Uppsala Security's Risk Management Tools Strengthen Organization Capabilities for Analyzing/Visualizing Crypto Transactions and for Securing Crypto Assets
SINGAPORE, April 28, 2020 /PRNewswire/ -- Based on its recent analysis of the Asia-Pacific blockchain and cryptocurrency security market, Frost & Sullivan recognizes Uppsala Security Pte Ltd. with the 2020 Asia-Pacific Blockchain & Cryptocurrency Security Technology Innovation Award. Frost & Sullivan highlighted the Threat intelligence Platform called Sentinel Protocol and the continuous advancements in software products enabling organizations to confidently analyze and visualize cryptocurrency transactions and protect crypto assets as well as other digital assets from malicious attacks, scams, and fraud across diverse industries by enhancing business transparency and stability.
"Uppsala Security's Sentinel Protocol, the world's first crowd-sourced security platform, enables cryptocurrency users to report cybercrime such as cryptocurrency malicious attacks, scams, and fraud associated with dangerous wallets, URLs/URIs/domains and social accounts. After rigorous analysis and validation by security experts, new security intelligence received from outside sources is added to Sentinel Protocol's Threat Intelligence Database (TRDB) which is powered by blockchain technology. The TRDB serves to share the confirmed Security Intelligence in the form of Whitelists/Blacklists with Uppsala Security's worldwide users," said Mogana Tashiani, Research Analyst. "Sentinel Protocol technology can also be used to track, analyze, and visualize suspicious cryptocurrency transaction activities such as terrorist transactions and can generate risk assessments of crypto wallets to enhance anti-money laundering and regulatory compliance."
The company also provides a solution called UPPward Browser Extension which is an Internet browser plugin (available for Chrome, Brave, Firebox, Edge) that automatically provides real time alerts to Internet users when they select a URL/URI/domain with their browser that is blacklisted in the TRDB for being associated with malware/phishing. UPPward can also be used as a search engine for understanding whether a specified wallet address or social media account is considered dangerous and can act as a tool to report suspicious network activity, dangerous URLs, and hacking incidents. The UPPward Extension is available to everyone free of charge as Uppsala Security's contribution to the community.
Crypto Analysis Risk Assessment (CARA) is another Sentinel Protocol product from Uppsala Security. CARA leverages machine-learning to analyze all of a selected wallet's past transactions to generate a risk measurement of the crypto wallet address based on learned behaviors using both known malicious wallets and normal wallets. It operates on an on-demand basis and runs as a batch process that continuously analyses selected crypto addresses. CARA can be easily integrated into software applications and is available on an annual subscription basis from Uppsala Security.
One more security product worth mentioning that is available as part of Sentinel Protocol, the suite of risk management tools developed and operated by Uppsala Security, is the Crypto Analysis Transaction Visualization (CATV). CATV is a forensics tool that enables its user to easily generate, for a selected wallet, a visualization displaying the incoming and outgoing flow of tokens and the types of wallets with which it interacts. A user can easily track and analyze both incoming and outgoing transactions of a selected crypto wallet and can uncover suspicious transaction flows, such as tumbling and mixing, or interaction with blacklisted wallets registered in the TRDB. The generated data can be visualized and further analyzed for anti-money laundering and regulatory compliance purposes.
For maintaining business stability, growth and a good reputation, it is important for many enterprises in the crypto-world to have tools that help them manage business risk and to realize regulatory compliance. Summary Wallet Analysis Profiling (SWAP) is a tailored service from Uppsala Security designed to enable organizations to periodically, i.e. (weekly, biweekly, monthly, or quarterly), audit tens of thousands of crypto wallets. SWAP provides in-depth 360° analytics into all of the wallet addresses related to a firm's business by reporting a variety of tailored risk indicators and metrics compiled and presented in a series of periodic reports such as: daily or monthly transaction amounts and counts; a ranking of wallets that made the largest contribution to your monthly transactions in terms of amounts or transaction counts; a ranking of wallets that have made the most transactions with blacklisted wallets in terms of amount or transaction counts. The key benefit of SWAP is that it enhances an enterprise's efforts to achieve regulatory compliance whilst reducing costs and increasing productivity.
Uppsala Security works with a wide range of organizations such as governments and virtual asset service providers (VASPs), including financial institutions, fintech companies and other technology developers looking to include the technologies developed by Uppsala Security as part of their software products. Over the years, Uppsala has developed business alliances with numerous clients including data scientists, financial investigators, risk managers, compliance auditors, and even government agencies across Singapore, South Korea, Japan and China.
"Uppsala's strategy of licensing its technology to other companies that use cryptocurrency and blockchain in businesses has met with huge success," noted Tashiani. "The company's valuable partnerships with other companies and government agencies underline its commitment to leveraging blockchain security systems. Its forward-looking strategies and technologies are expected to help it dominate the market in the future."
"I speak in the name of our whole team when I say that we are honored to receive this recognition from such a reputable company as Frost & Sullivan. Our hard work in the technology and cybersecurity space now translates into viable products that have been adopted worldwide by governments, enterprises and end users. We are deeply grateful for this great milestone and we are committed to continue our efforts for delivering technology that makes people feel safe," said Patrick Kim, Founder & CEO, Uppsala Security.
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality, gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
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About Uppsala Security Pte Ltd
Uppsala Security built the first crowdsourced Threat Intelligence Platform known as the Sentinel Protocol, powered by blockchain technologies and A.I. Supporting the framework is a team of experienced security analysts and researchers committed to helping organizations realize safely interconnected experiences by deploying a suite of advanced Risk Management Solutions satisfying the crypto security needs of organizations and industry compliance standards.
SOURCE Frost & Sullivan