Cybersecurity solutions from Switzerland on high demand

The increasing partnerships between Swiss cybersecurity startups and different organisations are a demonstration of the growing demand for securer solutions to accelerate digital transformation. The partnerships are starting to bear fruit with new solutions being launched on the market. Examples include a Payment Fraud Prevention app and secure method for long-term Ethereum 2.0 staking, among others.

Whether its an organisation, government or private individuals, users of information technologies are increasingly exposed to the risk of online attacks, which may have a deleterious impact. However, to achieve a securer environment, there is a need for more alliances between and among businesses, society, and government to delay new solutions that will facilitate safer execution of digital processes. First steps are already being taken inspired by Swiss cybersecurity startups. Some of the solutions resulting from these partnerships are now available in the market.

Among them are the following: 

Payment Fraud Prevention app
Yverdon-based NetGuardians and Finestra have launched NetGuardians' Payment Fraud Prevention app on Finestra’s open development platform. The app uses artificial intelligence to detect fraudulent payments in real-time and reduce fraud losses proactively. NetGuardians' operational experience shows that compared with traditional anti-fraud offerings the software reduces the number of false positives by up to 83 percent, resulting in bank staff spending an estimated 93 percent less time investigating suspicious payments. 

The app uses AI and machine learning to analyze customer behaviour and accurately score payments for fraud. The solution will enable banks to tackle payment fraud challenges by detecting suspicious payments from social engineering techniques or scams and reducing their fraud losses while blocking fewer legitimate customer payments than traditional rules-based fraud detection engines. The app is pre-integrated with Finastra's corporate payments, cash management and retail banking solutions. A handful of customers have already selected the pre-integrated app to fight payment fraud more effectively. 

Ethereum 2.0 staking solution
Securosys, a leader in cybersecurity, encryption, and digital identity protection together with ConsenSys, the leading Ethereum software company, have launched a seamless and secure method for long-term Ethereum 2.0 staking. To validate transactions on Ethereum 2.0, stakers need to stake ETH conveniently and create their Eth2 withdrawal keys with the assurance that they are safe from all types of attacks and failures during the first transition phase from Proof-of-Work to Proof-of-Stake, which could happen this year.

The partnership provides the possibility to create Ethereum 2.0 withdrawal keys in Securosys Hardware Security Modules (both on-premise and as a cloud service) directly from the ConsenSys Codefi Staking API. The keys are never exposed to Codefi nor Securosys, and the stakers retain full control and legal ownership of the keys. ConsenSys’ Codefi Staking provides a user interface for depositing ETH to the Eth2 Beacon Chain and removes the challenges of operating independent validator nodes. Codefi Staking will rely on Teku, ConsenSys’ Eth2 client for institutional staking.

Integration with the Securosys ecosystem brings the highest security level to the process, as stakers can seamlessly create keys directly in the Primus Hardware Security Modules (HSMs) and protect them with Securosys’ key control mechanisms. There are multiple authentication and authorization levels that ensure that the stakers do not relinquish control over the Eth2 withdrawal keys.  

Two further partnerships have also established to offer safer solutions.

Digital signature management solution
The startup Sysmosoft and Entrust allied to provide a comprehensive solution for digital signature management. Under the agreement, the Sysmosoft document signing workflow is available as an add-on to Entrust digital signing solutions. This comes as enterprises and governments respond with the deployment of high-assurance document signing to streamline customer onboarding, high-trust agreements and approvals, application forms and more. It is critical to managing digital signatures to facilitate compliance with regulations like eIDAS in the European Union, and other corporate governance and audit requirements. 

Sysmosoft is a provider of trusted and regulated solutions for digital processes, specializing in implementing transaction-based business processes across industries, including financial, government and education. Entrust offers a breadth of digital security and credential issuance solutions at the very heart of all these interactions. The company boasts more than 2,500 colleagues, a network of global partners, and customers in over 150 countries.

Quantum-secure privacy-preserving computing on encrypted data
Inpher, a cryptographic Secret Computing® company that powers privacy-preserving AI and analytics and Cornami, focused on deploying intelligent computing in real-time environments and collaborating on delivering commercially viable Fully Homomorphic Encryption (FHE) functionality to the market. FHE has long been described as transformative for data privacy and cloud security as it enables computing on encrypted data sets, thereby keeping the underlying data secure. However, existing FHE algorithms are computationally intensive and often considered not yet practical for real-world applications.

The two companies will overcome such limitations by enabling Inpher’s advanced cryptographic products, in which data remains protected while being processed, to execute on the Cornami computing platform. Cornami’s unique next-generation post-von Neumann architecture enables massive parallelism and pipelining capabilities at scale, delivering compute-intensive FHE for commercially viable real-time products and services.

(Press release/RAN)