Last week saw many of the world's security mavens converge on the Moscone Center in San Francisco for the annual RSA show.The Bitglass team was no exception. We had a booth and a board room at the Palomar for endless meetings. I spent most of my day at the Palomar meeting senior IT executives. I did manage to visit our booth a few times to catch the spirit of the show.
My first time at the RSA show was in 1999, to launch my first startup Arcot. That company was focused on payment authentication, adopted by VISA, and since then all the major payment vendors standardized on the technology. Back then RSA was a much smaller show. The internet was in its infancy, and data breaches were rare. Security largely meant firewalls and anti-virus.
Things have changed. The RSA show now occupies both halls of Moscone. And registration moved to the caverns of Moscone West. Marketing dollars at work. In light of all the data breaches last year, security as a category is a hot market. More capital is flowing into the space than ever before. Unfortunately, that also means more noise.
One of the meetings we had at the Palomar was with the compliance team from a top-five consulting house. We were thrilled to have their leadership visit with us. Naturally we asked them why they picked Bitglass. Their answer was "we asked all the CASB vendors to give us trial accounts on their products. Bitglass is the only working product."
Astonishing. There are vendors in our space that have raised twice the capital that we have. What are they doing with all that cash? Evidently they are spending millions on marketing product they do not have.