This post will explain cybersecurity tech startup defending against identity fraud. VeriClouds, Inc., is a Seattle-based cybersecurity and information SaaS (software-as-a-service) startup. The corporation has built a proprietary platform & software application using “dark web” risk intelligence and expert system to resolve a huge opportunity in the international fraud detection & prevention market.
We rested down with Stan Bounev, the CEO of VeriClouds, and invited him some key questions about the business and how his cybersecurity start-up assists discover fraud and protects services.
The Cybersecurity Tech Startup Defending Against Identity Fraud
In this article, you can know about cybersecurity tech startup defending against identity fraud here are the details below;
What is the mission of VeriClouds?
The business’s mission is to safeguard significant corporations all over the world from identity scams.
What is the key obstacle that VeriClouds is working to solve?
Stolen passwords are the primary technique for account takeover and fraud. In 2020 alone, 6.3 billion keys were taken; over 80% of all verified data breaches include weak or stolen qualifications. The banking, federal government, healthcare, and retail sectors are most susceptible to fraud. The average expense of a data breach to a company in the United States is $8.6 million and can be several times higher.
Stolen signals can lead to “account takeover.” Account takeover is a kind of cyberattack in which taken account credentials, normally consisting of lists of usernames and email addresses and the similar passwords (often from a data breach), are used to gain unapproved access to user accounts through large-scale automatic login requests.
There are over 130 million account takeover attempts in online retailers alone each year, and 70% to 80% of e-commerce website login efforts are account takeover attempts. The identity and account takeover fraud issue is real and pervasive.
What is the technology solution VeriClouds offers and how does it stick out?
Resolving identity fraud is a complicated endeavor. Companies need to stitch several services to try to fix the problem. The service requires to be holistic and touch the entire company. There are three pillars to the service of this issue:
All of the company’s appropriate information (internal and external) need to be analyzed. The internal data consists of use of information from network tracking, logs, and login data. The external data consists of information from the dark web and public sources.
Combination with identity systems is necessary. We see more advantages in incorporating with the identity systems using extensively adopted requirements, not with security tools. Identity systems will permit automation, which can’t be attained by integrating with threat intelligence or other security systems.
Automation of detection and removal is essential. This problem can just be resolved at scale. Scale can be attained by using automation at the identity level as large amounts of information need to be utilized to assess the intent of each user, single out destructive login requests, and allow genuine users to log in without obstacles. Reacting to identification fraud without automation displays a human-intensive workout for which human capital becomes the limiting aspect.
How huge is the business’s market opportunity?
There are many elements of identity and account takeover scams. Amongst them are data leaks from information breaches, expert hazards, phishing, leakages on the dark web, and bad password security. All of those are utilized for account takeover to take copyright, gain unapproved access, or devote payment fraud. Specialists approximate that the fraud detection and prevention market will grow to $107 billion within five years.
Who are the clients of your cybersecurity startup?
As you may think of, the business must keep its customers confidential pursuant to non-disclosure arrangements. But our clients consist of one of the 5 biggest companies in the world and multiple publicly traded business.
VeriClouds can deploy rapidly and show worth immediately. Additionally, in the retail sector, we can help companies generate earnings as our service works behind-the-scenes and does not need to put our customers’ consumers through extra hoops, which causes churn and deserted shopping carts.
What are the company’s key innovation parts?
VeriClouds is a cloud-first business. The business’s SaaS service is hosted on Amazon’s AWS cloud. It is safeguarded by multiple given and pending patents. For our most compact and privacy-conscious clients, we provide a personal circumstances of our SaaS service secured by Intel SGX or SafeNet HSM. It is incredibly protected as the only hybrid innovation (cloud and personal circumstances) that does not need information to be sent out outside of the client.
Our analysis engine utilizes artificial intelligence services on AWS and Google Cloud Platform (GCP). The company’s dark web online search engine is time of the art, and its database of over 20 billion-plus taken credentials presents a robust ID program for the detection of identity scams.
The business’s technology deals with data centers, clouds, and web apps.
What is the company’s organization model?
The business has a traditional business SaaS design, with an annual eco-friendly subscription. Given that the data is constantly growing, including stolen qualifications that are included practically every day to the database, customers continue to benefit, therefore the churn rate is extremely low.
Who is the management group?
The team comes out of Microsoft and Google, and Amazon. The team has comprehensive experience in information technology, cybersecurity, software application development, item management, and company advancement. The team is completed by investors, a Board, and advisors who have world-class expertise in software, cybersecurity, including startups.
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