Brazil a solution capable of protecting companies against fraud perpetrated by insiders before they happen. According to Genivaldo Araújo, CEO of 3CON "The difference with InCyber, is that this’s a predictive solution, in the sense that it shows the insider irregular behavior before the fraud happen and not only after the fact." This partnership entails that 3CON will have exclusive sales rights combined with specialized services.
According to Dr. Abraham Gill, Chairman and CEO of InCyber, threats from insiders are one of the three major concerns reported by CISOs. "Internal threats can come from unintentional errors made by employees, without any malice. Insiders can be targeted by external actors who want to access the system, a disgruntled employee can abuse his or hers privileges to harm the company, revenge against a corporate enemy or data or secrets theft for personal gain," he explains.
The report "The cost of Internal Threats, 2020", of the Ponemon Institute stated that the average global cost of internal threats increased by 31% in the last two years, reaching US$ 11,4 million. Moreover, the frequency of incidents increased 47% in the same period. The study involved 964 IT and Security professionals in 204 companies, with more than 1,000 employees in the EEUU, Europe, Middle East and Asia. The research also revealed that in the last 12 months, the companies in question suffered a total of 4,716 incidents perpetrated by insiders.
Brazilian Company uncovers R$200 000 fraud
The first Proof of Concept of the Solution was done in Brazil with a Service Provider company and has proven the efficiency of this unique solution. After extracting system logs from the ERP System, InCyber showed that an employee from the financial department was committing fraud with fake receipts, that allowed her to receive large sums in refund. "Logs are clues that each transaction leaves in the computer. After preparing a table with the logs, InCyber pointed out in 5 minutes the suspicious activities," declares Ilan Szapiro Ben Avram, New Technologies Manager at 3CON.
This was only possible because InCyber System, TPIT™ (True Prediction of Insider Threats), combines Augmented Intelligence, Machine Learning, External Factor Analyses, such as credit score and legal status and behavioral patterns by vertical methods. "InCyber algorithms were created to use advanced heuristics and identify irregular activities, significant data links and even subtle ones. That means that we can identify malicious activity, weeks or even months before they cause actual damage to the Organization," he adds.
The Solution monitors and checks the logs of each employee’s activities, comparing his behavior with someone else’s form the same department and other workers from the same market sector, this provided the initial prediction score (IPS). In the final phase, InCyber adds information from and external sources to improve the accuracy of the prediction. InCyber can check up to 900 external data sources, looking for specific information in public data bases, such as credit score and the justice departments. This process yields an unmatched accuracy of prediction.
TPIT is not an intrusive software, it has zero false positives and it’s 100% adherent to GDPR norms. The software uses system logs of users (User IDs only) therefore employee privacy is not violated and secure documents are not breached. It’s specially indicated for companies with more than 400 employees.
InCyber has the strong support of Raymond Shayo Group, Sarona Accelerator and Investment Bank that works mainly with startups. Part of the program are also 365x Scale-Up, of Sarona Partners, who helps companies to expand their business globally.
Incyber is now expanding it’s distribution network worldwide and looking for partners.
For more information click: https://www.trescon.com.br/cyber_security/incyber/
InCyber, Inc. is dedicated to change the cybersecurity landscape with our True Prediction of Insider Threats (TPIT™) System, focusing on internal threats. Our mission is to defend enterprises against Internal Threats and/or those impersonating insider credentials such as Hackers, Terrorists and/or Malware. For more information click: www.incybersec.com or write to email@example.com
For over 27 year of experience in the IT and Digital market, 3CON is a Brazilian consulting company committed to digital transformation and innovation of its clients. We have a department focused exclusively in Cyber Security with multiple solutions that guarantee 360º protection to your clients. Our experience and expertise have already aided hundreds of companies in Brazil, in a variety of areas, such as financial, telecommunications, manufacture, etc. For more information, please access: www.trescon.com.br
SOURCE: Incyber Inc.