Firm’s strong cyber security performance in one of the most frequently targeted sectors recognized for second consecutive year
DUBLIN, IRELAND - May 02, 2018 — Corvil's strong track-record of innovation has again been recognized by FinTech Breakthrough, who has awarded Corvil Security Analytics the highly coveted "Best Financial Transaction Security Platform" title.
Cyber security remains one of the top risks facing all businesses today and few more so than the financial services sector. Recent high profile breaches and concern by regulators of systemic market risk are yielding new obligations to strengthen controls and better protect the industry.
Financial transactions such as payments, ecommerce, online banking, electronic trading, and others, are typically voluminous and optimized for user experience and surety of outcome. This is often at odds with performance-impacting agents and technologies. Furthermore, the disruption of such transactions, which are often influenced or executed by algorithms can have widespread market and consumer impact. Corvil’s real-time streaming analysis, depth of visibility, and scalability with no impact to performance, combined with a long-standing reputation for precision and accuracy provide a valuable technology asset to these critical environments.
Corvil Security Analytics provides user-centric network traffic analysis to accelerate insider threat detection and response to address inadvertent or malicious insiders, which are the source of more than 80 percent of breaches1. Achieving this FinTech Breakthrough Award is testament to Corvil’s cutting edge innovation in AI and machine learning which is advancing this sector’s cyber resilience.
With thousands of worldwide nominations vying for a FinTech Breakthrough Award, Corvil joins an impressive lineup of 2018 winners including: Paypal, Mastercard, Western Union and TD Ameritrade.
"As agents of transformation in the financial services industry, FinTech players have become hugely valuable to the global economy. These awards celebrate and acknowledge outstanding FinTech companies who are positively disrupting the world of finance," said James Johnson, Managing Director at FinTech Breakthrough. "Achieving the 'Best Financial Transaction Security Platform' for a second year recognizes the crucial role Corvil plays in addressing one of the most insidious business risks of our age - the cyber threat."
“The U.S. Securities and Exchange Commission (SEC) has acknowledged that cybercrime is the biggest market threat, while in Europe, as of this summer, banks regulated by the European Central Bank (ECB) will be forced to reveal all major cyber security breaches. This heightened regulatory oversight combined with the dynamic nature of cyber threats makes cyber resilience a vital business requirement,” said Graham Ahearne, Director, Security Product Management at Corvil. “Our team is committed to enabling businesses to move fast and stay secure in the digital world and we are grateful to once again achieve this prestigious award."
In the past 12 months, Corvil has continued to expand its cyber security capabilities to meet the evolving needs of businesses, including launching the world’s first virtual security expert to address automated cyber security surveillance in financial markets. Most recently the firm announced one of America’s most highly rated financial institutions, with more than $80 billion in assets under management, has enlisted Corvil to provide more comprehensive cyber threat detection and faster incident response.
1 81% of hacking-related breaches leveraged either stolen and/or weak passwords - 2017 Verizon DBIR.
Corvil is the industry leader for deriving Security, Operational, and Business intelligence from network data. As companies adopt faster and smarter machine technology, it becomes critical to tap into richer and more granular machine data sources to safeguard the transparency, performance and security of critical infrastructure and business applications. The Corvil streaming analytics platform captures, decodes, and learns from network data on the fly, transforming it into machine-time intelligence for network, IT, security and business teams to operate efficiently and securely in this new machine world. Corvil uses an open architecture to integrate the power of its network data analytics with the overall IT ecosystem providing increased automation and greater operational and business value outcomes for its users. The Corvil solution is trusted by leading financial institutions to safeguard their businesses across the globe involving 354 trillion messages with a daily transaction value in excess of $1 trillion.
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