Covelight Systems has won a contract for privacy protection and fraud management services for TrueCredit, a subsidiary of credit report provider TransUnion.
The contract is the third major one that startup Covelight has won in recent months. It also was selected by the University of North Carolina at Chapel Hill for protection of student data and by First Citizens Bank.
TrueCredit will use Covelight’s Percept privacy protection and fraud management system as part of its customer service operation. TrueCredit focuses on products and services built around credit information for financial institutions. The Precept product will help TrueCredit monitor internal customer relationship management as well as monitor privacy threats.
Terms of the deal were not disclosed.
Precept features designed to protect sensitive data from users within enterprise networks. Its latest 2.1 release includes ongoing, real-time monitoring and reporting of users seeking access to data.
Features include sensitive information reports, policy compliance reports, real-time incident detection and notification, and rapid incident resolution with information about users, data accessed and application activity.
“TrueCredit evaluated several potential solutions, and only Covelight Percept provided the ability to monitor web applications and to detect policy violations and suspicious behavior as they occur,” said Scott Metzger, chief technology officer at TrueCredit. “It is critical to have this security level in place to monitor our call centers where there is potential access to sensitive data.”
Internal protection is the niche on which Covelight focuses.
“Gartner reports that 70 percent of all security incidents come from insiders, and a 2004 Ernst & Young report states that an insider attack against a large company causes an average of 2.7 million in damages,” said Bruce Pharr, director of corporate marketing at Covelight, in a statement. Gartner is a research firm. “TrueCredit’s selection of Covelight Percept to monitor its call center operations is a responsible safeguard that acknowledges the extent of the company’s responsibility to secure confidential customer information.”
Covelight launched in 2003 and raised $2.5 million in venture capital from The Aurora Funds and Intersouth Partners. Spencer Snedecor, a former executive with encryption firm PGP Corp., took over as chief executive officer of Covelight earlier this year.
For an in-depth look at Covelight, see: www.localtechwire.com/article.cfm?u=11059