A Leeds cybersecurity company has sealed a grant with more than £580,000 to deliver new tech to help ecommerce retailers in Singapore.
Veracity Trust Network has been awarded the CyberCall grant of $1m Singapore dollars – which amounts to around £585,694 – from the Cybersecurity Co-Innovation and Development Fund (CCDF).
The grant, awarded by the Cyber Security Agency Singapore (CSA), will be used to develop and deliver advanced malicious bot detection in collaboration with one of world’s largest fashion retailers. Veracity was selected because of its Beyond the Edge technology, which uses real-time behavioural analysis to detect and block complex bots.
Veracity’s data shows that around 30% of all website visits are malicious bots looking to do harm. The grant will be used to develop and deliver the next generation of the technology, which will provide advanced malicious bot detection tailored to the ecommerce company’s operations.
Nigel Bridges, group CEO at Veracity Trust Network, said the issue of malicious bots is become a growing menace, with more and more bots seeking to steal data, set up fake accounts, disrupt inventory and plant ransomware.
Mr Bridges said: “The problem of malicious bots is serious and getting worse as technology advances. It’s a major issue that is growing in scale, sophistication and damage, with serious negative impact on all online organisations. In general, the eCommerce industry has been losing this particular arms race. Veracity was created to try to break the cycle and get ahead of malicious actors. This has clearly been recognised by the CSA, and we are honoured to have been selected by them.”
The CCDF’s CyberCall grant encourages collaborations between cybersecurity companies and end-users while supporting the development of innovative cybersecurity solutions in Singapore. Veracity group CTO Stewart Boutcher, who has overall responsibility for the APAC region, was presented the Cybercall Innovator award by David Koh, Commissioner of Cybersecurity and chief executive of CSA.
Mr Koh said: “Innovative Cybersecurity companies are vital to a thriving Cybersecurity ecosystem. My warmest congratulations to the winners of the 2023 Cybercall: all these companies are pushing the boundaries of cybersecurity innovation.”
Mr Boutcher added: “Working on the CyberCall project with CSA has been critical to support our innovative approach in using AI and machine learning to detect and prevent even the most sophisticated human-spoofing bots for a common good. Being at the heart of the Singaporean cybersecurity ecosystem will aid our continued goal to ensure we stay ahead of the bad actors that produce these malicious bots.”
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