MELVILLE, N.Y.--(BUSINESS WIRE)--Verint® Systems Inc. (Nasdaq: VRNT), and Taipei Fubon Bank have been awarded The Asian Banker Financial Technology Innovation Award for The Best Cybersecurity and IT Risk Management Initiative for 2018.
The award was presented for the implementation of Verint’s Cyber Security solution for the cyber security operations center (SOC) that leverages machine learning and behavioral analytics to detect threats across the full cyber-attack kill-chain. The system is designed to automatically detect and investigate every alert to provide greater visibility of cyber-threats, empower security analysts and accelerate remediation.
“To counter the incessant threat of cybercrimes, we sought a new paradigm for cyber defense that would enable analysts to have deeper and more accurate information for a better understanding of security incidents,” said Hsiao Min-Hu, CIO of Taipei Fubon Bank. “We strived to become less reliant on analysts for detection and introduce more automation into our security processes.”
Fubon is one of the top Financial Services companies in Taiwan, with major subsidiaries across East Asia. Verint’s solution is deployed across five different sites in Taiwan, Hong Kong, Vietnam and Singapore. Through its threat detection and automation capabilities, the system fuses an average of 2,000 daily alerts into a few manageable security incidents. Investigation times were reduced by 80%, bringing down the average time for a confirmed malware detection from days to a matter of hours.
Verint’s Intelligence-driven SOC is tailored to meet the needs of governments and critical infrastructure providers, with a combination of technology, cyber domain expertise, intelligence methodology and professional services to streamline SOC operations. It is designed to automate cyber investigations with Autonomous Virtual Analysts that continuously investigate every alert and focus cyber analysts on the critical security incidents. Verint can provide organizations with full visibility into cyber threats and accelerate the path to remediation with the combination of detection and forensics across networks and endpoints, cyber threat intelligence, and a unified investigation platform.
“Verint has delivered greater visibility and tangible improvements in security operational efficiency, reducing the time required to address each threat,” continued Hsiao Min-Hu. “We aim to continue to build on automated machine learning and Artificial Intelligence to accelerate identification of cyber threats and their related movement through the organization.”
“The award is recognition of Verint’s advanced artificial intelligence technology and the tangible benefits to cyber security operations in terms of reducing manual effort and reducing time to confirm malware detection,” says Elad Sharon, president, Verint Cyber Intelligence. “We created a close partnership between Verint and Fubon’s security team to deliver the technology and domain expertise they need to ensure they are protected at the highest levels.”
About Verint Systems Inc.
Verint® (Nasdaq: VRNT) is a global leader in Actionable Intelligence® solutions with a focus on customer engagement optimization, security intelligence, and fraud, risk and compliance. Today, over 10,000 organizations in more than 180 countries—including over 85 percent of the Fortune 100—count on intelligence from Verint solutions to make more informed, effective and timely decisions. Learn more about how we’re creating A Smarter World with Actionable Intelligence® at www.verint.com.
Verint and Taipei Fubon Bank were awarded The Best Cybersecurity and IT Risk Management Initiative for 2018 at The Asian Banker Financial Technology Innovation Awards ceremony held in May 2018.
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2018, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2018, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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