ThetaRay, a leading provider of big data analytics solutions for unknown threat and risk detection, today announced the general availability of its operational risk solutions for financial organizations. Based on the award-winning ThetaRay Analytics Platform, the offerings protect banks, insurance companies and other financial institutions against fraud, insider threats, money laundering, cyber attacks, ATM hacks and a broad range of abnormal transaction risks -- with unmatched detection and false positive rates.
Legacy solutions that are still widely used today rely on sets of rules, patterns, signatures and thresholds to identify threats. However, burgeoning data accompanied by the increasing amount of access channels into an organization have challenged the ability of traditional defense solutions to keep pace against the ever-increasing threat of sophisticated attacks. ThetaRay offers a breakthrough in anomaly detection, employing big data analysis to automatically detect financial risks in real time.
“Conventional rules-based solutions are necessary for compliance purposes, but their inability to detect unknown risks renders them ineffective against today’s sophisticated hackers and criminals,” said Mark Gazit, CEO of ThetaRay. “In contrast, our solutions focus on detecting invisible threats, by analyzing massive amounts of data across multiple environments, systems and sources to identify any suspicious transactions taking place. This approach allows us to future-proof financial organizations against unknown threats -- even those that do not yet exist.”
ThetaRay’s Analytics Platform was created by two mathematicians and previously available only on a limited basis to the largest enterprises. It is based on sophisticated mathematical algorithms that analyze a wealth of multi-source operational and security data sources. Not only does this holistic approach enable the early detection of cyber threats; it also detects fraud indicators/patterns, suspicious cross-domain activities, and abuse in high-impact business process transactions.
Today’s most prevalent ATM threats are sophisticated attacks in which fraudsters compromise financial control networks in order to remotely manipulate massive numbers of ATMs. Because ThetaRay’s solution aggregates and analyzes data from multiple domains, including ATM machines, financial transactions and operational logs in real-time, it can automatically detect the first signs of anomalous activity that suggest an attack. This empowers banks and ATM service providers to take action and prevent fraud, ATM abuse and any customer impact.
In addition to providing protection against a wide array of threats, the solution can also be used to identify revenue opportunities for financial organizations. For example, the retail loan department of a major global bank is currently using the solution to identify low-risk loan applications and applicant groups, substantially reducing its application handling costs while increasing approval rates and revenue.
“Apart from being independent of patterns, signatures or heuristics, ThetaRay’s solution takes less than a minute to analyse the data from the moment it arrives to the time an alert is generated,” said Frost & Sullivan Aerospace, Defense and Security Manager, Yaki Baranes. “The solution is distinct insofar as it is not restricted by the number of parameters nor quantities of data it can analyze to generate meaningful results.”
The solution’s key differentiators include:
- Rapid and Accurate: Detects anomalies in seconds, enabling organizations to immediately respond, minimizing financial exposure and impact and reducing operational costs
- Low False Positive Rates: Saves time and prevents data analysts from overlooking true threats hidden in a deluge of harmless transactions
- Strengthened Immunity: Early detection of unknown risks empowers existing systems with new risk identifiers
ThetaRay is a leading provider of a big data analytics platform and solutions for advanced cyber security, operational efficiency, and risk detection, protecting financial services sectors and critical infrastructure against unknown threats. ThetaRay’s core technology is based on state of the art algorithms, which power its proprietary Hyper-Dimensional, Multi-Domain Big Data Analytics platform. Organizations whose operations rely on highly heterogeneous and complex environments leverage ThetaRay’s unmatched detection and low false positive rates as a see-all power that enables them to unify detection and defeat the unknown.