Today we’re meeting Paul Mountford, the CEO of data protection specialists, Protegrity. The company enables businesses to gain immediate value from their data while protecting personal information and cutting costs.
Over to you Paul:
Who are you and what’s your background?
With over 40 years’ experience as an enterprise technology industry executive which has included leadership roles at Pure Storage and Cisco, I am passionate about data privacy and have a proven track record in global software innovation, business leadership and operational excellence.
These experiences led me to Protegrity in 2021 where I took over the reigns as CEO at a time of unprecedented digitisation, debates about data privacy and the enactment of privacy regulations around the world.
When not leading global data security efforts, you can find me playing one of my guitars, watching Premiership soccer, reading, painting, playing golf and spending time with my family. I also love to cook and create delicious meals, particularly from the vast repertoire of Ottolenghi, my current favourite.
What is your job title and what are your general responsibilities?
I am the Chief Executive Officer at Protegrity Inc. responsible for driving profitable business growth in one of today’s most exciting technology segments and to establish Protegrity as the leading data security solution provider for the financial services industry and beyond.
Can you give us an overview of your business?
Protegrity offers the most comprehensive data security platform for the world’s largest enterprises. Protegrity ensures that sensitive data that exists anywhere in our customer’s portfolio can be protected at rest and in motion and on the widest range of platforms in the cloud or on premise in a way that makes any breach ineffective once it gets to the data.
The unique advantage we give our customers is the ability to protect the data whilst allowing it to be used for data analytics, AI/ML and in the cloud to provide critical decision opportunities at a time when data is one of the most valuable assets to our customers.
Tell us how you are funded?
Originally funded by our ownership we are now EBITDA positive and therefore self-funded from our own business operations.
What’s the origin story? Why did you start the company? To solve what problems?
Protegrity is derived from the words “protection” and “integrity”, which have been fundamental to our existence since the company formed.
Protecting the integrity of a company’s data is difficult but critical. It is one of the three pillars of security covered in the CIA Triad – Confidentiality, Integrity, and Availability – and is a highly regarded guiding model in information security.
At Protegrity we continuously innovate and adapt to address new challenges in keeping data secure whether in use, in transit or at rest. This commitment to data security is reflected in the development of than 150 patents designed to fully protect data, especially in the event of a breach or if data is stolen or compromised.
Who are your target customers? What’s your revenue model?
Most of our customers are within the Fortune 1000 market although we now realise our solution extends beyond that and our current focus is Fortune 2000 companies. What I can say, however, is that we work with 5 out of 9 of the largest US banks, 4 of 8 of the largest US health insurers and 4 of 10 of the largest retailers in North America – amongst others in the UK.
Specific customers include: Abertsons, one of the largest grocery store chains in North America, Blue Cross Blue Shield, a health insurance and Truist, a Financial Services company.
If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?
The synchronisation within many large institutions between the security (CISO), privacy regulations and strategy (CPO) and the data owners (CDO) with business operations within, as often there are conflicting processes especially when our aim is to protect but also maximise the value of our customer’s data which is often in many locations around the world on different platforms.
What is your message for the larger players in the Financial Services marketplace?
Use Protegrity to unlock the valuable data that exists in your company (especially with the ascent of AI/ML) to improve your business productivity, profit, and services, by securing your sensitive data, so that it is ready for use in the most effective way.
Where do you get your Financial Services/FinTech industry news from?
I like to keep up to date on all topics by reading multiple publications daily. For the UK, I read nationals and titles such as Financial Times, The FinTech Times, and The Wall Street Journal, just to name a few and I keep up to date with US-specific industry news with The FinTech Magazine and The Financial Brand.
Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?
- Jim Marous – one of the top 5 most influential people in banking
- Chris Skinner – an independent commentator on the financial markets and FinTech
- Brett King – a futurist, author, and co-founder of Moven, originally a New York-based mobile banking startup
What FinTech services (and/or apps) do you personally use?
My banking app is the most useful FinTech service that I use regularly. Whether its during office hours or after hours I know that I can rely on the banking app or call centre to pay bills and taxes in two countries. It has changed the way I bank.
What’s the best new FinTech product or service you’ve seen recently?
While the FinTech industry is booming I have my eye on two innovative FinTech products and services:
- Firstly, Discai is an AI-based solution that helps financial organisations keep pace with technological and regulatory developments.
- Secondly, Hidden Road, a technology-driven prime brokerage, clearing and financing across traditional and digital assets.
Finally, let’s talk predictions. What trends do you think are going to define the next few years in the FinTech sector?
We expect to see an increase in the use of AI models which will drive the need for data sovereignty and greater privacy rules. Governments will be compelled to intervene and introduce stricter regulations to improve data privacy. We have already seen an increased need to modernise and authenticate data and, as companies continue to reap the benefits, this will drive up further interest and value in modernisation. M&A’s will drive changes in the FinTech industry. Cloud adoption will rise but bring about data privacy risks which companies will need to prepare for and address. Quantum computing will edge closer to becoming a reality and pose a significant risk to data security.
Paul, thank you so much for taking the time to participate in FinTech Profile.
You can read more about Paul on LinkedIn here: Paul Mountford and you can find out more about Protegrity here: https://www.protegrity.com/.
