Nowadays, an extensive layer of cybersafety is often required for business infrastructure or government agencies in order to protect sensitive information and consumer data. In fact, the global cyber security market size overall was valued at USD 156.5 Billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 10.0% from 2020 to 2027, according to data by Grand View Research. Currently, though, the latest Russian hack, which is being called the largest act of espionage in U.S. history, is being analyzed by experts and cybersecurity firms to determine the magnitude of the threat. According to a report by the Associated Press, the hack compromised federal agencies and “critical infrastructure” in a sophisticated attack that was hard to detect and will be difficult to undo, the Cybersecurity and Infrastructure Security Agency said in an unusual warning message. The nation’s cybersecurity agency also warned of a “grave” risk to government and private networks. Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF), Qualys, Inc., CyberArk Software Ltd., Absolute Software Corporation, Fortinet, Inc.
Several tech companies, including Microsoft, have also commented on the hack, with the technology conglomerate explaining in a blogpost that “it’s critical that we step back and assess the significance of these attacks in their full context. This is not ‘espionage as usual,’ even in the digital age. Instead, it represents an act of recklessness that created a serious technological vulnerability for the United States and the world. In effect, this is not just an attack on specific targets, but on the trust and reliability of the world’s critical infrastructure in order to advance one nation’s intelligence agency.”
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Plurilock Security announced earlier this month that the company provided, “frictionless and continuous authentication using machine learning and behavioral biometrics, is pleased to provide the following corporate update for the fourth quarter of 2020.
Cybersecurity is a crucial element for organizations with deep security needs such as healthcare and financial services companies. Given the nature of recent cyberattacks that target these organizations, the need for advanced cybersecurity solutions will increase and according to Cyber Security Ventures, Global Cybersecurity spending is predicted to exceed $1 Trillion USD from 2017-2021.
In preparation for the anticipated growth in the cybersecurity sector, Plurilock has made some key developments since going public this year to address and capitalize on this global opportunity.
On September 24th, 2020, the Company began trading on the TSX Venture Exchange under the ticker PLUR after completing a qualifying transaction (“QT”) with Libby K Industries, Inc. on September 17, 2020. Plurilock also completed a concurrent financing with the QT, which saw the Company successfully raise $2.6 million. The concurrent financing was led by PI Financial and included Industrial Alliance Securities.
The Company assembled an Advisory Board consisting of technology sector experts to provide guidance to Plurilock on planning and executing strategic initiatives while accelerating the growth of the Company. Members of the Advisory Board include Dr. Issa Traoré, Ph.D., Merv Chia and Mark Orsmond.
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Additionally, the Company appointed two veteran multinational security leaders, Gaétan Houle and Chris Pierce as advisors to the Company. Mr. Houle has held various security leadership roles in reputable government agencies such as the Canadian Federal Government, Department of National Defence and the former Department of Foreign Affairs, now known as Global Affairs Canada. Mr. Pierce is an accomplished executive and consultant who oversaw the international division of Booz Allen Hamilton Holding Corporation and led the development of Booz Allen’s international business strategy.
“2020 was an exciting year for the team at Plurilock as we completed a number of milestones, including a successful public listing on the TSXV in September,” said Ian Paterson, CEO of Plurilock. “Despite the headwinds of the pandemic, we have seen an increase in enterprise customers looking to secure their infrastructure from cyber threats. Given the growth outlook of the sector, we believe in 2021 the team we have assembled will enable us to grow organically through direct sales to enterprise customers while we seek to strategically deploy resources through acquisitions.”
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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