Technological Advances Lead to More Robust Cybersecurity Solutions
FinancialBuzz.com News Commentary
NEW YORK, Jan. 11, 2021 /PRNewswire/ -- Cybersecurity vulnerabilities are a major concern to business and organizations. The most recent massive computer breach, which allowed hackers to spend months exploring numerous U.S. government networks and private companies' systems around the world, has reignited the urgency in securing computer and information systems. According to a report by NPR, hackers attached their malware to a software update from SolarWinds, a company based in Austin, Texas. Many federal agencies and thousands of companies worldwide use SolarWinds' Orion software to monitor their computer networks. As a result, Secretary of State Mike Pompeo on Thursday approved last week the creation of a new office at the State Department to address cybersecurity and emerging technologies. Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF), Proofpoint, Inc. (NASDAQ: PFPT), SolarWinds Corporation (NYSE: SWI), Equifax Inc. (NYSE: EFX), Qualys, Inc. (NASDAQ: QLYS).
According to a statement by the Department of State, the new Bureau of Cyberspace Security and Emerging Technologies (CSET) will lead U.S. government diplomatic efforts on a wide range of international cyberspace security and emerging technology policy issues that affect U.S. foreign policy and national security. This includes securing cyberspace and critical technologies, reducing the likelihood of cyber conflict, and prevailing in strategic cyber competition. The emergence of new technologies such as IoT, BYOD, AI, and machine learning is a factor contributing to the spike of hacks, as well as a mitigating factor. For example, adoption of M2M/IoT connections demands strengthened cybersecurity services in enterprises, yet machine learning provides advantages in outlier detection, much to the benefit of cybersecurity. Overall, according to data published by Mordor Intelligence, the cybersecurity market was valued at USD 161.07 Billion in 2019 and it is expected to reach USD 363.05 Billion by 2025 while registering a CAGR of 14.5% during 2020-2025.
Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF) announced last week breaking news regarding the, "renewal of a contract with a regional bank based in the Northeastern region of the United States.
Upon renewal of the contract, Plurilock will continue to grant access to the regional bank to utilize Plurilock's core multi-factor authentication ("MFA") solutions. MFA is an authentication method that requires at least two forms of identity proof to confirm the identity of a digital user. Plurilock's unique behavioral biometrics is an easier form of authentication compared to traditional token-based workflows, better protecting employees and staff from data breaches, which have increased significantly within the financial sector in recent months.
'The renewal of this contract clearly highlights the importance of our MFA products in protecting financial services firms from cyberattacks,' said Ian L. Paterson, CEO of Plurilock Security Inc. 'Our multi-factor and continuous authentication solutions provide companies a leading edge in countering cybersecurity breaches while ensuring the frictionless workflow of their employees and staff, which is crucial for our clients in maintaining high productivity while coping with the alarming rate of cyberattacks that target the financial sector.'
About Plurilock: Plurilock is an innovative, identity-centric cybersecurity company that reduces or eliminates the need for passwords, extra authentication steps, and cumbersome authentication devices. Plurilock's software leverages state-of-the-art behavioral-biometric, environmental, and contextual technologies to provide invisible, adaptive, and risk-based authentication solutions with the lowest possible cost and complexity. Plurilock enables organizations to compute safely-and with peace of mind."
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Proofpoint, Inc. (NASDAQ: PFPT) announced back in November that it has been named the winner of the "Overall Enterprise Email Security Solution Provider of the Year" award in the fourth annual CyberSecurity Breakthrough Awards program conducted by CyberSecurity Breakthrough, a leading independent market intelligence organization that recognizes the top companies, technologies and products in the global information security market today. "Proofpoint is a pioneering leader in the cybersecurty industry and their continued commitment to innovation and breakthrough detection and protection techniques are unparalleled," said James Johnson, managing director, CyberSecurity Breakthrough. "We fully anticipate that business email compromise (BEC) and other enterprise email threats will continue to increase in volume and complexity, and we are pleased to see Proofpoint tackle this challenge head-on with an extremely powerful and targeted platform to keep email communications flowing. Congratulations to Proofpoint on their continued success and well-deserved 2020 CyberSecurity Breakthrough Award."
SolarWinds Corporation (NYSE: SWI) announced last month updates in response to the SUPERNOVA malware for all supported versions of SolarWinds® Orion® Platform products and a fix for customers on unsupported versions of these products. Third parties and the media have publicly reported on a malware, now referred to as SUPERNOVA. Based on SolarWinds' investigation, this malware could be deployed through an exploitation of a vulnerability in the Orion Platform. Like other software companies, SolarWinds seeks to responsibly disclose vulnerabilities in its products to customers, while also mitigating the risk that bad actors seek to exploit those vulnerabilities, by releasing updates to their products before the company discloses the vulnerabilities. SolarWinds provided two hotfix updates on December 14 and 15, 2020, that contained security enhancements, including those designed to prevent certain versions of the Orion Platform products from being exploited in a SUPERNOVA attack.
Equifax Inc. (NYSE: EFX) reported last week that it has signed a definitive agreement to acquire Kount, a provider of Artificial Intelligence (AI)-driven fraud prevention and digital identity solutions, for $640 million. As global digital transformation accelerates, driving customer interactions to digital channels in record numbers, businesses require new ways to establish digital identity trust in real time to fight the growing problem of online fraud while reducing customer friction. This acquisition will expand the Equifax worldwide footprint in digital identity and fraud prevention solutions, helping businesses better engage with their customers while combating fraud with the Kount Identity Trust Global Network - the industry's leading risk-based authentication platform.
Qualys, Inc. (NASDAQ: QLYS) reported last year that its research team, using the Qualys Cloud Platform, has identified 7.54 million vulnerabilities related to FireEye Red Team assessment tools and compromised versions of SolarWinds Orion, tracked as Solorigate or SUNBURST, across its 15,700-member customer base. Of the vulnerabilities identified, researchers noted that across 5.29 million unique assets most are related to the FireEye Red Team tools. These findings highlight the scope of the potential attack surface if these tools are misused. The research team further identified that 99.84% of the 7+ million vulnerability instances are from eight vulnerabilities in Microsoft software that have patches available.
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