- Tech Insights
Insider threats are now the fastest growing cybersecurity concern in any industry. Further, it has been observed that 60-percent of security breaches are caused by an organization’s own employees. Armed with this insight, Larry Thompson, CEO of Veriato, has worked to pivot the company’s technology and messaging approach from an employee monitoring software to an industry leading solution for actionable user behavior analytics and user activity monitoring.
Thompson brings more than two decades of leadership and management experience with domestic and multi-national corporations and his vision has helped the company to realize a bigger potential. His vision has changed the course of Veriato’s development, positioning the company to evolve at an unprecedented rate.
" It’s true that bad actors are always learning, growing and becoming more devious, making it even more critical for us as software providers to continue to advance faster than the threats they pose. "
According to Thompson, security is a powerful, yet intangible component in any workplace, making it difficult to communicate its true value to customers. But the value of security is immense and the consequences of ignoring it are dire. Each year, companies spend billions of dollars to streamline the manufacturing process to increase profits, without paying attention to the fact that these new production facilities may be located in countries that have little or no IP protection laws. Within weeks, a company’s secrets can be leaked to produce generic counterfeit products, creating a huge problem for organizations everywhere.
Veriato specializes in curbing insider threats by applying insight and actionable intelligence to the activities and behaviors of users: employees, contractors, and those who seek to steal their credentials. Thompson’s forward thinking nature has not only helped Veriato to evolve, but has also helped customers better understand the value that Veriato’s technology can deliver, creating a safer, more secure business environment.
Veriato is creating a difference in the market by developing Insider Threat Detection technology that gives companies visibility into, and an understanding of, the human behaviors and activities occurring within their network – thus curbing the threat of breach from insiders. The analytics provided through Veriato software helps businesses to identify meaningful anomalies in resource access, data movement and user behavior — that occur during insider attacks. The behavioral patterns in Veriato’s system monitors and provides an unprecedented level of visibility into the online activity of users allowing companies to enact a robust data protection strategy.
In a working example, Veriato’s Insider Threat Detection technology helped Miami-based wholesale and e-commerce distributor JEG & Sons identify and recover $1.2 million of product stolen via employee theft. The data captured by Veriato provided the clear evidence of the wrongdoings, which police used to later capture the individuals involved and recover the stolen property. This was a 2,400-percent return on investment for JEG & Sons. Additionally, Veriato has helped thousands of companies win Trade Secrets violation and IP Theft cases worth hundreds of millions of dollars all over the world using uncontested evidence generated by Veriato software.
Looking forward, Veriato will continue to innovate and find new ways to differentiate itself in an ever-changing market landscape, developing new technologies to address new problems. The company predicts that 2019 industry trends will include mass awareness and adoption as the scope of the security risks posed by insiders is realized. Veriato intends to stay ahead and keep their customers one-step ahead when it comes to securing data and intellectual property.
“It’s true that bad actors are always learning, growing and becoming more devious, making it even more critical for us as software providers to continue to advance faster than the threats they pose,” said Thompson. “We will continue to provide our customers with solutions that are developed with tomorrow’s security in mind.”
Veriato provides employee activity monitoring and behavior analytics software for business, government, and education.