Quadrant Knowledge Solutions announced that it has named Bottomline as a 2022 technology leader for the SPARK Matrix analysis in the global Insider Risk Management market.
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The Quadrant Knowledge Solutions SPARK Matrix includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and rankings of the leading technology vendors in the form of its SPARK Matrix. The study offers strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.
According to Hardik Jain, Analyst at Quadrant Knowledge Solutions, “Bottomline provides strong Cyber Fraud and Risk Management (CFRM) and Insider and Employee Fraud solutions that help organizations record employee access to cloud-based applications and identify insider payment-related frauds. Bottomline leverages a dynamic risk library, fraud analytics simulation tool (FAST), and machine learning studio to conduct robust investigations, analyze, and fight against any cyber threat. Additionally, the company provides behavior and transaction analysis and user behavior monitoring to facilitate the detection and prevention of suspicious transactions and payment frauds on the web and mobile platforms. With overall strong performance across the parameters of technology excellence and customer impact, Bottomline has been positioned among the 2022 technology leaders in the global Insider Risk Management Market.”
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“We celebrate achieving this recognition for the second year running,” says Omri Kletter, Bottomline’s Global VP of Product and Strategy for Fraud and Financial Crime Management. “It proudly reflects our business goal of delivering innovative fraud prevention technology to delight customers and, collectively, supports our global fight against fraud and financial crime.”
Quadrant Knowledge solution defines “Insider Risk Management is a holistic solution designed to detect, analyze, protect, remediate, and respond to insider threats in real time. It provides control and visibility for internal data access and data leakages by end users, such as employees, remote vendors, and contractors, to protect from insider threats like data theft, fraud, and infrastructure damage due to careless users, malicious insiders, or compromised credentials by vicious outsiders”.
Nowadays, digital sophistication is increasing in the business ecosystem, as organizations are consistently leveraging new technologies such as automation, artificial intelligence (AI) and ML, big data, cloud computing, and others. Due to the adoption of digital transformation, organizations are facing vulnerabilities to cyberattacks, such as ransomware, malware, DDoS attack, and others, as a lot of sensitive IT data is at stake. Organizations are trying to stop such insider risk by identifying insider threats in real time, as they are investing in tools such as data loss prevention (DLP), privileged access management (PAM), employee monitoring software, compliance surveillance tools, and other solutions. Due to the adoption of cloud infrastructure, remote working, and adoption of BYOD (bring your own device), organizations are not able to secure their infrastructure with traditional technologies. Thus, by adopting the insider risk management solution, organizations can easily identify, detect, and mitigate insider risk in real time before they harm IT systems.
Organizations are looking for advanced security solutions to secure data aggregation, account sharing, privileged data, snooping of sensitive data, control access, and detect unusual behavior of the employee or third party. Additionally, Bottomline’s solutions allow organizations to detect intellectual property (IP) theft, code of conduct policy breaches, sensitive data leaks, confidentiality breaches, frauds, insider trading, disgruntled user behavior, and regulatory compliance issues. Therefore, the adoption of insider risk management allows IT organizations to strengthen their cybersecurity ecosystem.
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