Hacking is a major issue facing enterprises of all sizes. Cybersecurity Ventures' Official 2016 Cybercrime Report estimates that cybercrime could cost $6 trillion by 2021.
To protect against these dangers, Hilltop Cybersecurity Inc. (CYBX:CSE; BGGWF:OTC.MKTS) has created CYBR-EPM, a full-featured enterprise portfolio management (EPM) application that uses blockchain technology to provide an unhackable ledger for financial transactions. The application enhances accountability and auditability while tracking capital and operating expenditures. Some of the high-level key functions are project management, financial management, contract management, data and system integration, auditing and compliance, reporting and collaboration and document management.
"This product represents a tremendous opportunity to help companies address the important area of cybersecurity in their project management endeavors. As DevOps, AGILE development and other technologies move companies faster than ever, it is important to remain vigilant about the cybersecurity implications of those and other new paradigms. Without cybersecurity controls baked in, an asset management application could open an organization to exploitation by concentrating valuable information in a way that is vulnerable to a cyberattack. Our new product will address this glaring security gap," explained Hilltop CEO Corby Marshall.
Of no less importance are anomaly detection, blockchain memorialization and portfolio security. Anomalies can be detected automatically by the EPM application when defined business rules are not followed. Business customers can define their own parameters to detect deviations very quickly.
Blockchain technology is used for documenting transactions, updating project and portfolio data, and digital approvals. Smart contracts are used to update the blockchain, which also memorializes data, and non-repudiation is a benefit of using the blockchain technology. Blockchain also makes the system more secure by adding time stamping, encryption, hashing and verification by multiple nodes.
The EPM solution is an offshoot of Hilltop's security business. The company was founded by former military security experts and has top-secret clearance and works with government agencies.
Hilltop's new EPM solution has already generated interest from a number of potential large business customers. Governments, mining, transportation, oil & gas, utilities and other capital-intensive organizations represent potential customers for the EPM product.
Security remains a priority for Hilltop and, in addition to CYBR-EPM, it recently tested its prototype for an early warning system for advanced cyberthreats. It is part of the existing Vauban cybersecurity platform, which is used by small and medium-size businesses to manage cyberattacks.
The early warning system constantly scans for attack indicators by searching for instances of Lateral Movement, Privilege Escalation, Command and Control, and Persistence. If a threat is detected it is managed by Vauban's incident response engine. This contrasts with existing cybersecurity software that scans for known dangers.
In addition to software programs, Hilltop has created a Cyber Marketplace to provide training in cybersecurity, to fill a void the company sees in the market. According to the company, "The Hilltop Cyber Marketplace (hilltopcybermarketplace.com) will help people of all ages retrain and obtain the skills for a new career path that includes cybersecurity. . .The Cyber Marketplace will train and equip the professionals needed on the front-lines of the ongoing cyberwar between attackers and the organizations struggling to protect themselves."
Hilltop's cyber-marketplace will provide cybersecurity education, through free training, computer-based training or in-class training. The educational branch will allow new professionals to get cybersecurity certifications to work with companies, including some of Hilltop's customers. The company expects to have the program running within the next few months.
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1) Jake Richardson compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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