ThreatMetrix 2014: Great. ThreatMetrix 2015: Greater.
Posted January 27, 2015
With the Largest Shared Intelligence Network on the Planet, ThreatMetrix Continues Setting New Milestones, Growing, and Making Strategic Hires to Add to Its Success
What can you expect from ThreatMetrix in 2015? More of what you’ve come to expect from the company which operates the world’s largest shared intelligence network, the ThreatMetrix Global Trust Intelligence Network, The Network.
Processing one billion transactions every month
Through analysis of the collective intelligence provided by The Network, ThreatMetrix protects 210 million active user accounts doing more than 850 million transactions each month. By the end of Q1 2015, it’s anticipated that The Network will process more than one billion transactions per month with 40 percent initiated from mobile devices.
Authentication without compromising privacy
The Network provides comprehensive anonymized information to determine context-based risk authentication – without compromising consumer privacy.
Largest brands and companies trust ThreatMetrix
“Many of the world’s largest brands and companies trust ThreatMetrix to help protect their business operations from cybercriminals in real time,” said Reed Taussig, president and CEO at ThreatMetrix. “The global cybercrime landscape is continuously evolving, with new bad actors, technology and organization, and the only way to prevail against these threats is with a collective network that leverages data from across a global information base.”
2014’s many memorable achievements
Throughout 2014, ThreatMetrix made significant advances in cybercrime prevention and growth, including:
- Global expansion – Spearheaded by the growth of its European data center providing faster and more accurate fraud screenings for international customers, ThreatMetrix has seen its business double year-over-year in Europe. Additionally, the company opened a new office in Tokyo, doubling its staff in Asia and signing a number of key accounts in the Asia-Pacific (APAC) region.
“As a company, we anticipate significantly increasing investment in our Asian business in 2015,” said Taussig. “In the past year, we signed several major Asian e-commerce companies. We’ve hired seasoned regional management for the APAC region, as well as other international markets, and expect to see continued growth in the coming year.”
- The Network – In September, ThreatMetrix announced that The Network – the largest independent, federated intelligence network of anonymized, privatized data – surpassed 850 million monthly transactions. The expansion of The Network enables ThreatMetrix to analyze and protect even more online transactions and activity, especially mobile-based transactions. By analyzing device, identity and behavioral data in real time, ThreatMetrix can quickly identify cybercriminals attempting to create fraudulent new accounts, takeover existing accounts or execute card-not-present (CNP) fraud. Additionally, this analysis provides a competitive advantage by allowing trusted customers frictionless account and transaction access while keeping costs low by greatly reducing the use of step-up or out-of-band authentication.
“United we stand, divided we fall” said Taussig. “The only way to combat highly organized, well-funded cybercriminals is by sharing cybercrime intelligence within and across industries. That is exactly what we’re trying to accomplish through The Network.”
- New products and technologies – Significant investments in The Network and the ThreatMetrix TrustDefender Cybercrime Protection Platform contributed to the company’s success in 2014. With its Spring and Fall Releases, ThreatMetrix combined sophisticated trust analytics with improved behavior intelligence and enriched its context-based authentication through additions such as PersonaID, Trust Tags, PersonaDB and Smart ID 2. Additionally, the company received a patent for accurately differentiating between trusted customers and cybercriminals across mobile and web interactions.
- Company evolution – In 2014, ThreatMetrix completed its transition as the leading provider of advanced fraud prevention and frictionless context-based security solutions. The company has made advancements in its field by leveraging the power of The Network to enable frictionless, context-based authentication to prevent unauthorized access to enterprise applications without damaging the user experience for good customers.
- Funding – In March, ThreatMetrix announced that it closed a Series E round of financing led by Adams Street Partners. The investment round brought in $20 million in capital, with all existing ThreatMetrix institutional investors participating in the investment.
- Rise of mobile – From Thanksgiving Day through Cyber Monday, mobile accounted for 39 percentof all transactions across The Network. By the 2015 holiday shopping season, ThreatMetrix predicts this number will surpass 50 percent.
- Record transaction volume – Year-over-year from 2013 to 2014, transaction volumes in The Network increased by more than 80 percent, from 3.8 billion to 6.9 billion. Currently, ThreatMetrix experiences transaction volumes of more than 1,000 transactions per second and expects that number to double in 2015.
- Billings and Customer Growth – ThreatMetrix continues to experience double-digit annual billings growth and the company more than doubled its customer base in 2014 through direct sales effort and in conjunction with its extensive global partner channel.
- SaaS recurring revenue model – ThreatMetrix’s outstanding financial performance is driven largely by its high customer retention. Through recurring revenue, ThreatMetrix is able to sustain and grow its global shared intelligence to provide the highest level of context-based authentication and fraud prevention possible.
- Ping Identity Integration – In June, ThreatMetrix announced its integration with Ping Identity’s PingFederate® identity bridge. The combined solution provides context-based authentication for enterprises with secure, transparent and frictionless access for mobile and online users.
“At ThreatMetrix, we are continuously aggressive in terms of adding partnerships that can provide our customers with enhanced services and capabilities,” said Taussig.
- OFAC Regulations – To ensure companies can easily stay compliant with the Office of Foreign Assets Control (OFAC) regulations, ThreatMetrix began an initiative to allow businesses to stop transactions originating from embargoed or restricted countries by accurately identify user locations, even if advanced location cloaking technology is being used.
- ThreatMetrix Cybercrime Report – In 2014, ThreatMetrix began the release of its quarterly report outlining the landscape of cybercrime through data from The Network. The report offers a representative summary of activity across industries identifying the types of attack methods used to perpetrate account creation, payment and login fraud.
- New and existing markets – While continuing its success in the global financial services market, global e-commerce market and media industries, among others, ThreatMetrix also entered the online gaming market in 2014. It plans to expand its presence in the insurance and healthcare markets in 2015.
- Strategic management hires – ThreatMetrix increased its staffing by 61 percent in 2014, which was reflected in its strategic hiring of key management, including Pascal Podvin as General Manager for U.S. and EMEA and Gene Kuo as vice president and General Manager of Asia Pacific.
- ThreatMetrix 2014 Cybercrime Prevention Summit – Themed “Building Trust on the Internet,” the ThreatMetrix 2014 Cybercrime Prevention Summit saw a record number of attendees, bringing together more than 250 industry and cybersecurity experts from around the globe to discuss strategies to make the Internet safer for businesses and consumers alike.
- Awards – ThreatMetrix won almost one dozen industry awards, including a Gold Stevie Award in “New Product or Service of the Year – Security Solution” category and a Silver Award in the “Most Innovative Tech Company of the Year – Computer Software” category in the 12th Annual American Business Awards; Gold Awards as “Innovative Company of the Year” and “Integrated Security (Software) Innovation” in the Golden Bridge Awards; Named to the “100 Most Promising Technology Companies in the U.S.” by CIOReview; Recognized as a Silver Winner in the “Enterprise Product of the Year – Software” Category by the Best in Biz Awards 2014 International; Judges’ Choice for “Best Overall Fraud/Security Solution” at the 2014 CardNotPresent.com (CNP) Awards for the ThreatMetrix TrustDefender Cybercrime Protection Platform, among others.
A final word from Reed Taussig
“ThreatMetrix’s accomplishments in 2014 are helping us pave the way to a truly collective approach to cybercrime through the power of The Network,” said Taussig. “We have ambitious goals to continue our growth in many of the major industries affected by cybercrime – including financial services, e-commerce and media – and we anticipate tremendous strides in combatting cybercrime in those industries as well as new industries throughout 2015.”