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Verodin Wins the Barclays 2017 Open Innovation Challenge

October 31, 2017

RESTON, Va.–(BUSINESS WIRE)–Verodin, the Security Instrumentation leader in continuous validation and configuration assurance, today announced it has been named the winner of the Barclays 2017 Open Innovation Challenge, which took place in Palo Alto, California on Thursday, Oct. 19. A total of 23 VC-backed companies were hand-picked, based on their potential to offer game-changing business solutions, to participate in a face-to-face pitch to Barclays’ technology leadership team. During the event, each company showcased their solution, and by a unanimous vote, Barclays’ Chief Technology Office named Verodin the winner of the challenge.

Oliver Newbury, CTO for Security at Barclays, said, “This event is our way of identifying the best emerging solutions that can partner with us to shape the future of the industry. It’s refreshing to see a company like Verodin addressing the pain points of large, complex organizations like Barclays and we’re grateful to our banking team for making the introduction. Sophisticated threats can slip through the gaps between disparate tools, systems, and teams. Verodin’s focus on optimizing efficacy across a wide range of existing security controls, tightening defense and maximizing return on investment, is a great approach.”

The Verodin Security Instrumentation Platform (SIP) is a foundational technology that enables organizations to understand and communicate cybersecurity effectiveness with quantifiable, evidence-based data. By demonstrating the impact of modern threats and malicious activities within the context of the production environment, the Verodin SIP proves the effectiveness of existing investments, proactively identifies configuration issues in a security stack and exposes true gaps across a company’s people, process, and technology. This approach empowers organizations with the hard metrics needed to drive priorities and rationalize business decisions around security.

“We are honored that Barclays chose the Verodin SIP as the challenge winner. A highly innovative and technically advanced company like Barclays who recognizes the value of safely measuring, managing and improving their security effectiveness, is awesome industry validation,” said Brian Contos, CISO and VP of Security Strategy at Verodin. “By providing our team access to a large number of Barclays executives, across a multitude of departments, we were able to quickly determine the instrumentation use cases most beneficial to Barclays.”

For more information about Verodin and the company’s award-winning technology, please visit www.verodin.com.

About Barclays

Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US. With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 120,000 people. Barclays moves, lends, invests, and protects money for customers and clients worldwide.

About Verodin

The Verodin Security Instrumentation Platform (SIP) is the first business platform to measure, manage and improve cybersecurity effectiveness. The revolutionary platform empowers enterprises to remove assumptions and prove their security effectiveness with quantifiable, evidence-based data. With Verodin SIP, you can observe and adjust real responses to real attacks without ever putting production systems in danger. Verodin customers dramatically increase the ROI of their existing security investments, achieve maximum value from future spending and measurably mature their cyber prevention, detection and response capabilities.

Contacts

LaunchTech Communications

Kate Davis, 410-698-5211

Kate@goLaunchTech.com

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