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Palo Alto, CA March 08, 2017 – IdentityMind Global, pioneer of Digital Identities, today announced that it has released version 1.23 of the IdentityMind risk management and compliance platform. The focus of the new version was to make Reg Tech software and Machine Learning available to small and large companies alike, and to deliver new Graph Intelligence capabilities. “IdentityMind’s graph intelligence significantly reduces compliance and ecommerce operational cost by minimizing the percentage of manual reviews by as much as 25%-30%,” said Mr Gafke, IdentityMind’s CEO. “It increases the business’ top-line revenue because the transactions are now accepted automatically without potential human error.” Data, and making sense of data, are at the heart of RegTech and Machine Learning. RegTech is about incorporating technology to help companies efficiently and effectively with manage their regulatory responsibilities. And Machine Learning is one way of realizing the benefits of large data analysis applicable both to Fraud prevention and also to regulatory compliance. In version 1.23 of its platform, IdentityMind introduces Graph Intelligence as a key capability. Graph intelligence helps IdentityMind customers understand the risk involved with doing business with any particular entity, and is made possible by the ability to gather and analyze large amounts of data. “Real time purchase transactions require an enterprise quality solution that can collect, manage and analyze large amounts of data without delay,” said Kieran Sherlock, CTO, IdentityMind. “Graph intelligence in the new IdentityMind 1.23 platform provides a solution that can keep up with the speed of electronic business, allowing IdentityMind customers to see the risk posed by the entity on the other end of the transaction, and to make automated, real time decisions that mitigate risk while also keeping up with consumer expectations.” Identity Graph Intelligence provides IdentityMind clients with a real-time risk score to help with decision-making. The risk score is the result of applying supervised machine learning models to the proprietary eDNA™ graph. This score is a direct representation of the graph’s complexity. Through the API, IdentityMind customers can access graph statistics including size, growth rate, number of entities, number of links per entity, and other useful stats that can inform your own risk models based off the graph data. While, in this release, we are running a single model on the overall graph, the platform provides the ability to run multiple supervised models in parallel, each looking for different risk and money laundering models. All in real-time. Version 1.23 of the IdentityMind platform is available immediately. About IdentityMind Global IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS Platform for online risk management and compliance automation. IdentityMind continuously validates and risk scores online identities worldwide through its eDNA™ to ensure global business safety and compliance at customer onboarding and throughout their lifecycle. It securely tracks the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods, etc.) to build payment reputations, and allows companies to identity and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit: http://www.identitymindglobal.com Source: http://www.prweb.com/releases/2017/03/prweb14131142.htm  
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Anik Bose, BGV General Partner shares his perspective on the state of the cyber security sector.  “It was the best of times and it was the worst of times, it was the age of wisdom, it was the age of foolishness.” I believe that these lines from Charles Dickens Tale of Two Cities are an accurate description of the state of the cyber security sector today. Why it’s HOT ? Security budgets are increasing across the board. Gartner is predicting that enterprise security budgets are shifting towards an increased focus on detection and response, and 60% of security budgets will be allocated to these two areas by 2020. PWC Security Survey states that information security budgets increased by 24% in 2015 as a response to 38% YoY increase in security incidents. IDC predicts that Security Analytics, threat intelligence, Mobile Security and Cloud Security will be hot areas of growth. Additionally we believe that IoT security a relatively new market will be a significant growth area in the future. Consistent with the above we continue to see market pain points attracting innovation and VC funding in areas such as threat intelligence (e.g. Survela, http://www.survela.com), anti-fraud/identity management (e.g. Identity Mind Global, http://www.identitymind.com), encryption, next generation end point, network visibility and isolation (e.g. Spikes Security, http://www.spikes.com) and automated incidence response (e.g. Packet Sled, http://www.packetsled.com) This rate of innovation is fueling a leadership shift amongst the vendors in the cyber security industry. Old guard companies like Symantec, HP, Cisco, Dell/EMC, Trend Micro, Blue Coat and Intel/Mcafee are scrambling to stay relevant in the rapidly changing market. New guard larger companies like Palo Alto Networks, Cyber Ark, Palantir and FireEye are staking out a lead along. Finally startups like Cylance, Illumuo, SkyHigh Networks and Tanium are poised to transform sub segments of the industry. In summary strong sector growth and an industry structure ripe for change is attracting innovation and capital at unprecedented levels. Why it’s NOT ? The cyber security sector has attracted more than $3.3Bn in funding in 2015 across 130+ deals. The practical reality today is that CISOs cannot absorb and deploy anywhere close to the amount of