Corvil Develops World's First Virtual Security Exp

DUBLIN, IRELAND--(Marketwired - May 16, 2017) - Corvil today announced a cybersecurity solution specifically designed to address the unique security needs of today's electronic trading businesses looking to solve escalating concerns over cyber attacks while demonstrating compliance with evolving regulations.

Powered by sophisticated machine learning algorithms, Corvil "Cara" acts as a virtual security expert that autonomously identifies vulnerabilities and possible attacks within trading environments that often process trillions of dollars' worth of transactions daily.

In a backdrop where the US Securities and Exchange Commission recently cited cybersecurity as the biggest risk facing the financial system,¹ Cara is the first and only solution to bridge the gap that traditional security solutions have been unable to fill. Given the highly automated nature of electronic trading businesses today, there is a high sensitivity to performance impact. Cara is deployed with zero compromise to trading system and infrastructure speed, agility or performance, which is so intrinsic to the most successful electronic trading businesses.

Cara works by providing specialized protection for the trading environment in tandem with Corvil's existing analytics appliances. It applies machine learning algorithms to determine and benchmark the normal behavior of activity seen on the network. It then runs multi-dimensional security analytics that detects patterns of compromise, and pinpoints the most important issues for investigation. Cara's daily cybersecurity intelligence report includes a cyber risk assessment score consumable by c-level executives and outlines the insights required by CISOs and security teams for detailed forensic investigation and response.

Cara is the only security solution that discovers and makes sense of the specific user and business context of all trading sessions, market data streams and other traffic, thereby continually improving the relevance and quality of detected anomalies. This allows it to reduce the prevalence of false positives and provides contextual information that eliminates much of an analyst's investigative workload by automatically running assessments that they would otherwise carry out manually. Reducing a security team's investigation time means the ability to more quickly apply expertise to mitigate risk.

"Corvil is deeply embedded in the financial markets industry as our technology watches over electronic executed transactions with a daily value in excess of $1 trillion. We know data exfiltration, data privacy and mitigation of ransomware attacks remain a top priority for CISOs and c-level executives in the financial markets sector, and we are committed to leveraging our expertise and innovate to support their challenges," said Corvil CEO, Donal Byrne. "We are confident that Cara's ability will significantly bolster these businesses' security posture which in turn will provide important assurances to boards of directors and stakeholders concerned with business continuity and risk management."

What Analysts Are Saying about Corvil Cara:

451 Research

"The increased cybersecurity scrutiny by financial markets regulators should make increased diligence via automated analytics an easy decision," said Dan Cummins, Senior Analyst, Security, 451 Research. "Corvil Virtual Security Expert gives security teams a relatively quick way to extend automated risk assessments, which combine machine-learning anomaly detection and threat detection analytics, to electronic trading networks."

EMA

"The compromised integrity of financial markets is the sort of destabilization that nation-state threat actors, or those looking to short financial instruments on a large scale, live for," said David Monahan, Research Director, Security and Risk Management, Enterprise Management Associates, Inc. "Corvil Virtual Security Expert is a natural extension of Corvil's trade surveillance and transaction analytics and will detect and monitor threat actors to increase the level of cybersecurity around trading networks."

Cara can operate as a standalone solution or can be fully integrated with a customer's security ecosystem, with support for all major SIEMs and Threat Intelligence platforms. The solution also requires no additional infrastructure for existing Corvil analytics customers. Corvil Cara will be generally available June 30, while existing customers of Corvil trading analytics can access the solution from the Corvil customer portal.

Corvil was recently awarded for its commitment to innovation by the FinTech Breakthrough Awards, which recognized Corvil's Security Analytics with the highly competitive "Best Financial Transaction Security Platform" award. The firm believes its expanding security portfolio will support its strong growth trajectory, which in the past 12 months saw a 36 percent increase in revenues as well as expansion of its customer base into emerging markets such as Mexico, Brazil, and Indonesia. The firm has also continued to evolve and enhance its solutions, such as software-defined sensor technology to extend its real-time visibility and forensics in the cloud.

About Corvil

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.

[1] The Securities and Exchange Commission (US)

"SEC says cyber security biggest risk to financial systems"

A former member of the World Bank's security team, Tom Kellermann, who is now chief executive of the investment firm Strategic Cyber Ventures LLC, called it "a historic recognition of the systemic risk facing Wall Street."