DEMO: Federated Networks takes on heavyweight Symantec for Internet Security championship

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Federated NetworksFederated Networks is one of 70 companies chosen by VentureBeat to launch at the DEMO Fall 2010 event taking place this week in Silicon Valley. After our selection, the companies pay a fee to present. Our coverage of them remains objective.

Today at the DEMO conference, Federated Networks plans to step up and take on one of the largest players in Internet security, Symantec, by unveiling its own cybersecurity suite designed to be cheaper and faster for the typical consumer.

The cybersecurity company will begin offering a security suite for about one-tenth the price of products like Symantec’s Norton Antivirus and McAfee’s antivirus programs.

Along the way to unseating the giants, Federated aims to replace the SSL encryption protocol that most websites use today with its Application Secure Layer Protocol. In so doing, it hopes to prevent a particular form of intrusion on e-commerce transactions called man-in-the-middle attacks, as well as better-known phishing threats, where hackers try to trick consumers with fake banking or shopping websites. The software also targets keystroke-logging and other input-logging spyware programs, which can be used to capture users’ passwords.

Federated Networks was founded in 2005 but has since worked in stealth mode under David Lowenstein, the board chairman of The Princeton Review. Lowenstein also has experience with several other public companies, including SourceCorp and Capital Environmental Services.

The software developer currently employs 11, and has raised about $5 million over several rounds of funding.