ASIATODAY.ID, SINGAPORE – Group-IB, a global cybersecurity leader headquartered in Singapore, announced today that it will no longer be present in the Russian market.
This comes after Dmitry Volkov, co-founder and CEO, sold his stake in Group-IB’s Russia-based business to the company’s local management. Group-IB’s branding and trademarks will not be permitted in Russia.
This process marks the completion of the second stage of the regional business diversification announced by Group-IB in July 2022, and encompasses changes to the ownership structure, separation of Group-IB’s business and technical units, and the final withdrawal of the Group-IB brand from the Russian market. Group-IB Global Private Ltd. (Singapore) is currently managing the company’s assets in Asia, Europe, the Middle East, and Africa.
Processes launched to relocate employees and hire local talent mean that Group-IB’s development, Threat Intelligence, Incident Response, Digital Risk Protection, and other key teams are fully staffed and are working diligently to protect clients in these regions.
As of April 20, 2023, there are no longer any Group-IB employees working in Russia. All of Group-IB’s research and development processes, along with the company’s full stack of technologies and products, will be withdrawn from Russia. The stand-alone Russian business has been sold to local management and will be operating under the new brand F.A.C.C.T. Group-IB’s branding and trademarks will cease to be in operation in Russia by the end of 2023.
Group-IB’s proprietary Unified Risk Platform, and all relevant technologies to protect against targeted cyberattacks, data breaches, fraud, brand violations, and phishing, remain the property of Group-IB Global Private Ltd. As such, Group-IB Global Private Ltd. will have the sole right to use all of the company’s technologies that are subject to patents in Singapore, the Netherlands, and the United States of America.
Consistent with the company’s zero-tolerance policy to cybercrime, Group-IB regularly participates in anti-digital crime operations and shares intelligence data on cybercriminals’ infrastructure, methods and tools with global law enforcement.
“Ever since we founded Group-IB, and continuously as we forged our path to be an independent leader in the global cybersecurity market, we have never kept where we come from a secret,” Dmitry Volkov, CEO of Group-IB, said.
“Since 2003, we have been committed to fighting cybercrime. We have opened new research centers in different corners of the world, and we have developed technologies that can prevent cyber crimes before they take place. When we arrive in a new region or country, we have one singular goal — to ensure that local governments, businesses, and people feel more secure in the digital space. From this point onwards, as we exit Russia, the future of Group-IB is solely focused on non-Russian markets.”
As per the agreement, Group-IB co-founder and CEO Dmitry Volkov is no longer a shareholder of the Russian company after selling his 10% stake in the Russian asset. At the same time, Group-IB co-founder Ilya Sachkov sold his stake (37.5%) in Singapore-based Group-IB Global Private Ltd. to members of the company’s top management. The valuation of both transactions will remain undisclosed.
Group-IB is working to implement its long-term strategy to create a global, decentralized network of independent Digital Crime Resistance Centers (DCRC), each of which is equipped with the expertise to assess the local specificities and threat landscape of the region they are based in. At the present time, Group-IB has three DCRCs – in Singapore, Dubai, and Amsterdam. All customer data is processed by Group-IB fully in compliance with international law at the company’s strategically-located globally distributed data centers.
DCRCs are staffed with experienced researchers who are tasked with investigating cybercrimes, responding to incidents, monitoring local threats, and assessing regional trends to support its client base and growing partner network. Group-IB Global Private Ltd. is committed to this strategy, and intends to continue its expansion in the Asia-Pacific and Middle Eastern markets with the opening of Group-IB Digital Crime Resistance Centers in Thailand and Saudi Arabia in 2023, and India in 2024.
Group-IB was founded by Ilya Sachkov and Dmitry Volkov in 2003. The company was initially established to conduct cybercrime investigations, incident response, and digital forensics. In 2012, Group-IB began developing a full stack of advanced solutions designed to give organizations all they need to protect themselves against sophisticated targeted attacks, phishing, fraud, scams, and intellectual property violations.
Since day one, Group-IB has been driven by its mission to fight against cybercrime, and this ambition has made the company the most influential force in this global campaign. Group-IB was named an official Europol partner in 2015 and began participating in the European Cybercrime Center’s (EC3) Advisory Group on Internet Security. Two years later, in 2017, Group-IB signed an agreement with INTERPOL to become an official private-sector partner of the international crime fighting organization, and Group-IB has participated in multiple joint operations aimed at apprehending cybercriminals across the world. In 2019 the company opened its global headquarters in Singapore.
Group-IB was included in a list prepared by UK state broadcaster BBC entitled “33 ideas that will change the world.” Group-IB products are recognized by Gartner, Forrester, Frost & Sullivan, and other leading independent consultancy and advisory firms. (AT Network)
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