“Traditional signature and anomaly based security tools are important but not sufficient to protect information technology property from directed attacks, particularly from well orchestrated attacks typical of those launched through botnets ... FireEye has given us a new level of protection, allowing us to proactively protect our network without impeding our operations. We've been impressed with its effectiveness.”-- Raffi Jamgotchian, CIO, Canaras Capital Management
Customer Profile - Founded in 2006, Canaras Capital Management LLC is an alternative asset manager specializing in credit markets. Canaras is able to mitigate certain risk and provide stable returns by employing fundamental market analysis and customized portfolio solutions. Canaras' primary focus is the management of leveraged corporate credit in both the par and distressed markets. Canaras manages structured transactions and low-levered accounts for institutional investors and private clients as well as retail funds, focusing on U.S. and European loan markets.
Vendor Profile - FireEye is based in Menlo Park, CA and backed by Sequoia Capital, Norwest Venture Partners, and JAFCO Ventures. FireEye's solutions bring advanced network security together with state-of-the-art virtualization technology to combat malware and solve critical business needs without taxing your IT administration. FireEye works with law enforcement agencies, including the Federal Bureau of Investigation (FBI) to further accelerate and enhance the sharing of advanced information on recognized threats — specifically, those involving botnets — to strengthen pre-emptive and proactive botnet defenses.
Canaras Capital Management Selects FireEye to Secure Network from Targeted Malware Threats, Shielding Sensitive Client Data From Botnet-Borne Threats ... FireEye provides the only global, anti-botnet system to combat botnets and targeted malware. FireEye does not just monitor botnet activity - it stops it cold - to protect customer data, intellectual property and company resources from theft or exposure as a result of botnet infiltration.
Background - Crimeware Assault on Financial Services
The financial services industry is especially susceptible to identity theft, fraud, and crimeware. Banks, brokerages and asset managers maintain highly sensitive customer data that typically includes asset value, financial worth and social security numbers — information that criminals seek to exploit. Unlike previous generations of worms and viruses unleashed by hackers seeking fame or notoriety, botnets used for profit motives are highly stealthy and designed to evade detection by traditional security approaches, such as anti-virus, firewall, anomaly detection and honeypot technology. As a reflection of their botmasters' desire to remain unknown, botnets typically operate completely undetected for weeks, months or longer, stealing valuable data, initiating transactions and even directly stealing funds in a gradual, undetectable manner.
“Profit-driven botnet attacks are real and proliferating rapidly. Worse yet, botnets are becoming ever more dispersed and leveraging multiple communication channels such as Web, IRC, P2P, IM, etc. in order to continue its job undetected. Advances in anti-virus, anomaly detection and honeypot technology are simply not enough to manage this emerging threat,” said Bob West, CEO of Echelon One, an information security research firm. “FireEye's use of virtualization technology to detect and isolate unusual traffic is a quantum leap beyond traditional IT security products and tools that stay ahead of botnets as they evolve.”
Customer Problem
Canaras Capital Management has recently implemented a solution from FireEye to secure its network from targeted malware, including botnets. Botnets are increasingly becoming pervasive threats as they become carriers of ever sophisticated malware into corporate America. Such collections of bots, or remotely controlled computers, pose an enormous threat to the profitability and reputations of businesses as the speed of its propagation has increased exponentially in the last two years. In addition to securing customer data from identity theft, Canaras is protecting its own corporate assets and intellectual property from outside attacks.
“Traditional signature and anomaly based security tools are important but not sufficient to protect information technology property from directed attacks, particularly from well orchestrated attacks typical of those launched through botnets. At Canaras, we take the fiduciary responsibility to our clients very seriously, which we believe, includes their data and our investment processes. As a new firm, our business is based on the reputations of our principles and employees,” said Raffi Jamgotchian, CIO for Canaras. “FireEye has given us a new level of protection, allowing us to proactively protect our network without impeding our operations. We've been impressed with its effectiveness.”
FireEye Solution
FireEye addresses the rapid proliferation of botnets and targeted malware — stealthy, organized and profit-driven threats that aim to steal intellectual property, customer information, employee identities and more. The FireEye solution blocks botnets, malware, and stealthy malware attacks by mirroring incoming network traffic and replaying any suspicious traffic flows inside instrumented virtual machines. The FireEye system protects the network from today's clandestine threats as well as future variations and new attack techniques.
With FireEye, Canaras has been able to identify stealthy malware and prevent compromising its network and customer data. Since implementing the FireEye botnet defense solution, Canaras has been able to identify, locate, and analyze the behaviors of several malicious machines that had been compromised but gone undetected by other intrusion prevention, anti-virus, and firewall products.
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