Veracity Trust Network, a cybersecurity company founded in Yorkshire in 2016, has been awarded a $1m grant to deliver the next generation of bot defence technologies using AI.
The CyberCall grant of $1m has been awarded by the Cyber Security Agency Singapore (CSA) through the Cybersecurity Co-Innovation and Development Fund (CCDF).
The grant will be used to develop and deliver advanced malicious bot detection in collaboration with one of world’s largest fashion retailers.
Nigel Bridges, group CEO at Veracity Trust Network, 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.”
Veracity was selected based on its ‘Beyond the Edge’ technology that utilises real-time behavioural analysis to detect and block even the most complex bots.
Veracity’s data shows that approximately 30 per cent of all website visits are malicious bots looking to do harm.
The grant will be used to develop and deliver the next generation of this technology, which will provide advanced malicious bot detection tailored to the eCommerce company’s operations.
Veracity was selected based on the efficacy of its platform that utilises real-time behavioural analysis to detect and block even the most complex bots.
The CCDF’s CyberCall grant encourages collaborations between cybersecurity companies and end-users by facilitating the matching of industry proposals to end-user challenges and supports the co-development of innovative cybersecurity solutions in Singapore.
Veracity group CTO Stewart Boutcher, who has overall responsibility for the APAC region, was presented with the Cybercall Innovator award by David Koh, Commissioner of Cybersecurity & Chief Executive of CSA.
Boutcher, who is primarily tasked with leading the project for Veracity, commented: “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.”
Veracity Trust Network has offices in London and Singapore.