new cyber technologies getting funded. In other words, there is a cyber tools saturation phenomenon which will force out all but the very best and most critical new cyber technologies — those most critical to their cyber security priorities and which can best be integrated in their existing environments. We believe that only very large enterprises will be able to invest in internal capabilities to vet and integrate a variety of best of breed startup technologies while other Enterprises will rely on their trusted security vendors and or MSSP’s to vet, source and integrate best of breed innovation. Valuations are at all time highs – early stage pre revenue series A companies are being valued at pre-money valuations of $20-30M. Late stage companies like Tanium, Illumio, Okta and Zscaler with revenues in the tens of millions are being valued in excess of $1bn, multiples that could be difficult to maintain in public markets. However recent public market volatility is leading investors to a “back to basics” mentality in venture and late stage funding – looking at growth coupled with profitability and cash flow generation. Companies like FireEye that were enjoying lofty valuations based on growth alone have seen their valuations come down reflecting the “back to basics” mentality. Companies like Palo Alto and Cyber Ark that are delivering growth and profitability are being valued at far higher multiples. CISO’s at enterprises are becoming more cautious when working with startup cyber vendors making ambitious claims or pricing assumptions that are inconsistent with the value they deliver – they are increasingly seeking a level of vetting that is creating extended POC’s and long sales cycles for these startups competing for mindshare. Furthermore many CISO’s are increasingly looking to their trusted vendors and MSSP partners to vet best of breed products and deliver integrated security solutions. Finally strategic acquirers are also becoming more cautious with respect to paying the frothy valuations seen in recent year – preferring instead to work with the startups over a period of time, either through an investment or through their accelerator programs. In summary the cyber security sector is overfunded with troubling signs of valuation froth with startups struggling to compete for mindshare with Enterprise CISO’s leading to extended POC’s, sales cycles and ultimately increased capital intensity. BGV Conclusion We believe that cyber threats are endemic and the demand for effective counter measures is strong. This combined with an industry leadership structure in flux and scarce cyber talent represents the best of times – opportunities to invest in and create young innovative companies. However capital being available at unprecedented levels coupled with frothy valuations and “noise levels” competing for enterprise CISO mindshare represent the worst of times. Investing to build strong companies in such an environment requires a thoughtful and disciplined approach to investing while seeking to create eco-system alignment with CISO “trusted” strategic security vendors and or MSSP’s. One that discerns between investing in technologies that will create successful companies valued on fundamental metrics (customer value, growth and profitability) versus “quick flip expensive” bets that will deliver good returns predicated only on frothy strategic M&A valuations. BGV remains disciplined on valuations (have walked away from several cyber deals when valuations approached unjustifiable levels). We also continue to invest time in validating customer value (ROI), the technology and technical teams (with the expertise to tackle complex cyber problems) by leveraging our privileged relationships with ex CTO’s of cyber portfolio companies, with trusted strategic security vendors (eg Palo Alto Networks) and trusted MSSP’s (eg Cap Gemini).
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With funding from Lakewood & Company, Mozido, SBT Capital, Cybernaut, and Benhamou Global Ventures, IdentityMind Global closes its financing to bring modern compliance and risk management to Financial Institutions worldwide. The company combines a solid core technology with a top notch executive and development team that has proven it can address the challenges faced by merchants and financial institutions. Palo Alto, CA. (PRWEB) March 16, 2015 IdentityMind Global, a Risk Management Platform for e-Commerce and Regulatory Compliance, announced today the closing of its most recent round of financing. The round was led by Lakewood & Company and will support the company’s growth in expanding sales and international operations. Financial services are growing and evolving at a rapid pace, with a steady transition to online services and a constant development of new applications for e-commerce, money service businesses, international transfers, trading, virtual currencies, and more. The intricacies of this growing system now expose financial institutions to new types of regulatory risks and increased complexity in adequately complying with regulatory guidance. In many cases, banks are forced to compensate for new levels of separation by passing the burden of regulatory and identification requirements on to their customers.
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IdentityMind platform v1.18 offers financial institutions a practical response to the pressures of recent FDIC guidance regarding the application of the Bank Secrecy Act (BSA). New features include support for Enhanced Due Diligence (EDD) for beneficial ownership, expansion of the third party ecosystem, and improved Know Your Customer (KYC) services to prevent account fraud. http://www.prweb.com/releases/2015/02/prweb12506674.htm
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