Corvil today announced a cybersecurity solution specifically designed to address the unique security needs of today’s electronic trading businesses looking to solve escalating concerns over cyber attacks while demonstrating compliance with evolving regulations.
Powered by sophisticated machine learning algorithms, Corvil “Cara” acts as a virtual security expert that autonomously identifies vulnerabilities and possible attacks within trading environments that often process trillions of dollars’ worth of transactions daily.
In a backdrop where the US Securities and Exchange Commission recently cited cybersecurity as the biggest risk facing the financial system,1 Cara is the first and only solution to bridge the gap that traditional security solutions have been unable to fill. Given the highly automated nature of electronic trading businesses today, there is a high sensitivity to performance impact. Cara is deployed with zero compromise to trading system and infrastructure speed, agility or performance, which is so intrinsic to the most successful electronic trading businesses.
Cara works by providing specialized protection for the trading environment in tandem with Corvil’s existing analytics appliances. It applies machine learning algorithms to determine and benchmark the normal behavior of activity seen on the network. It then runs multi-dimensional security analytics that detects patterns of compromise, and pinpoints the most important issues for investigation. Cara’s daily cybersecurity intelligence report includes a cyber risk assessment score consumable by c-level executives and outlines the insights required by CISOs and security teams for detailed forensic investigation and response.
Cara is the only security solution that discovers and makes sense of the specific user and business context of all trading sessions, market data streams and other traffic, thereby continually improving the relevance and quality of detected anomalies. This allows it to reduce the prevalence of false positives and provides contextual information that eliminates much of an analyst’s investigative workload by automatically running assessments that they would otherwise carry out manually. Reducing a security team’s investigation time means the ability to more quickly apply expertise to mitigate risk.
“Corvil is deeply embedded in the financial markets industry as our technology watches over electronic executed transactions with a daily value in excess of $1 trillion. We know data exfiltration, data privacy and mitigation of ransomware attacks remain a top priority for CISOs and c-level executives in the financial markets sector, and we are committed to leveraging our expertise and innovate to support their challenges,” said Corvil CEO, Donal Byrne. “We are confident that Cara’s ability will significantly bolster these businesses’ security posture which in turn will provide important assurances to boards of directors and stakeholders concerned with business continuity and risk management.”