FICO has been investing heavily in cybersecurity analytics and related software solutions, including proof-of-concept partnerships over the last 18 months. This work has met with a tremendous reception as we presented it to prospective partners, clients and industry analysts. Not surprisingly, given our deep expertise and IP assets in fraud, our approach goes a long way to untangling the deeply intertwined problems of cybercrime, data theft and subsequent fraud.
We have just announced our first solution, FICO® Cyber Security Analytics. We have leveraged our formidable arsenal of unique assets — including our streaming data infrastructure, patented profiling technology and self-learning analytics — to create a solution that closes the gap left by today’s cybersecurity solutions.
That gap is illustrated by the chart below. The current approach of gathering data on a compromise, developing a threat’s “signature” and then using that signature to protect against future threats, results in massive time delays. Our analytics, by contrast, identify emerging threats as they come on the scene by identifying anomalous patterns using our unique real-time analytics. This has the potential to be a game-changer.
As major data breaches continue, and Anthem takes its place on the list of high-profile victims alongside Target and Home Depot (Target data breach price tag: $252 million and counting), interest in advancing cyber security rises. The White House hosted a Cyber Security Summit at Stanford last month, and FICO CEO Will Lansing was among those invited to participate. Vickie Miller, the Senior Director of Product Management for Cyber Solutions, and Jeff Norem, who oversees information security at FICO, took part in a related event at the Federal Reserve Bank of Minneapolis, hosted by the FBI and the Secret Service. This shows the recognition for FICO’s leadership at the very top of the U.S. government.
Cyber security is one of our top priorities this year. Watch for more exciting news as we bring proven technologies from fraud detection to cybersecurity. After all, isn’t it about time your business was as well protected as your credit card?