W&F December 2017

www.wealthandfinance-news.com 20 Wealth & Finance International - December 2017 Cyberlytic is a cyber security company with offices in London and Belfast. Its founders formed the business using research they conducted for the UK Ministry of Defence and GCHQ. Businesses within the financial services sector and wealth management in particular, benefit from the company’s products because they support regulatory compliance requirements, such as PSD2 and GDPR. IT and security teams welcome the easy install and zero maintenance approach that is made possible by Cyberlytic’s threat detection tool. AI-powered detection and triage provide an advanced layer of intelligence that keeps the hackers out. The team tell us more about the services that the firm offers and its products, as well as the typical clients they deal with in this ever-evolving industry. “Firstly, web attacks, such as SQL injection, are targeting financial services and wealth management businesses due to the valuable data that is stored behind a website or other web application. The recent successful attack against Equifax is an example of the type of attack we’re dealing with, and could have been prevented with better detection and prioritisation tools in place. Our products use artificial intelligence to detect web attacks and immediately differentiate between those that are benign and those that will compromise your data. “Wealth management businesses that have digitised their services are now key targets for hackers operating remotely. Hackers want the personal and financial information held behind website portals to sell to other criminals. Data is the new gold! It is therefore critical that businesses protect themselves through a layered defence. This is magnified with the introduction of GDPR. Transparency and early threat detection is now mandatory with fines for non-compliance becoming a serious risk owned by the Board. Under GDPR, the most serious violations could result in fines of up to €20 million or 4 per cent of turnover (whichever is greater).” Dealing with an assortment of clients, the team tell us why London is the ideal hub for the firm, noting its reputation for tech start-ups and also the innovative companies which are based in the area and work well with the business. “London has a very good reputation for tech start-ups looking for investment and wider support. We feel very lucky to have been supported by groups such as CyLon, UCL and Cisco who are helping to accelerate start-ups. Forward thinking financial service companies are impressed with our advanced but low maintenance approach to web application security. They are often excited to work with emerging technologies and see the benefit in ensuring they have the highest levels of security for their customers. “Customer satisfaction is a key aspect of our success. We like to work closely with our clients, providing them with a hands-on approach if they require it. Also, we are always looking at ways we can improve the product, so we try to gather feedback from customers constantly that can feed into the product roadmap.” Outlining Cyberlytic’s mission, the team tell us what steps the company take in order to achieve this. Reducing the workload of others is an obvious and key aim of Cyberlytic, as well as reducing response times for their clients, with everyone reaping the benefits of Cyberlytic’s expert services. “Essentially, Cyberlytic was founded on the belief that applying artificial intelligence within cyber security should enable security teams to be more efficient and reduce the demand on security teams. We create efficiency by using our team’s expertise and understanding of cyber threats, together with data science to utilise unsupervised and semi-supervised machine learning algorithms that correlate the data to a definition of sophistication, capability and effectiveness. We want to reduce the workload of security teams and enable them to focus on the most dangerous attacks; decreasing response times currently measured in months, to seconds.” With the firm’s mission set out, there is a lot of positivity regarding the future of Cyberlytic. “Moving forward, we will continue to work with the UK Ministry of Defence, supporting cyber research and development programmes in the AI space. We always learn from these contracts and commercialise the technology to be available to the businesses we supply.” Cyberlytic provides advanced yet easy to deploy and maintain cyber security software that detects and prioritises web attacks. We profile the firm and speak to the team at Cyberlytic as we look to find out about the achievements of the firm. AI for Web Security 1711WF05 Company: Cyberlytic Address: IDEAL, 69 Wilson St., London, EC2A 2BB, UK Phone: +44 (0) 2032900011 Website: www.cyberlytic.com