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Posted November 29, 2012
ThreatMetrix’s TrustDefender Cloud and Client Cited as Two Secure Browser Solutions That Are Proven Effective At Warding Off Account Takeover Attacks
San Jose, CA – November 29, 2012 – ThreatMetrix™, the fastest-growing provider of integrated cybercrime prevention solutions, announced today that it was recently highlighted as a leading provider of secure browsing solutions in Aite Group’s November 2012 report, “Endpoint Protection: Secure Browsing, a Key Element of a Layered Protection Strategy.”
“Secure browsing technology is emerging as a critical tool in the arsenal of financial institutions engaging in the global fight against cybercrime,” said Julie Conroy, research director with Aite Group and co-author of the report along with David Albertazzi, Aite Group senior analyst. “In response to the ever-growing variety of malware actively targeting financial institutions (FIs), regulators such as the Federal Financial Institutions Examination Council (FFIEC), are advocating multiple layers of security, consisting of different, complementary technologies – such as secure browsing – that protect against a wide variety of attack vectors.”
The FFIEC, a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions, issued new, more rigorous guidelines in 2011 designed to protect FIs against cybercriminals stealing customer credentials, hijacking online sessions and using malware to divert funds from unsuspecting account holders. In a report titled, “Supplement to Authentication in an Internet Banking Environment,” the FFIEC called upon FIs to implement a layered security approach, as well as identifying two key techniques that financial institutions should implement for effective fraud controls – complex device identification and the ability to detect emerging threats in the form of malware.
“ThreatMetrix is pleased to be one of the key vendors profiled in the Aite Group report,” said Bert Rankin, chief marketing officer, ThreatMetrix. “Our ThreatMetrix™ Cybercrime Defender Platform is the first and only industry solution that integrates sophisticated malware detection and device identification with shared, centralized intelligence.”
According to Rankin, most businesses deploy device identification and malware detection as separate solutions from different vendors. As a result, the criminal activity uncovered by each solution resides in different silos, and doesn’t deliver a common view of devices across systems. This makes it easier for cybercriminals to slip through the gaps in coverage. The overall strategy is inefficient, costly and incomplete.
“By choosing an integrated solution, companies gain the benefits of unified intelligence, simplified implementation and deployment, and better overall coverage,” continued Rankin. “Most importantly, using integrated malware and device identification allows good customers to proceed with legitimate transactions while screening out fraudsters and criminal activity.”
Key research highlights in the Aite Group report include:
• Online malware threats are growing, with 92 million unique strains of malware detected in Q1 2012, a 20% increase over Q3 2011.
• Secure browsing technology is a key technology used to protect financial institutions and their customers from cybercriminals. During 2011, more than 320 financial institutions implemented a solution from the vendors interviewed in the report, a significant increase from previous years.
• Secure browsing technology has proven to be highly effective in warding off account takeover attacks. Two large financial institutions interviewed for the report require their business customers to use secure browsing technology, and neither has experienced a single account takeover loss since the technology was deployed.
The 31-page report contains six figures, 13 tables and profiles six secure browser technology vendors. Based on information provided by vendors through request for information responses, phone interviews, product demonstrations, feedback provided by client references, and Aite Group’s own know of the industry, the report analyzes the key strengths and weaknesses for each of the vendors.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, wealth management, capital markets, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston with a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends. For more information, visit www.aitegroup.com.
ThreatMetrix®, The Digital Identity Company®, is the market-leading cloud solution for authenticating digital personas and transactions on the Internet. Verifying more than 20 billion annual transactions supporting 30,000 websites and 4,000 customers globally through the ThreatMetrix Digital Identity Network®, ThreatMetrix secures businesses and end users against account takeover, payment fraud and fraudulent account registrations resulting from malware and data breaches. Key benefits include an improved customer experience, reduced friction, revenue gain and lower fraud and operational costs. The ThreatMetrix solution is deployed across a variety of industries, including financial services, e-commerce, payments and lending, media, government and insurance.
Walker Sands Communications