CyCraft partners ITFOR for overseas expansion, cybersecurity for Japan financial sector

14, Jun. 2021

CyCraft Japan chief operating officer James Cheng (L) and Makoto Haneda, communication systems director of ITFOR. Both companies will collaborate to promote more resilient security solutions for financial companies in Japan as well as to expand their business partnership overseas. (Photo: CyCraft and ITFOR)
CyCraft Japan chief operating officer James Cheng (L) and Makoto Haneda, communication systems director of ITFOR. Both companies will collaborate to promote more resilient security solutions for financial companies in Japan as well as to expand their business partnership overseas. (Photo: CyCraft and ITFOR)

TAIPEI, NNA - Leading security company CyCraft has forged a strategic partnership with Japanese IT giant ITFOR Inc. to strengthen the security of Japan's financial industry as well as expand overseas amid increasing cyberattacks.

CyCraft Japan Inc. Ltd, a subsidiary of Taiwan's leading AI information security company, has authorized the distribution of its security products by ITFOR, which offers IT and network services total solutions to many companies in Japan.

In a press statement, CyCraft Japan chief operating officer James Cheng said, "The partnership with ITFOR Inc. is not only to actively expand overseas markets, but also to become a reliable information security backbone for Japanese financial institutions with deep-rooted information security best practices and insights in the financial sector."

He added that more than 30 percent of financial institutions in Taiwan are clients of CyCraft, which currently operates in Japan and Singapore too. In Taiwan, government agencies, the police and IT companies are among its clients.

ITFOR recognized that CyCraft AIR utilizes the latest advanced AI technology to achieve effective detection and analysis without human intervention.

Makoto Haneda, communication systems director of ITFOR, said, "In order to enhance local economies and promote regional revitalization with IT technology, this partnership between ITFOR and CyCraft will provide a leading information security platform that can withstand powerful attacks and significantly improve the information security defenses of businesses."

With the spread of home working arrangements brought about by the global COVID-19 pandemic, the financial industry has been thrust to the frontlines to face the threat of increasingly serious attacks by hackers.

Despite financial companies and banks beefing up security systems to thwart attacks, threat actors have been coming up with new tactics to outsmart them again and again.

Two threats dominating the cybercrime landscape are advanced persistent Threats (APT) and ubiquitous ransomware infections.

An APT attack is carried out by a stealthy actor, usually a nation state or state-sponsored group, which worms itself to a computer network and remains undetected for an extended period of time.

In a ransomware attack, the victim is forced to pay a huge ransom amount in cryptocurrency or face disruption to business operations. Ransom software encrypts a victim’s data and dangles a key to unlock it in return for payments that can amount to millions of dollars as seen in recent cases.

Designed to counter such attacks, CyCraft AIR series of products have proven to show exemplary AI automatic detection capabilities in evaluations.

The company had simulated the attack on financial institutions by FIN7 and Carbanak hacker groups to validate the efficacy of its security products.

CyCraft AIR can be deployed in the cloud or on demand, helping businesses to grasp the latest holistic information security situation on a large scale, said the company.

ITFOR Inc. was founded in 1972 as an information service provider focusing on total information and communication solutions for the financial industry, public institutions, retail, e-commerce and other sectors.

As the company has a big market share in debt collection systems used in the financial industry, it sees the importance of a joint effort with CyCraft to enhance information security and create a new and secure working environment for financial industry customers.

Haneda of ITFOR said, "The threat of cyber-attacks is increasing, and even enterprises and critical infrastructure systems, which are considered to have strong information security measures in place, are constantly threatened by attacks. Therefore, it must be said that conventional information security technologies are becoming inadequate in the face of new and dynamic threats."