PRODAFT set to fasten expansion

Businesses are adopting the latest cybersecurity applications to protect their operations, and avoid reputational or financial damage. They use next-generation firewalls, cloud access security brokers (CASBs), and new AI-based security among other tools to avoid phishing, malware and ransomware attacks. But, these only protect against identifiable threats or patterns. PRODAFT's solution innovates by digging deeper into the dark net and the code behind criminal attacks to predict adversaries' next moves.

The growth of state-sponsored attacks

Businesses face a growing threat from cybercrime and criminal gangs focused on creating professional-level crime tools. To prevent a possible major incident, it is vital to monitor hackers' activities in the dark web and the internet. However, that is not enough to identify the most skilled hackers.

PRODAFT gained kudos and popularity in recent years by revealing the internal details of several major cybercrime groups. The published reports demonstrate the sophistication of these highly-technical cybercrime groups and their sponsors. They also demonstrate the knowledge, skill and technological superiority of the PRODAFT team in focusing on how these hackers work and not just on the tools they use. This achievement has shown the team capabilities as a Swiss company within a market dominated by the U.S. and Israel.

The success of PRODAFT's solution

Managing director Mr. Alptekin explains PRODAFT's underlying technology in simple terms, with the objective of understanding the complexity of hackers' infrastructure. "We process terabytes of data per second that are carefully extracted from all cybercriminal communication channels. Even if they use VPNs or private networks, that does not stop us from identifying their next targets among the flow of messages."

The company successfully prevented more than thousands ransomware incidents, alerting businesses before hackers could encrypt the victims' data. The company collaborates with the relevant authorities to inform victims, and in most cases, an attack is prevented before any reputational or financial loss. 

Business keeps on growing

On the business side, PRODAFT recently launched another office in the Hague to expand into BENELUX and the Northern European market. The startup operates mainly in the finance sector as the security awareness of banks is relatively higher than in other verticals. However, it currently has more than 200 large enterprises from different verticals. Some of its customers are from the e-commerce, aviation, energy, IoT, and insurance sectors. According to their observation, cybercrime and the cost of cybercrime keep increasing disproportionately. The global threat intelligence market is anticipated to reach 12.6 billion by 2025, but more interestingly, most cyber security providers also require threat intelligence to keep ahead of the competition. That's why the team also collaborates with other SOC providers and MSSPs.

Today PRODAFT is developing a new product (SDK) to detect fraud activities on mobile phones. The SDK is designed with the request of one of its existing retail banking clients, and currently, it's running on top of more than 10 million devices. After winning Tech4Trust Award in April, the startup is actively looking for strategic partners in Europe to fasten its expansion. PRODAFT can count on a team of 55 cyber security experts and including the management (co-founder and its CEO), six people are working directly under the Swiss HQ in Yverdon.

(ES)