Cybersecurity CEO says cyber vendors' complacency to provide "best efforts" are not good enough; charges industry to guarantee technology efficacy
SAN MATEO, Calif. and SYDNEY, Dec. 14, 2022 /PRNewswire/ -- Arkose Labs, the global leader in bot management and account security, announced today the first Australian $1 million Credential Stuffing Warranty. This unprecedented warranty offers a commercial guarantee against credential stuffing attacks, covering Australian enterprises up to roughly AUD 1.5 million (USD 1 million) in cyberattack response expenses. The costs covered include legal consultation, forensic services, notification expenses, identity theft and credit monitoring.
Credential stuffing, where fraudsters use automation to test massive amounts of username/password combinations to take over consumers' accounts, is the most prevalent and difficult type of online account-based attack to detect and mitigate, causing more consumer harm than ransomware. Australia is seeing an unprecedented number of data breaches which are the driving force behind credential stuffing attacks. It's more important now than ever that cybersecurity vendors hold themselves accountable to provide solutions that can guarantee data will not be used to attack organizations.
Arkose Labs Founder and CEO Kevin Gosschalk said, "Enterprise CISOs are under pressure to ensure their cybersecurity solutions improve productivity and produce a material ROI, as well as protect their systems and strengthen the online environment they create for consumers. Security is a 'before-the-fact' investment, meaning you pay upfront in hopes of saving costs in the long run, but there's no guarantee or certainty that the technology will work. With this warranty, CISOs have a guaranteed outcome: either Arkose Labs stops the attack, or we cover the loss.
"Accountability is in our DNA, which is why we pioneered the $1 Million Credential Stuffing Warranty. For CISOs, the cost of fraud can no longer be considered a cost of doing business, and for cybersecurity vendors, 'best efforts' can no longer be considered good enough. While many cybersecurity vendors boast about their capabilities, few appear confident enough to offer guaranteed performance levels. That needs to change. When it does, society as a whole will benefit from a significant drop in online fraudulent activities because cybersecurity technologies will have even higher levels of efficacy."
Companies need a cybersecurity vendor that can provide guarantees and service-level agreements about their product. The $1 Million Credential Stuffing Warranty provides its customers with robust, user-centric protection against credential stuffing that shifts liability from the business to Arkose Labs.
Arkose Labs believes that businesses deserve greater protection, commitment, and partnership from their security vendors to thwart attackers' efforts, and that is why it is bringing the credential stuffing warranty to Australia. Gosschalk said, "We stand behind our products and are proud to be true partners in our customers' successes."
Arkose Labs is the first and only cybersecurity vendor in the world to conceptualize and offer the $1 Million Credential Stuffing Warranty. To date, no claims have been made, further demonstrating the efficacy of its technology and satisfaction of its customers.
The head of identity at a global Fortune 100 company recently shared that working with Arkose Labs led to a 90 percent reduction in fraudulent account sign-ups. He said, "Now that's 9-0, and that is a huge number in stopping people from getting access to our systems, stopping them from harassing other users, stopping them from receiving or consuming our company's resources. At the same time, we were actually able to reduce the number of users who saw any friction at all. And we saw an 80 percent friction reduction from our prior approach."
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Arkose Labs' mission is to create an online environment where all consumers are protected from malicious activity. Its AI-based platform combines powerful risk assessments with dynamic attack response that undermines the ROI behind attacks while improving good user throughput. The company offers the world's first and only $1 Million Credential Stuffing Warranty. Headquartered in San Mateo, CA with offices in Brisbane and Sydney, Australia, San Jose, Costa Rica, and London, UK, the company ranked as the 106th fastest-growing company in North America on the 2022 Deloitte Fast500 list.
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