What inspired you to start CryptoGen?

After graduation, I worked at one of the top tech firms in the country. Most of my peers were interested in software development, web development, or digital marketing. I, however, quickly realised that cybersecurity was a bigger deal than most realised. Sure, cybercrime is a global threat, hackers are becoming sophisticated by the day, and unintentional internal data breaches are frequent. Even well-protected Fortune 500 companies are not safe. Globally, the damage caused by cybercrime is estimated to reach $10 trillion by 2025. To put that into context, it’s nearly equivalent to the combined GDPs of Germany and Japan! Contrary to the view that cybersecurity was all about protection, I believe it’s an enabler: a company protected against cybercrime is a company that will grow and retain loyal customers. I saw the potential for cybersecurity to maximise revenue for businesses.

What makes CryptoGen unique?

Cybersecurity is the backbone on which digital transformations everywhere become possible and viable. Digital technology is rapidly changing the way we live, work and play. Digital tech is upending business models: everywhere and every day. Sri Lanka’s nascent digital transformation must gather momentum to avoid lagging behind the rest of the world.

I built CryptoGen to enable Sri Lanka’s digital transformation because security and identity are integral to building successful digital products and services. I started the company in 2014 with just three people. We spent the first three years focusing on building the confidence with the customers to invest with our company for Cyber Security.

What were the early challenges?

Few companies understood the importance of cybersecurity beyond protection from cybercrime and unintentional data breaches. So, I had to build awareness about a holistic approach to cybersecurity. Building any business is all about establishing relationships based on trust. There were several large firms in this space, but I was dauntless. We delivered best in class, fully-fledged cybersecurity services and helped clients build the necessary processes, governance structures and security protocols without which the mere cybersecurity tech is ineffective.

I bootstrapped the company for the first three years, confident of success – despite revenue just trickling – and sure enough, we hit gold! It took three years, but I had the fortitude to hold fast to my convictions. Our topline has grown 40-50% annually over the last three years, and the journey was pretty impressive and challenging.

We service nearly all of the country’s banks, not just helping them keep their systems secure, but also fool-proofing their digital banking products such as mobile apps and payment platforms. Importantly, we help our clients maximise revenue by investing in optimal cybersecurity solutions that best suit their needs. Three years ago, we had a team of eight. Today the team is 70-strong, and comprises of the best cybersecurity professionals in the country.

What was the hardest lesson for you?

The hardest lesson for me was how to build and retain talent. Our industry is highly skills-driven. So retention, incentives, and career progression is something we had to institutionalise. You may be a visionary leader, but without people to share in your passion and vision, you may as well be the only one in your company! Skills and talent are not uniform. Every individual is unique, so I had to learn to manage my team members differently, and it is a challenge. But if done right, it can be rewarding to a company and its people.

How can Sri Lanka fast track digitalization?

While aspiring to establish itself as a financial hub for the region, Sri Lanka must also transform into a digital economy sooner or later. Both these require dynamic and robust cybersecurity legislation, including personal data protection laws. We also need a central cybersecurity agency to protect our institutions from the growing threat of cyber espionage. If we can build a holistic cybersecurity ecosystem, banks can have better digital payment platforms and services. We will elevate the entire economy to a whole new level and see more foreign investments come in and multinationals setting up operations here.

I built CryptoGen to secure Sri Lanka’s digital transformation because security and identity are integral to building successful digital products and services.