How Volksbank saved more than
$800k in 15 days
About Volksbank
Reputed Italian bank with 200 branches and ~280,000 customers prevents multiple attacks with PreCrime Brand
Challenge
In 2022, Volksbank’s security team faced an untenable situation. Phishing and impersonation attacks were at an
all time high, with each breach costing the bank €42,000 ending up with multi-million losses annually.
Head of Security Petra Chiste said this was one of her team’s mission-critical projects given the unbearable costs and reputation risks driven by continuous increases in attacks.
Solution
Chiste reached out to the team at BforeAI and discussed how a predictive threat platform could solve 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 key issues.
“BforeAI was the only solution that would allow us to not only address issues swiftly, but amazingly to identify attacks before they even occurred,” she said. “On the management console, we set up our alerts to be sent as soon as the platform predicted the attack, along with immediate manually validated takedown response and automated proactive remediation. A perfect solution for our
small team, it was a complete game changer.”
Results
Using PreCrime Brand, Volksbank now sees alerts as early as 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.
Impact in metrics
800k saved in first two weeks
< 24 h Average time to threat remediation
98% reduction in false alerts
We truly love BforeAI PreCrime. They give us the superpower to protect our customers by stopping threats before they start.
Petra Chiste, Head of Security