nCrypted Cloud raises $3M from angels to encrypt your Google, Dropbox, SkyDrive and Box accounts
Businesses that want utilize Dropbox, Google Drive and other common file-sharing services will always be concerned that their internal network can be compromised with just a single hacking attack. However, nCrypted Cloud is a new service that seeks to put this fear to rest because it encrypts all data and even provides an audit trail that keeps a record of who accessed files and when, TechCrunch reported.
In essence, nCrypted protects your Dropbox, Google Drive, SkyDrive and Box accounts by encrypting them. This may not be exciting to the average user but for enterprises that want to use the cloud as a place to store documents or vital photos and videos, the service takes on a whole new meaning, the report said.
Angel investors at Microsoft, Cisco, Reveal Imaging and Broadcom backed the company founded by Nicholas Stamos, a repeat entrepreneur, and encryption master Igor Odnovorov. nCrypted Cloud was able to raise $3 million in its seed funding round and are seeking for a Series A, the report said.
The service encrypts files as they are added to the shared drives. Files may also be encrypted when the need arises. A paper trail is also created so that the IT personnel will be able to view who encrypted and decrypted files and in what part of the lifecycle of the document, the report said.
Stamos told TechCrunch, "The PCS model nCrypted Cloud implements enables IT to delegate the responsibility of protecting shared data in the cloud to their end users. But with responsibility comes accountability. nCrypted Cloud provides network agnostic, device agnostic, and cloud storage agnostic forensic level data usage auditing, allowing centralized visibility and oversight of user activity."
So far, Stamos said that their users have generated more than 100 million audit events and encrypted more than 10 million files. He added that they don't disclose the actual number of users for security reasons inasmuch as majority of their clients are large enterprises, the report said.