SINGAPORE, July 30, 2020 /PRNewswire/ -- Group-IB, a global threat hunting and intelligence company headquartered in Singapore, has been awarded a grant under the Cyber Security Agency of Singapore's Cybersecurity Industry Call for Innovation powered by TNB Ventures. Group-IB will tap on the government funding to complete the development of its AI-driven cyber investigation solution uncovering hidden connections to dismantle cybercriminal underworld.
After a series of pitching and project evaluation rounds carried out by CSA and TNB representatives as well as the end-users from Singapore's private and public sector, Group-IB was named one of the 9 innovative awardees selected out of 87 submissions.
The solution that is being developed addresses critical cybersecurity challenges in detecting and predicting cyber threats from a myriad of sources, including discussions in the DarkWeb, correlating them with threat actors to establish their alleged identities. The solution is intended to help law enforcement (LE) officers, police cybercrime investigators, threat intelligence and DFIR specialists as well as SOC analysts. The solution, powered by Group-IB's proprietary cyber threat intelligence data collected throughout 17 years of incident response and investigations, will speed up cybercrime investigation process, shorten the time for assessing the severity of cyber threats, and will allow the prevention at early stages.
Group-IB is going to develop the solution on the premises of its Global HQ in Singapore. All intellectual property rights by way of patents and trademarks, associated with the project, will be registered and managed in Singapore. The project will be led by a team from Group-IB who has prior first-hand experience in the most complex incident response engagements and successful cyber investigations around the world.
Shafique Dawood, Group-IB's Head of Sales and Business Development in APAC and the project lead was quoted as saying – "As cybersecurity professionals, we would like to highlight what an important milestone this is for Group-IB. Thanks to this grant, we'll be able to finalize our solution designed to help local government agencies and private companies with an assessment and insights into the imminent cyber threats, attribution, and early-stage prevention of cyberattacks. The collaboration between private cybersecurity companies and the government is essential in strengthening Singapore's cybersecurity posture and we are honored to receive support from CSA which plays a critical role in providing opportunities for cybersecurity companies to develop innovative solutions that address the cybersecurity challenges of key sectors in Singapore. Group-IB is strategically positioned for Singapore to leverage its technology in hailing a new era of cyber preparedness and the hunt for advanced cyber threats."