The South African cybersecurity startup Zenoic has launched two products addressing the problem of phishing in South Africa. According to the South African Banking Risk Information Centre (SABRIC), online fraud costs South African financial institutions billions of rand annually and phishing constitutes a significant portion of that figure. Zenoic’s new defense systems use advances in machine learning to take the fight to the fraudsters both locally and abroad.

This isn’t a new problem, according to Zenoic founder Matt Marx, “In fact we are seeing an increase in attacks. Developing markets are especially vulnerable to phishing attacks and South African financial institutions have been high on the target list of fraudsters for a number of years. Solutions developed by large foreign companies largely neglect pivotal aspects of the online fraud problem here.” Marx believes that a new approach is required to combat the problem. According to him, “by putting yourself in the shoes of the of the fraudster, it’s possible to envision new ways to combat phishing which is what we’re doing at Zenoic currently”.

South Africa suffers from a massive cybersecurity skills shortage as organisations race to protect themselves from new and evolving digital threats. In order to address this, Marx believes that institutions need to focus on solutions that do not create an additional demand for skill, but rather complement existing teams or work completely autonomously. To this end, Zenoic utilise machine learning techniques to reduce the workload that currently burdens existing security teams. Zenoic are currently working with clients in the financial sector and are planning on expanding into servicing the rest of Africa in the near future.

About Zenoic: Zenoic turns world-class security research into functional solutions. Our vision is to create effective security solutions for developing markets. We achieve this by working on big problems, tailored for these markets, with a focus on machine learning and automation.

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Website: https://www.zenoic.com