3 Cybersecurity companies of the European region

By Joy Dumasia

Cybersecurity is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. It’s also known as information technology security or electronic information security. Cybersecurity focuses on protecting computer systems from unauthorised access or being otherwise damaged or made inaccessible.

Banks, financial institutions, and FinTech companies are subject to security issues. Cybersecurity in banking is enforced through legal regulations, requiring banks to provide reliable and secure services and implement robust cybersecurity procedures and operational processes to optimise those services. FinTech startups are particularly attractive to cybercriminals who know that FinTech companies rarely invest as much money and effort in security measures as banks.

“In our digital age, remote working has increased and criminals are constantly discovering new avenues to perpetrate attacks. Statistics show that 77% of businesses deem cybersecurity as a high priority as data leaks have risen during COVID-19, which can be catastrophic to financial institutions, as user information can be manipulated by criminals to gain access to accounts and obtain money. Bank employee devices can also be targeted by phishing emails or malicious attachments that can be manipulated to gain access to the entire network.

Financial institutions must implement preventative measures against these potential cyber risks, as they are prime targets for attacks due to the quantity of confidential customer and employee data. They must also consider strategies that consider new omnichannel models, such as physical branch networks, self-service, online and mobile banking services, to protect the entire banking ecosystem in a structured, centralised, and optimised way,” shared Gaetano Ziri, Innovation Manager at Auriga.

Cybersecurity is important because corporate and financial collect, process, and store unprecedented amounts of data on computers and other devices. A significant portion of that data can be sensitive information, whether intellectual property, financial data, personal information, or other data types. The unauthorised access or exposure could have negative consequences.

The following are 3 Cybersecurity companies of the European region:

• SEON

SEON strives to help online businesses reduce the cost, time, and challenges faced due to fraud. Whether a global financial leader or a small eCommerce startup, the solution simplifies fraud management so the focus can stay on what matters, that is growing and scaling of the company.

IBS Intelligence recently reported that SEON, the fraud fighters, announced it would provide online businesses with free fraud detection for 30 days to ensure they are fully protected throughout Black Friday, a time when cyberattacks will surge.

Last year there were more than 18,000 fraud attempts on average made against each UK retailer during the Golden Quarter. It is predicted that the figure will reach 20,000 in 2021, costing each business £38,000, and SEON aims to drive this number down by making its fraud detection solution free to use in the run-up to Black Friday and beyond.

• Nethone

Nethone is a Know Your Users (KYU) company that allows merchants worldwide to better serve their clients and prevent online fraud. Nethone protects online merchants from card‑not‑present fraud and provides them with recommendations supported by a long list of arguments to optimise their business decisions. They use cutting‑edge Machine Learning technology to detect & prevent card‑not‑present fraud and account takeover. They also help online lending companies with credit scoring.

IBS Intelligence reported that Nethone, which has raised $6.7 million in the capital, notes that its passive behavioural biometrics enables online or digital businesses to prevent more than 95% of account takeovers (ATO) cyber threats or attacks been spreading across the globe at an alarming rate.

The Polish fraud fighter has been flourishing in its payment and financial application use cases, systematically proving over ten p.p. higher fraud detection precision than the other methods.

• Sysnet Global Solutions

Sysnet cybersecurity company helps build and support cyber security and compliance solutions that help businesses improve security and acquire organisations to reduce risk. This is achieved between the clients and their customers globally through market-leading software, end-to-end services and best-in-class support.

IBS Intelligence reported that Sysnet Global Solutions, a leading provider of cybersecurity and compliance solutions, have announced its acquisition of NuArx, a leading provider of PCI compliance, managed cybersecurity and digital transformation solutions, to enhance Sysnet’s technology platform further and accelerate its market expansion.

The acquisition comes when cybercriminal activity is escalating drastically, impacting businesses of all sizes. The COVID-19 pandemic has provided opportunities for cybercriminals to increase activity and innovation, a secular trend that threatens many organisations’ stability and business continuity.

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