The retailer on line must take a Pro-Active stance to the criminals, it is no longer sufficient to just rely on firewall protection and authentication solutions, a third layer is required and this is behaviour analytics to prevent business logic abuse. Andy Chandler, SilverTail Systems EMEA Commercial Director, said ever since we saw the WikiLeak revenge attack back in late 2010, etailers here in Europe have been knocking on our door, our unique solutions help add the third layer they are looking for, without impacting their current business or customer experience. Cybercrime is changing and changing fast and with the impact to retailer and consumer coming from every angle they utilise the internet.
One Billion users are making the most of the traditional PC platform to interact with the internet, headline security breaches are still a problem for this supposedly ‘mature PC technology’. What then can be said of the latest alarming security threat posed by our increased reliance on the, by comparison, ‘immature mobile technology’? In 2010 over three billion users had access to mobile phones and it is forecasted that figure will rise in excess of four billion by the end of 2012. Security experts are stunned by the flow in technology from the PC to the Mobile Phone; one expert Jason Rouse stated last week that “Mobile Phone platform security is 10 years behind the PC technology”. Jason continues “Mobile devices are unique in that they offer one of the most potentially hostile environments imaginable for fraud prevention – privacy, compliance and data protection top the charts as the three most difficult issues facing mobile applications and those who use them”.
This is most alarming as over the past 12 months more malware for the PC has been detected than in the previous 10 years. The ‘Achilles Heel’ of most financial websites has been the emergence of the Zeus based malware attack, in the form of a Man in the Middle, Man in the Browser and most recently the Man in the Mobile attack. The criminals are not just attacking financial institutions and ecommerce websites using this malware, but only a couple of months ago the first variants of Zeus for Blackberry were detected.
Blackberry was historically ‘the tool of the corporate enterprise’ and this coupled with startling growths of Intellectual Property Fraud – the message is clear; all type of businesses now need to consider how they protect their organizational websites whether that is accessed via the PC or the Mobile Phone for information or transacting sales. The Head of CyberCrime for the UK Government, Baroness Nevill-Jones stressed last month in London that; The problem seems to be that many companies don’t like to admit they have been caught out by cyber criminals, so they don’t report fraud that’s been carried out against them. This stops the problem being dealt with because if firms are too embarrassed to admit that even they can be tricked by some of the more sophisticated forms of cyber crime, it’s harder to raise awareness, and this hampers any efforts to stamp out the problems. The Baroness went on to say “The cost to businesses of intellectual property theft was said to be about £9.2bn, while industrial espionage wasn’t far behind, at £7.6bn. Direct extortion cost businesses £2.2bn, and there were smaller losses from online theft at £1.3bn and theft of customer data which led to costs of about £1bn.” This fear of ‘reputational damage’ means that any estimates of the actual cost of cyber crime are likely to be inaccurate –and that the ‘worst case scenario’ according to Baroness Neville-Jones is actually likely to be a lot more than £27bn. Interestingly at the same briefing she said “that Cyber Crime was like terrorism, in the that more you know, the more frightening it looks.” The forward thinking businesses are realizing that a layered approach to protecting their website is the only way forward, the “3 layered” approach to internet security; two factor authentication coupled with a behaviour analytics layer. One such company leading the way in the behaviour space is Silver Tail Systems’. EMEA Commercial Director, Andy Chandler said “Our unique paradigm changing products are providing real value to three main stakeholders within businesses that use the internet”.
• Brand and Shareholder Protection
• IT Security
• Internet Transactional Fraud.
Silver Tail Systems is a leader in a new generation of fraud prevention tools that help customers quickly discover and remediate exploits, saving considerable time and resources typically spent on analysis and clean-up of damaged web-pages. Silver Tail Systems specifically addresses the security requirements of e-commerce websites through behavioral analysis which proactively identifies new and suspicious behaviour on websites or events in ‘real-time’. As the commercial race to develop new mobile phone applications across multiple different forms of commerce continues, the criminals are entering in this space; we know this is a growing market, we know the Mobile market is behind the PC space and lastly we know this is an emerging environment where malicious attacks are evolving. Websites (PC access or Mobile access) no longer have to rely on customers to report problems, as Silver Tail detects malicious behaviour in real-time and immediately sends notifications and alerts. Using easy and efficient tools for investigating exploits and suspicious behaviour there is no more culling through web logs to determine how criminals are perpetrating fraud. The Immediate response means that business owners can change business logic flows for criminals without impacting good users in real-time and without requiring engineering resources.
"With almost $3 billion in losses from e-commerce fraud during 2010, it is vital for merchants to have the best tools in place to protect their customers, their businesses and their reputations," said Timothy Eades, CEO of Silver Tail Systems. Silver Tail Systems provides third generation fraud prevention to defend websites against business logic abuse. Business logic abuse is a rising concern and extremely difficult to detect and stop. These hijack threats, velocity attacks and gaming schemes are costing companies billions of dollars per year in online fraud. Silver Tail Systems' Forensics and Mitigation products use a new generation of behavior analytics, efficient investigation and real-time disruption to track suspicious behavior and divert the attempted intrusion, leaving legitimate users unaffected.
The world largest ecommerce merchant forum last month announced; In an effort to recognise the most innovative payment, fraud and security tools in electronic commerce, the Merchant Risk Council (MRC) honored Silver Tail Systems, Inc. as the winner of the first Emerging Technology Awards (METAwards) In Las Vegas.