Verax AI, a leader in enabling the safe and responsible adoption of AI for enterprise use, has officially announced the launch of Verax Protect, which is designed to help large enterprises uncover and mitigate Generative AI risks, including unintended leaks of sensitive data.
To understand the significance of such a development, we must take into account how more than 40% of businesses now have paid subscriptions to AI models, platforms and tools, up from just 5% in 2023. A byproduct of this would be the fact that 30% organizations, currently using AI, have already experienced AI-related security incidents.
In fact, global average cost of a data breach also surged to an all-time high at $4.88 million in 2024, translating to a 10% rise year-on-year.
Against that, Verax Protect makes it possible for enterprises, including those in highly regulated industries such as finance, healthcare, and defense, to unlock the benefits of AI without compromising their strict data privacy, as well as wider cybersecurity practices.
Talk about the whole value proposition on a slightly deeper level, we begin from the given technology’s promise to prevent sensitive data from leaking into third-party AI tools. You see, AI tools are designed to encourage users to input as much data as possible for maximizing their productivity benefits, they eventually cause proprietary and sensitive data to be shared with unvetted third-party providers.
Next up, we have the means for preventing AI tools from exposing information to users that they are not authorized to access. With a rise in AI utilization for generating internal reports and summarizing sensitive company documents, it can lead to oversharing of data, making Verax’s innovation a timely advent.
Another detail worth a mention relates to Verax Protect’s focus on enforcing organizational policies around AI
Taking a departure from traditional methods of ensuring employee compliance with AI, using training sessions and reminder pop-up banners, the new technology really goes the distance to facilitate automatic enforcement of corporate AI policies, preventing both accidental and deliberate violations.
Beyond that, Verax AI’s latest brainchild also helps you comply with several security and data protection certifications. Contextualizing the same would be a fact that way many compliance certifications, such as those dealing with GDPR in Europe, or sector-specific laws in the U.S. like HIPAA for healthcare, or GLBA for financial services require evidence of an effort to safeguard sensitive and private data.
In case that wasn’t enough, Gen AI adoption makes such efforts all the more difficult to implement and demonstrate.
Verax Protect delivers a response to that challenge by ensuring that sensitive and private data is safeguarded even when AI is used.
Among other things, it ought to be acknowledged how Verax AI’s latest product builds upon the expertise of its co-founders Leo Feinberg and Oren Gev, CTO, who have previously launched and scaled several successful technology businesses. These businesses include CloudEndure, a cloud migration and disaster recovery company which was later acquired by Amazon Web Services for $250 million.
“Generative AI is a double-edged sword. It promises unprecedented gains in productivity, but it also introduces unprecedented risks. With Verax Protect, we’re enabling enterprises to stay competitive by leveraging the power of AI without compromising the security, privacy, and compliance of their most sensitive data,” said Feinberg.
