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Cryptography

PQShield Raises $37M for Cutting-Edge Quantum-Resistant Cryptography

PQShield Raises $37M for Cutting-Edge Quantum-Resistant Cryptography

PQShield, a leading cyber company specializing in quantum-resistant cryptographic solutions, has successfully completed a $37 million Series B funding round. The round was spearheaded by Addition and saw significant contributions from new investors Chevron Technology Ventures, Legal & General, and Braavos Capital, along with existing supporter Oxford Science Enterprises.

Bolstering Commercial Operations Amid Rising Demand

PQShield Raises $37M for Cutting-Edge Quantum-Resistant Cryptography

Image Source: hpcwire.com

The newly acquired investment will be pivotal in enhancing PQShield’s commercial operations as the global demand for post-quantum cryptography (PQC) solutions continues to rise. These advanced solutions are crucial for safeguarding hardware, software, and communications systems against future quantum threats. PQShield’s offerings include secure boot and update of devices, Hardware Security Modules (HSMs) for secure financial transactions, and military-grade communications systems.

PQShield is strategically positioned at the forefront of the global shift towards quantum security, a transition marked by the imminent ratification of PQC standards by the National Institute of Standards & Technology (NIST). These standards are also anticipated to gain adoption from the ISO. As governments and organizations worldwide are urged to migrate to PQC systems to protect sensitive data, PQShield’s role in the cybersecurity landscape is becoming increasingly critical.

Leading the Charge in Quantum Security

PQShield’s product suite has garnered attention from high-profile customers, including AMD, Microchip Technologies, and Collins Aerospace. The company is also heavily involved in advising governments, industry bodies, and cybersecurity agencies on transitioning to quantum security. Their advisory role extends to influential entities such as the White House and the UK National Cyber Security Council.

Todd Arfman, a partner at Addition, emphasized the strategic timing of their investment, stating, “As we approach the culmination of the NIST project, we expect newly-ratified standards to help drive rapid adoption of PQC across the technology supply chain. Led by an industry-leading team with decades of experience, PQShield has quickly established itself as a leading authority in post-quantum cryptography for hardware and software. We are excited to see the business continue to build on its existing commercial success and further enhance its efforts in protecting our digital future.”

Ali El Kaafarani, CEO and founder of PQShield, shared his enthusiasm for the company’s mission and the impact of the new funding: “I’m immensely proud to lead our team in shaping the way our digital world is protected against the threats of tomorrow. It no longer matters when a quantum computer will arrive that can break current cryptography methods: the need for quantum-resistant encryption is here today, as governments and standards agencies push to protect our most sensitive data.”

With this significant funding boost, PQShield is well-equipped to lead the charge in ensuring that the world’s digital infrastructure remains secure in the quantum era.

encryption

Only the paid users of Zoom can now enjoy end-to-end encryption

The beginning of the lockdown period marked the rise of the videoconferencing app, Zoom. During the initial days of quarantine, Zoom seemed to make a fortune out of it. Every single meeting starting from attending online classes to professionals attending business conferences took place on this platform. But, after a month or so, the security system of Zoom was compromised. It became vulnerable to uninvited guests joining random meetings and causing disputes. To make Zoom’s videoconferencing platform secure enough, the company paused launching any new features thus devoting all time for its security. A few weeks back, Zoom announced about end-to-end encryption for its users. But, the company declared yesterday that the advantage is only for the paid users.

End-to-end encryption scheme of Zoom

After a
bunch of meeting with investors, civil liberties groups, and child-sex abuse
fighters, CEO of Zoom, Eric Yuan confirmed that the company will only provide
end-to-end encryption for the paid customers. He says that it is important for
the community to enforce the law for free calls. The users who just signed in
with an email id didn’t go through a proper identity verification thus making
Zoom vulnerable in the first place. So, the company finally announced and
confirmed today about its new policy.

Eric
also said that it is better to work along with the FBI as many users sign in
with an abusive motive. After the pandemic spread across the world, Zoom became
the most important video conferencing app. But, the business backfired as
encryption became the main topic of concern. Jon Callas, a technologist said
that Zoom’s compromise to get rid of the troublemakers is reasonable. Every one
of us witnessed how the breach in the security system caused chaos among Zoom
users.

Encryption
plan and end-to-end model

The
main reason behind lifting off end-to-end encryption for all users is that the
criminals can easily get away with their illegal activities. But, there still
exist controversial perspectives as some think it will affect the non-paid
customers. Every cybercriminal is usually a non-paid user but not the other way
around. But, the filtration process is tough when Zoom allowed millions of
users to host and attend meetings only by singing with email id.

Zoom
also hired Stamos, a former Chief Security Officer at Facebook. He says that
apart from providing end-to-end encryption to paid users the platform is also
upgrading its existing safety. The current end-to-end encryption is for paid
customers and enterprise accounts as their profiles are highly scrutinized and
verified.

The
end-to-end model will reduce illegal activities to a large extent and make the
platform more sophisticated and secure. But, the free participants will fall at
a sharp rate which is not flattering from the business viewpoint. The
end-to-end encryption is mainly provided in case of charged business or for the
nonprofits. An outside spokesperson of the company has said that the encryption
model is still in progress and it still hasn’t decided the final customer base.

Preventing
child pornography and child sex abuse

Many
videoconferencing platforms have faced shortcomings in its way. But, Zoom’s
reputation got crushed when the degree of child-sex abuse increased via its
platform. Many complaints have been launched that the sexual predators live
steam abuse threatening child safety. So, strong encryption for every user will
make it difficult for the police to find the culprits and easier for abusers to
carry on their filthy work. It also threatens the security and privacy of users
who exchange sensitive content. This might lead to harassment and future
blackmailing.

Eric
also focused on the fact that no user can simply dial into an encrypted meeting.
So, there are high chances that many business clients will stop using the app
as well. But, no matter what, Zoom will make law enforcement its top priority.

Conclusion 

Amidst
the stricter law enforcement, Zoom also announced that they don’t share
information with law enforcement unless and until it is necessary, like child
abuse. It still not possible for any random users to get into a meeting and get
unnoticed. The end-to-end model is important to ensure child safety and protect
future victims.