Australian businessman Jamie Wilson had a highly successful accounting practice specialising in HNWIs before he established Cryptoloc Technology. Cryptoloc provides cryptographic technology to ensure users have control over the information they store and transmit. In connection with Cryptoloc’s participation as a sponsor of the recent Hedge Funds Club year-end event in Tokyo, HFC’s Stefan Nilsson had a chat with Jamie.
You launched Cryptoloc Technology in 2010 in Brisbane, Australia. Prior to that, you ran an accounting practice for HNWIs. What made you launch a cybersecurity firm?
It was out of a devastating life event that started me on the journey of cybersecurity. In 2010 I lost my father to pancreatic cancer and the struggle to find his crucial documents such as will, insurance policies and share portfolio. This led me on a search for a secure legacy product and when it didn’t exist, I made the decision to create one. This then led to another search to find data security capable of protecting such valuable documents, which again I did not find, so I began the pursuit of creating that too.
Cryptoloc is focused on data security and cloud storage solutions. Do you think growth is driven by ever-increasing legal and compliance requirements or actual security concerns and threats?
I would say the growth is from the increasing cyber warfare that we are facing today. With data more valuable than oil, people are starting to understand the value of their data and privacy. This drives the increasing legal and compliance demands as they try to keep up and ensure that best practices are being implemented to protect people’s data and privacy.
What are the most important security issues fund managers and investors should be aware of today?
Cyber warfare is only on the increase with data and privacy continues to be in the world’s top five properties. Email has become a convenience that we take for granted, but it is both not secure and also the medium through which many security breaches occur.
Was it easy to put together a world-class tech and business team in Brisbane or did you have to bring in people from elsewhere?
It was not easy as a lot of people thought I was crazy when I wanted to create a virtual vault that only you had access to. It was in 2012 that we first cut code and that was because my first engineer lost his mother suddenly and understood the value of what I wanted to achieve.
Do you feel that it is sometimes hard to bridge the worlds of tech on the one side and business and investment professionals on the other side?
Yes. Why? Because there is so much noise around cybersecurity solutions and large investments that have not been successful in delivering on what was promised. So, when looking for investment, many investors have lost money on other security investments creating a challenge for us to gain their trust.
Is there a cultural mountain to climb or do both sides understand each other and speak the same language?
I don’t believe there is a cultural mountain to climb. I would say it’s a confidence issue.
What makes Cryptoloc different from other security services and solutions available to investors and fund managers?
Cryptoloc stands guard protecting your data when it is stored, in use or during transfer. We do this through encryption technology that puts you in full control of your information. Cryptoloc is an encryption technology solution giving you full control as the owner of the data through a unique patented system that turns each ﬁle you create into three separate encrypted pieces of data which are sorted separately in the cloud.