Telefonica moved to bolster its security portfolio, announcing an investment in UK-based fraud detection start-up fcase and launching a service designed to provide large enterprises protection from cyberattacks.
Starting with the investment, the operator stated it had added fcase to the portfolio of its VC unit Telefonica Tech Ventures, putting an undisclosed amount into the start-up which pioneers “fraud orchestration technology” and centralises fraud operations centres.
Telefonica explained banks, financial services and insurance companies often face the challenge of siloed anti-fraud systems and operations with no cross-functional communication, resulting in “significant inefficiencies and gaps that fraudsters can exploit”.
Through fcase’s solutions, such companies are able to have a “full picture of their operations”, diminishing operational challenges and providing access to enhanced customer support.
It added enterprises are able to be connected and work in harmony “via one final fraud orchestration layer connecting and managing point systems, such as anti-fraud”.
Telefonica said fcase would now partner and work closely with the company’s cybersecurity unit, joining others including Deo, Nozomi and Smart Protection within its portfolio.
In a separate announcement, Telefonica Tech also launched NextDefense, a new cybersecurity service brand designed to provide enterprises with cyberattack detection and response capabilities.
The company said it was providing the service through the support of its global cybersecurity operations centre, which had 11 locations worldwide, along with a specialised team with expertise in malware analysis, threat intelligence, threat hunting, incident response, forensics and vulnerability analysis.
Telefonica explained NextDefense’s services are aimed at reducing organisations’ risk to cyberattack, controling the cost of security operations and technologies, and increasing the maturity of defences through threat detection and analytics.