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Insiders are responsible for over 60 percent of cyber attacks on enterprises – whether through malicious intent or unintentional action, according to Singapore-based intelligence startup Apvera.

To prevent such attacks, Apvera’s software analyzes the behavior of companies’ employees, contractors, and vendors. The platform uses machine learning and predictive analytics to spot any suspicious activity within a company’s network. Identifying irregular behavior early on, Apvera explains, will fend off security breaches as well as financial and data losses.

Today, the startup announced it closed a US$1.2 million funding round led by ACP and Spring Seeds Capital. Nest Ventures, muru-D, and existing investor Central Exchange also participated. Apvera will use the money to further develop and scale its intelligence platform, and boost sales.

The company caters to various industries such as financial services, healthcare, and pharmaceuticals.

Financial services firms, in particular, face a growing number of stringent government regulations related to data protection and privacy. Those mandates raise their costs.

“Automating risk management and compliance programs is one way an organization can seek to improve its cyber resilience,” Apvera notes.

We’ve contacted the firm for more details about its progress and we’ll update this piece when we hear back.

Currency converted from Singapore dollars. Rate: US$1 = SGD 1.41.

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