The Cyber Security Agency Singapore has awarded cybersecurity company Veracity Trust Network a SGD1 million Cybersecurity Co-Innovation and Development Fund CyberCall grant.
The grant will be used to develop and deliver advanced malicious bot detection in collaboration with one of world’s largest fashion retailers. Veracity was selected based on its beyond the edge technology that utilises real-time behavioural analysis to detect and block even the most complex bots.
Veracity’s data shows that approximately 30% of all website visits are malicious bots looking to do harm. The grant will be used to develop and deliver the next generation of this technology, which will provide advanced malicious bot detection tailored to the eCommerce company’s operations. This is a large and growing menace as these bots seek to steal data, set up fake accounts, disrupt inventory, plant ransomware, and so on. Veracity was selected based on the efficacy of its platform that utilises real-time behavioural analysis to detect and block even the most complex bots.
“The problem of malicious bots is serious and getting worse as technology advances,” said Veracity CEO Nigel Bridges. “It’s a major issue that is growing in scale, sophistication and damage, with serious negative impact on all online organisations. In general, the eCommerce industry has been losing this particular arms race. Veracity was created to try to break the cycle and get ahead of malicious actors. This has clearly been recognised by the CSA, and we are honoured to have been selected by them.”
The Cybersecurity Co-Innovation and Development Fund’s CyberCall grant encourages collaborations between cybersecurity companies and end-users by facilitating the matching of industry proposals to end-user challenges and supports the co-development of innovative cybersecurity solutions in Singapore.
Veracity group CTO Stewart Boutcher, who has overall responsibility for the APAC region, was presented the Cybercall Innovator award by David Koh, Commissioner of Cybersecurity and CEO of Cyber Security Agency Singapore.
“Innovative cybersecurity companies are vital to a thriving Cybersecurity ecosystem,” said Koh. “My warmest congratulations to the winners of the 2023 Cybercall. All these companies are pushing the boundaries of cybersecurity innovation.”
“Working on the CyberCall project with CSA has been critical to support our innovative approach in using AI and machine learning to detect and prevent even the most sophisticated human-spoofing bots for a common good,” said Stewart. “Being at the heart of the Singaporean cybersecurity ecosystem will aid our continued goal to ensure we stay ahead of the bad actors that produce these malicious bots.”
Veracity ‘s solution works on the client-side beyond the edge, rather than at the firewall layer. This enables its technology to analyse micro-behaviours, reducing false positives while enhancing an organisation’s cybersecurity posture. It uses artificial intelligence and machine learning to protect against sophisticated human-spoofing bots, and leverages more than six years’ worth of behavioural data gathered by the company.
