The story of BankVault is a story of pivots.
He also shares his top five security threats and predictions for the future of online security.
Central Data Systems pioneered program Service Providers (ASPs) which is what the industry now calls cloud computing.
It emulated a Microsoft desktop/server web connection with zero license costs.
I moved to Silicon Valley and scaled it to 16,000 users.
It was future-proof and in theory should reduce ongoing IT costs in any enterprise by 90%.
Rainmaker is now the secret ingredient that makes BankVaults cyber products so unique.
It came out of left field as a pivot applying the same technology to solve a different problem.
BankVault ensures that the endpoint rig someone is using is secure, anonymous and untraceable from hackers.
Once we nailed that, we started to broaden our offering to address other endpoint issues.
What exactly does the BankVault product do?
BankVault bypasses any malware or endpoint hack on the local gear.
It provides a secure isolated environment from which to conduct online transaction or communications.
99% of the technology is cloud based and delivered as a software-service.
The users remote virtual machine is locked to a specific physical rig ensuring their session cannot be hijacked.
It also has interesting broader applications.
For example, a Blockchain user loses everything if a hacker steals their personal key.
BankVault is invisible to hackers and addresses the issues:
How does it do that?
The system uses 3-Factor Authentication to identify a user logging in from a specific gear.
The thin client architecture displays a computer desktop over an encrypted connection.
The desktop includes applications for browsing and opening PDFs, Word, Excel, PowerPoint and Image files.
When the user is finished, the entire environment evaporates without trace.
On the next login, a completely new machine is built from scratch with no history.
You now also offer a lower cost software-only solution correct?
The original BankVault product uses a physical USB equipment.
In fact, we normally bundle it with a dedicated laptop for businesses so it become the banking machine.
This is much easier to use and is available at a much lower cost.
SafeWindow is convenient and simple to download and use.
The invisible keyboard is available on both Android/iPhone and takes just one click to connect.
BankVault is a premium business solution where it controls the entire environment including the local machine.
Why is using a VPN (Virtual Private online grid) not good enough?
People are still downloading emails attachments, browsing the web, and running system updates.
We blindly trust third parties and all the evidence shows that this is where ransomware, key-loggers etc.
Today, just opening a website executes code that can introduce a man-in-the-web client infection.
You will never know and a VPN cannot stop any of these attacks.
Does your software provide other types of malware or attack protection?
Ransomware is headline news because it dramatically takes businesses IT networks.
However, Symantec reported 2.5x more financial malware in circulation than ransomware.
This is far more insidious and can go completely undetected.
Gartner says internet tool-based attacks are now the primary attack vector on users.
BankVault and SafeWindow provide web client and desktop isolation.
Potential threats are contained in a disposable machine.
How do you define your market?
Who is your specific target audience within that market?
Our path to market is ideally through institutional channel partners.
We now support a wide array of small and medium size business customers.
Preventing bank account takeovers is a critical risk factor for all businesses.
Banks may reimburse costs, but the delay is what cripples cash flow and destroys a business.
SafeWindow is for consumers and professionals.
It is a simpler product with a lower cost.
How would you describe your current typical customer?
What is the percentage breakdown in revenues between the business version and SmartWindow?
Our business is evolving rapidly so the horizon keeps changing.
Our original focus was to validate SMBs would actually buy our product.
The first year of business was spent acquiring support from business associations and selling BankVault to their members.
This year we launched SafeWindow and we now target the much larger professional/consumer market.
You sell both directly from your web site and through resellers?
BankVault is sold directly unless there is a local channel partner in the country.
In Australia, it is available through IT service providers listed on the website.
SafeWindow is available directly from the BankVault.com website.
We have just signed our first institutional channel partner, a global identity management and credit reporting agency.
They will promote and sell SafeWindow to their customer base and test a broader proposition beyond just safe banking.
Our go-to-market strategy is to sell via trusted institutional partners.
How do you see your tools as different than and/or better than existing security products?
It is obvious how it works and so people understand it.
In 2016 Garner highlighted an emerging use of remote browsing by enterprises.
Those enterprise products have weakened their security model in exchange for high performance.
From the banks point of view, the problem is always the customers PC/Mac or smartphone.
We are talking with local banks about bundling BankVault or SafeWindow for customers.
Artificial Intelligence (AI) and quantum computing are the big unknowns.
What are your future plans for BankVault?
For us, it is now a question of how can we quickly communicate with the market.
BankVault is my passion and lifes work.
We are currently raising another round of investment to support further expansion through institutional partners.
How many employees do you have today?
Where are they located?
We are a technology innovation team and intend to remain small and foster growth through appointing institutional channel partners.
I travel a lot and so really do notice the changes over time.
In 2010, when I first returned from Silicon Valley to Australia, it felt embryonic.
However, it has matured exponentially since then.
Many success cases demonstrate that Australia is a crucible of real talent that is bursting to break out.
I am really excited to be part of that.
Additionally, I have discovered that achieving success not only rewards them but also energizes and propels me forward.
How many hours a day do you normally work?
What do you like to do when you are not working?
I might look like a work-a-holic but I am not.
It is not work.
It is my life.
To answer your question, I would say that I am on point 18 hours a day.
I am scared of the cold, the waves, the wind and the sharks.
However, that is where living happens beyond the edge of comfort, where you are constantly creating.
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