external third-party tools. Over 40% of US businesses now have paid subscriptions to AI models, platforms and tools – up from just 5% in 2023 – while 30% of organizations currently using AI have already experienced AI-related security incidents. Compounding concern, these threats are becoming increasingly costly: the global average cost of a data breach surged to an all-time high of $4.88 million in 2024, marking a 10% rise year-on-year. Verax Protect empowers enterprises — including those in highly regulated industries such as finance, healthcare, and defense — to unlock the benefits of AI without compromising their strict data privacy and broader cybersecurity practices. Key capabilities of Verax Protect: Prevent sensitive data from leaking into third-party AI tools: AI tools encourage users to input as much data as possible into them in order to maximise their productivity benefits. This often leads to proprietary and sensitive data being shared with unvetted third-party providers. Prevent AI tools from exposing information to users that they are not authorized to access: The increasing use of AI tools to generate internal reports and summarize sensitive company documents opens the door to oversharing data, raising the risk of other employees seeing information they're not meant to access. Enforce organizational policies on AI: In contrast to the currently popular —but largely ineffective—methods of ensuring employee compliance with AI policies, such as training sessions and reminder pop-up banners, Verax Protect enables automatic enforcement of corporate AI policies, preventing both accidental and deliberate violations. Comply with security and data protection certifications. Many compliance certifications, such as those dealing with GDPR in Europe or sector-specific laws in the U.S. like HIPAA for healthcare or GLBA for financial services require evidence of an effort to safeguard sensitive and private data. Gen AI adoption makes such efforts more difficult to implement and even harder to demonstrate. Verax Protect helps to prove that sensitive and private data is safeguarded even when AI is used. Leo Feinberg, Co-founder and CEO of Verax AI, commented: 'Generative AI is a double-edged sword. It promises unprecedented gains in productivity, but it also introduces unprecedented risks. With Verax Protect, we're enabling enterprises to stay competitive by leveraging the power of AI without compromising the security, privacy, and compliance of their most sensitive data.' Verax AI's latest product builds on the deep experience of its co-founders Leo Feinberg and Oren Gev, CTO, who have previously launched and scaled several successful technology businesses, including CloudEndure – a cloud migration and disaster recovery company later acquired by Amazon Web Services for $250 million. The company also offers Verax Explore and Verax Control, which help companies to get visibility and control of their internal and external AI tools. The company's latest offering, Verax Protect, is an enterprise-grade, real-time oversight and risk mitigation tool tailored for enterprise use in the AI age. It addresses the most pressing and fast-moving AI cybersecurity threats companies are facing today. The solution integrates seamlessly with internal systems and offers granular controls that align with both technical security requirements and organizational policies. About Verax AI Verax AI is a leading provider of enterprise-grade AI trust solutions. Founded in 2023 by serial tech entrepreneurs Leo Feinberg and Oren Gev, the company enables large organizations to fully harness the productivity benefits of AI technologies, while mitigating the security and trust issues associated with their adoption. Verax AI's suite of cutting-edge solutions includes Verax Protect and is designed for cross-industry use, including in highly regulated sectors such as healthcare, financial services and defence, empowering companies to adopt AI tools with confidence.
