Left to right: Marc Halbfinger,CEO of PCCW Global, and Yiannis Giokas, founder and Chief Executive Officer of Crypteia Networks.Credit to PCCW Global.
PCCW Global, the international operating division of Hong Kong's telco HK, has acquired Crypteia Networks in a bid to help its customers boost their cyber security efforts.
Headquartered in Athens, Greece, the security-as-a-service solutions provider helps organisations detect and respond to new breed of cyber threats.
The procurement will see PCCW Global offering Crypteia Networks' solutions as part of its managed network services portfolio to its customers worldwide. "With the acquisition, PCCW Global can provide a secure communications channel for customers accessing and protecting their valuable assets via a service chain of managed network transport and connectivity, content delivery, and network security, which will become increasingly integrated over time," said Marc Halbfinger, PCCW Global's CEO.
Today's state of cyber security
According to market analyst IDC, the worldwide Threat Intelligence Security Service market is predicted to be worth US$1.4 billion by 2018.
Cyber threats today can vary from data theft to attacks traditionally executed by cybercriminals to cyber terrorism, which targets critical infrastructure. "Existing security solutions such as firewalls, antivirus, and intrusion detection systems are insufficient for this new breed of threat," said Halbfinger. "These traditional perimeter and network security measures rely on the threat having been previously identified and analysed, whereas the new breed of attacker is completely new and never-before-seen."
Since cyber threats today are not isolated, responses can't afford to be segregated either, added Halbfinger. There is thus a need to "build and run real-time predictive security solutions, and monitor multiple sources of threat intelligence." However, it can be complicated to do so, especially with increasing regulatory scrutiny and compliance requirements, which require organisations to "ensure that that they have taken all possible steps to protect and audit the integrity of their IT systems and data."
Understanding this need and challenge, Crypteia's MOREAL reporting and alerting platform with Security Incident and Event Management (SIEM) features is designed to be cloud-based and can be used with any operating environment. MOREAL correlates and analyses customer network data, global network data, and aggregated threat intelligence, to identify potential advanced threats.
Yiannis Giokas, founder and CEO of Crypteia Networks, added that MOREAL is "non-intrusive" since it uses data logs that most companies are already generating. The solution also does not require additional hardware and software, which means that organisations "neither have to change the way they are currently operating, nor make large and costly purchases in order to institute appropriate protection and analysis."
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