Case Study on PreCrime™ Brand
How BforeAI PreCrime™ Brand helped Volksbank save more than $800K in 15 days
About Volksbank
Volksbank is a large, prestigious Italian bank with over 200 branch locations and about 280,000 customers.
In 2022, the Volksbank security team faced an untenable situation. Phishing and impersonation attacks were at an all-time high, with each breach costing the bank an average of $42,000 and totaling over $800,000 annually. Chief Information Security Officer, Petra Chiste, identified this as one of her team’s mission-critical projects, given the astronomical costs and reputation risks driven by year-over-year increases in attacks.
The Volksbank cybersecurity team needed a solution that could:
- Provide a “low-touch”, automated solution that could quickly predict, disrupt, and take down malicious domain infrastructure
- Offer a streamlined experience, ensuring actionable intel, with few false positives
- Include an intuitive client panel that clearly reports risk scores, active engagements and ROI
When time and accuracy matter, Volksbank turned to BforeAI's PreCrime Brand to protect their reputation and their customers
Chiste reached out to the team at BforeAI and discussed how a predictive threat platform could address Volksbank’s challenges. After a 15-day proof of value, the information security team was convinced that BforeAI had a unique offering that could solve all the key issues.
PreCrime Brand is automated protection for your organization’s digital presence. Our predictive AI security solution continuously monitors the internet, using predictive intelligence to identify and disrupt malicious domains before they do damage, automatically taking down online impersonation threats, and securing your brand from financial and reputational harm.
By leveraging BforeAI’s PreCrime Brand solution, Volksbank now sees alerts up to 72 hours prior to malicious activity and a remediation time of less than 24 hours. Overall attacks on customers of the bank have reduced by 80%, resulting in quarterly savings of over $1,500,000.
When the attacks came, BforeAI made sure Volksbank was ready:
$800K
Saved in the first two weeks
0.05%
False positive rate
<24 hrs
Average time to threat remediation
"BforeAI was the only solution that would allow us to not only address issues swiftly, but amazingly to detect threats before they even occurred."
– Petra Chiste, Chief Information Security Officer at Volksbank
“Customer protection has, of course, always been a critical priority for us, but we reached a crossroads in 2022 where the labor cost associated with incident triage response, escalation and analysis was unsustainable and we began looking for solutions that would help us get ahead of attacks, thereby reducing risk while freeing up staff bandwidth to fully address critical issues.
BforeAI was the only solution that would allow us to not only address issues swiftly, but amazingly to detect threats before they even occurred.
With their implementation team, we set up predictive email alerts to be sent as soon as the platform anticipated or identified attacks along with immediate manually-validated takedown responses and automation on weekends. It was a complete game changer.”