Burlington, Mass., USA – 2 October, 2008 – Veracode Inc., the leading provider of on-demand application security testing solutions, today announced that The Wall Street Journal has selected Veracode as one of the distinguished winners of the Technology Innovation Awards. The award honors companies, individuals and organizations world-wide for technological breakthroughs in such areas as medicine, software, the Internet, wireless and consumer electronics.
Matt Moynahan, CEO of Veracode, commented, "The software market is the largest market in the world with no notion of the quality of its security. Recent well-publicized attacks such as those against BusinessWeek.com and Countrywide prove that even the most mainstream companies are at risk. We’ve architected our services such that we not only offer our customers a more complete view of the security of an application, but also can assess any software, whether it is developed in-house, offshore or bought off-the shelf. Just as hacking has become mainstream, Veracode’s goal is to make application security mainstream.”
According to a recent Gartner report, “The most-critical impact of using application security testing solutions is minimizing the risk of possible exploitation of application vulnerabilities. Adopting this technology will enable organizations to detect the vulnerabilities embedded in applications before hackers detect them.”*
Veracode was selected because of its unique ability to scan binary code for vulnerabilities in software. An excerpt from the Wall Street Journal article announcing the winners reads: “This method is just as accurate as examining source code, says Chris Wysopal, Veracode's co-founder and chief technology officer, but it can be used without requiring developers to turn over the proprietary source code. More important, it opens new uses for security testing by enabling customers to check for vulnerabilities in software they've purchased from a vendor or an outsourcer.”
The Wall Street Journal received more than 700 entries for the Innovation Awards, and a Journal editor narrowed the field down to the 162 that were scored by the judges. Judges looked for innovations that broke new ground in their fields and that demonstrated some measurable impact. Only four percent of the entries received the final award in 16 different categories. The list of award winners is included in the print editions of The Wall Street Journal dated September 29, 2008, and on The Wall Street Journal's web site at http://www.wsj.com.
Veracode will be honored at an awards ceremony and dinner October 21, 2008 in Redwood City, California at the Sofitel San Francisco Bay Hotel. Featuring a keynote address by Padmasree Warrior, the chief technology officer of Cisco Systems, the ceremony will be held in conjunction with the Dow Jones Alternative Energy Innovations conference.
* Hype Cycle for Infrastructure Protection, 2008, September 22, 2008
Veracode is the world’s leader for on-demand application security testing solutions. Veracode SecurityReview is the industry’s first solution to use patented binary code analysis and dynamic web analysis to uniquely assess any application security threats, including vulnerabilities such as cross-site scripting (XSS), SQL injection, buffer overflows and malicious code. SecurityReview performs the only complete and independent security audit across any internally developed applications, third-party commercial off-the-shelf software and offshore code without exposing a company’s source code. Delivered as an on-demand service, Veracode delivers the simplest and most-cost effective way to implement security best practices, reduce operational cost and achieve regulatory requirements such as PCI compliance without requiring any hardware, software or training.
Veracode has established a position as the market visionary and leader with awards that include recognition as a Gartner “Cool Vendor” 2008, Info Security Product Guide’s “Tomorrow’s Technology Today Award 2008,” Information Security “Readers’ Choice Award 2008,” AlwaysOn Northeast's "Top 100 Private Company 2008", NetworkWorld “Top 10 Security Company to Watch 2007,” and Dark Reading’s “Top 10 Hot Security Startups 2007.”
Based in Burlington, Mass., Veracode is backed by .406 Ventures, Atlas Venture and Polaris Venture Partners. For more information, visit www.veracode.com.
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