Vulnerability Search and Prevention through Holistic End-to-end Risk Evaluation

Project Information

V-SPHERE

Grant agreement ID: 791208

DOI

10.3030/791208

Project closed

EC signature date 21 December 2017

Start date 1 February 2018

End date 31 May 2018

Funded under

• Secure societies - Protecting freedom and security of Europe and its citizens

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

PROSA SECURITY AS
Norway

Periodic Reporting for period 1 - V-SPHERE (Vulnerability Search and Prevention through Holistic End-to-end Risk Evaluation)

Reporting period: 2018-02-01 to 2018-05-31

Summary of the context and overall objectives of the project

PROSA’s V-Sphere is a holistic cybersecurity tool allowing clients to keep their IT systems secure and generate comprehensive security reports. Due to very concise and detailed models and analysis these are of highest interest to anyone in the company. The leadership level is able to understand potential security breaches and together with security specialists actions can be taken to improve systems.
Further development will make the tool even more precise, easy to use, and comprehensive. The foreseen two tier sales strategy, includes a consulting as well as “off-the-shelf” option reaching a wide market.
Time savings, facilitated implementation of security standards, and cost reduction are just some of the direct and indirect assets. Detecting data breaches immediately and decreasing attack frequency makes V-Sphere highly attractive, especially in the FinTech industry.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

The Technical Feasibility of V-Sphere was confirmed, validated by a new buyer, and negotiations are under way with two more, confirming V-Sphere’s appeal to market needs. Key tasks were identified to improve the technology. Commercial Feasibility was assessed through a market study, including commercial objectives and sales strategy. Mainly we identified our target market, highly specialised IT security firms, medium and large companies in the financial and healthcare sector (FinTech), as well as IT auditing companies. A two-tier sales strategy was explored with the option to include consulting services compared to an “off-the-shelf” license. Potential partners across Nordic Countries and Europe were identified. Intellectual Property concerns and commercial risks were assessed and don’t present any challenges to our commercialisation. Financial Feasibility was assessed, projecting revenues, cost, margin and ROI for the coming five years. Phase 2 work packages were drafted and initial estimates are presented.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Based on ongoing increase of cyberattacks, a lack of IT security standards, and very specific security tools, new, holistic approaches are urgently needed. V-Sphere offers a comprehensive, easy-to-use solution to assist a large number of companies and security engineers, not only security specialists. Obtaining more transparent security systems is in everyone’s interest and adds value to the wider society.
Apart from V-Sphere’s technical advantage, financial benefits can be obtained. Hence PROSA’s technology can be key for many companies to update and be compliant with security standards.