Sat, 17 Aug 2013 – Kevin Wilson, Director of Public Relations
August 15, 2013 will go down as a very good day.
This was likely the sentiments of the founders and shareholders of Trusteer when the IBM acquisition of the security software company was made public. It was our sentiment as well. The acquisition, combined with other recent security M&A activity, has placed additional focus on our industry. It has also further validated the market demand for innovative cybersecurity solutions for financial institutions and enterprises.
Consumers and commercial banking customers have moved to the web and their mobile devices to manage financial transactions while the Bring Your Own Device (BYOD) trend is leaving enterprises vulnerable to cyberattacks through those unprotected endpoints. Recent studies show that Americans access their financial accounts online an average of 10 times per month even though 85 percent of them are at least somewhat concerned about online banking fraud.[i] Unfortunately, as banks have improved access for customers and companies have improved access for employees, attacks have increased, and in 2012, banks lost $1.5 billion,[ii] while enterprises are spending millions recovering from attacks.
The security challenges for financial institutions and enterprises have dramatically increased in recent years. And the complexities of malware, botnets and Trojans have placed security solution providers in a heavyweight struggle against cybercriminals. Since 2006, Wontok SafeCentral has focused on developing innovative niche solutions that address the growth in endpoint cybercrime. We’ve seen the emergence of Zeus and the fast proliferating variations of Carberp and KINS that are capable of extracting millions from banking transactions in a matter of minutes. We work to stay ahead of these trends with solutions for the enterprise that protect vulnerable endpoints, including a growing number of mobile devices.
It becomes more clear each day that there is a greater need for cybersecurity technology such as Wontok SafeCentral. Gartner analyst Avivah Litan affirms this demand in her blog post response to the IBM acquisition.
We are seeing evidence that financial services and enterprises need greater protection for themselves and their customers and users. As an independent endpoint security provider that complements existing security systems and services, we are excited about the future.