VeriClouds is a SaaS (software as a service) provider based in Seattle and Tokyo, Japan that specializes in protecting sensitive information. Utilizing "dark web" threat intelligence and AI, it has developed a custom platform and software to capitalize on a massive unmet need in the market for detecting and preventing cybercrime around the world.

We interviewed Stan Bounev, CEO of cybersecurity firm VeriClouds, to find out more about the company's offerings and how they aid in the prevention and detection of fraud for commercial enterprises.

What Is the Mission of Vericlouds?

The company's primary goal is to prevent Identity theft at the world's largest companies and government institutions.

What Is the Key Problem That Vericlouds Is Trying to Solve?

Account takeover and fraud commonly occur due to stolen passwords. More than 80% of all reported data breaches include weak or stolen credentials; 6.3 billion passwords were stolen in 2020 alone. There is a heightened risk of fraud in the financial, governmental, healthcare, and retail industries. A data breach can cost an American business an average of $8.6 million, and often much more.

Password theft might result in an "account takeover." Account takeover is a form of cyberattack in which huge numbers of automated login attempts are made using stolen account credentials, such as lists of usernames and/or email addresses and matching passwords (often obtained through a data breach).

Over 130 million account takeover attempts are made each year in online retail establishments alone, and 70–80% of login attempts on e–commerce sites are fraudulent. The issue of fraudulent account takeover and identity theft is very real and widespread.

What Is the Technology Solution Vericlouds Provides and How Does It Stand Out?

Stopping identity theft is a difficult problem to solve. Multiple solutions need to be pieced together by businesses and governments to address the issue at hand. The answer must take into account all aspects of IT and work together seamlessly. The answer to this issue rests on three foundational tenets:

• It is necessary to examine all available information (both internal and external to the company). Usage data from network monitoring, logs, and login information are all included in the internal data. The external data consists of information gathered from the public domain and the dark web.
• It's crucial to link up with existing identity infrastructures. Our focus is not on security solutions, but rather on integrating with identification systems based on generally accepted standards. As opposed to integrating with threat intelligence, log monitoring, or other security systems, identity management systems will allow for automation.
• Detection and fixing must be automated. This is an issue that can only be addressed on a massive basis. Since identity-level automation can be applied at scale, it can be used to determine each user's intent, identify and reject malicious login requests, and let legitimate users log in without interference. Without automation, responding to cases of identity fraud requires a large investment of human capital.

How Big Is the Company’s Market Opportunity?

Multiple factors contribute to identity theft and fraudulent account takeover. Data breaches, insider attacks, phishing, dark web leaks, and weak passwords all play a role. All of these methods are employed in account takeover attacks, which are used to steal intellectual property, gain illegal access, and perpetrate payment fraud. After seeing rapid growth over the past few years, the market for fraud detection and prevention is expected to reach $107 billion by 2023, according to industry analysts.

Who Are the Customers of Your Cybersecurity Company?

Because of the existence of non-disclosure agreements, the corporation cannot reveal the identities of its customers. However, among our clients is one of the world's five largest firms as well as a number of major players in the telecommunications and information technology sectors that are publicly traded.

VeriClouds are easy to set up and provide immediate value. Our service is also helpful in the retail industry because it operates invisibly to avoid the churn and abandoned shopping carts that result when customers are forced to jump through unnecessary hoops.

What Are the Company’s Key Technology Components?

VeriClouds was founded with a focus on the cloud. The business uses Amazon Web Services (AWS) to host its SaaS offering. Multiple patents have been issued and more are in the works to protect it.

We employ Amazon Web Services and Google Cloud Platform (GCP) to power our AI-powered fraud analysis engine. The company has a cutting-edge dark web search engine and a massive database of stolen credentials (over 24 billion and counting), making it an excellent ID platform for spotting cases of identity fraud.

The company has developed technologies that may be used in conjunction with cloud computing, web services, and data storage facilities.

What Is the Company’s Business Model?

The business operates on a traditional SaaS model for enterprises, with subscriptions available on a yearly or multi-year basis. The attrition rate is minimal because clients continue to reap benefits from the expanding data set, which includes stolen credentials that are updated practically daily in the database.

Who Is the Management Team?

Members of the group hail from both Microsoft and Amazon. Information technology, cyber security, software engineering, product management, and business development are just a few of the areas where the team members excel. Additionally, the team is bolstered by a Board of Directors and advisors with extensive backgrounds in software development, cybersecurity, and identity verification.