Group-IB, one of Skolkovo’s international companies that specializes in protection against and prevention of cyberattacks, has been awarded with the prestigious Innovation Excellence prize from the global research and consulting agency Frost & Sullivan. The prize was awarded for the company’s solution – Digital Risk Protection (DRP) – for detecting and eliminating digital risks and countering attacks that use brands illegally. According to data from Group-IB, the majority of Internet fraud (59%) takes place on social media. Fake websites come second in terms of the number of violations (23%), and mobile apps (6%) created by scammers take third place.
Image: Group-IB Digital Risk Protection.
The Innovation Excellence prize is awarded to companies that have become leaders in the “Frost Radar: European Digital Risk Protection (DPR) Market, 2020” analytics report, which rates the implementation of innovations, R&D, reports on global trends, growth dynamics, product concept, company strategy, revenue growth and market positioning.
According to Frost & Sullivan data, Group-IB occupies 18.5% of the European market for digital risk solutions, protecting leading international companies from having their brands used illegally online.
“With its headquarters in Singapore, Group-IB occupies a large portion of the European digital risk solutions market – 18.5% in 2019,” the Frost & Sullivan report stated. “Group-IB is protecting leading Fortune 500 companies and also key cryptocurrency exchanges in Europe. Thanks to the synergy of machine learning and analysts’ work, the company is efficiently identifying, classifying and blocking malicious links, without affecting legitimate resources. The company’s innovative potential and product development strategy, which is client focused, has encouraged continued customer subscriptions to the product – around 96% of the total client number.”
Brand fraud – the most widespread cybercrime
According to Frost & Sullivan’s “Frost Radar: European Digital Risk Protection (DPR) Market, 2020,” digital transformation in business has brought about a new wave of cyberthreats online, one of the main ones being illegal brand use for internet fraud. According to Group-IB’s estimate, 54% of all cybercrime during Q1-Q3 2020 comprised attacks and fraud involving illegal brand use.
Group-IB specialists split DRP-related crime into two large categories: phishing resources which gather victims’ login information or payment details (16%), and online fraud designed to manipulate users into voluntarily transferring their money to scammers via online transactions, compensation claims, prizes or fake promotions from famous figures and brands (38%).
Group-IB DRP analysts regard personalized tools and targeted attacks as the main trend in online fraud. By attacking a specific pool of victims, scammers increase the conversion rate; to reduce the chances of detection and of their infrastructure being blocked, they use personalized links that display content to just one user. Personalized links are still a source of analytics data for criminals; information that users enter on fraudulent websites is saved and can then be transferred to the URL of a web address to automatically fill personalized forms during the subsequent stages of the fraud.
A key part of this trend is that scammers are using channels that have targeting and personalization functions in order to attract more traffic. Most victims fall into the scammers’ trap through ads and personal messages in social media, emails, and messengers.
New challenges, such as the personalization and automization of attacks, are significantly complicating the ability to detect fraud schemes and hacker infrastructure; they are also simultaneously changing the requirements for DRP systems. The problem is compounded by the fact that corporate cybersecurity experts are overloaded with internal tasks and do not always have the resources to monitor external digital threats. According to the Frost & Sullivan report, to have a full map of digital risks on the internet, companies should use DRP-class solutions.
AI against digital risks
The Group-IB Digital Risk Protection platform is built on artificial intelligence and allows you to proactively detect fraud and neutralize the hackers’ infrastructure while the attack is still in preparation. Group-IB’s Digital Risk Protection algorithms were developed based on years of experience in protecting over 350 brands around the world. It uses Group-IB’s cyberthreat analysis technologies, which are supported by over 30 patents globally. Analysts working with Group-IB Digital Risk Protection gain access to a fully automated Group-IB network graph for instant data correlation and attack mapping with concrete criminal groups. The graph analysis allows you to find related parts of the hackers’ infrastructure, such as dormant domains that the attackers are preparing to use or web pages aimed at different brands; this significantly improves the monitoring results and helps prevent fraud.
To automate detection and classify different types of violations, Group-IB Digital Risk Protection uses neural networks and multiple scoring, which the company’s analysts update continuously. With the help of Group-IB’s DRP, 85% of illegal brand use violations are eliminated preemptively.
“The Innovation Excellence prize from Frost & Sullivan company is an important event for the DRP team and for Group-IB as a whole,” said Andrey Busargin, the deputy CEO of global risk protection at Group-IB. “With the increased threat of personalized online fraud and attacks using brands, DRP-class solutions should adapt as much as possible for each specific client. The Group-IB Digital Risk Protection system is built based on the experience of Group-IB’s DRP analysts, who constantly enhance the product with data on new fraud trends that target specific industries. DRP allows clients to efficiently manage external digital risks thanks to an array of tools that are necessary to monitor any violations in real-time.”