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Wednesday, November 9, 2016

CEIBS Alumni Company Wins National Innovation & Entrepreneurship Competition

November 9, 2016. Shanghai – River Security, one of the CEIBS eLab start-ups co-founded by CEIBS EMBA alumnus Lin Yumin in 2012, was among the prize winners at the 5th China Innovation and Entrepreneurship Competition, it was announced today. The company made it to the finals in the Electronics and IT category, taking second prize for innovation in the field of internet security.
The China Innovation and Entrepreneurship Competition began in 2012, as part of China’s “National Mass Entrepreneurship and Innovation” strategy. The competition aims to bring together diverse resources to support entrepreneurs, with start-up companies competing for investment while also learning from one another.

River Security has raised US$ 5 million in Series A funding and are now in their Series B round. The company’s impressive story has been developed into a case, “River Security: Radical Innovation in Digital Defense”, by Professor Vincent Chang, Professor S. Ramakrishna Velamuri and Case Writer Dr. Liman Zhao. The case has been taught in CEIBS MBA, EMBA, and Executive Education programmes since July 2016.

River Security, one of China’s leading vendors in dynamic security, offers 100% self-owned product protecting against automated attacks.  After a malicious attack is detected, traditional internet security companies rely on signature match, a conventional approach to intrusion detection. River Security has a totally different philosophy: it creates a proactive defense mechanism which allows malicious attacks to be blocked before they enter the network, by continually changing a target application’s interfaces that are vulnerable to attack. “We believe this approach could fundamentally change the security industry. For the first time, defense occurs ahead of attacks,” says the company’s Co-founder and Chief Technology Officer Lin Yumin.

The company’s dynamic security not only protects transactions worth more than one trillion RMB and more than 450 million accounts, but says it can also effectively block 99% of automated attacks. River Security’s innovative technology has been rapidly recognised by a wide cross section of the market, including China’s top 3 internet carriers, top 10 banks, top 10 e-commerce websites, and top 3 online payment companies.