VICTORIA, BRITISH COLUMBIA—Plurilock Security Inc. (“Plurilock” or the “Company”) (TSXV: PLUR), a leading provider of invisible and continuous authentication technologies for enterprises, announced that its subsidiary, Plurilock Security Solutions Inc., recently secured a financial services client following an extensive series of proof-of-concept and testing deployments.
The client, a major US-based company in the financial services sector, approached and ultimately awarded to Plurilock a USD$42,000 annual recurring contract in order to gain the benefits provided by Plurilock’s core authentication solutions:
Frictionless authentication. The client sought a low-friction authentication solution and found Plurilock’s identity confirmation, which occurs without the use of hardware authenticators, OTP codes, or biometric scanners, to meet its requirements.
Strong identity confirmation. The client was pleased that Plurilock’s solution relies on behavioral-biometric identity factors backed by tens of thousands of hours of research and testing and proprietary intellectual property.
Flexible integration. Plurilock’s solution was slotted into the Company’s existing IAM and authentication stack, enabling simpler-yet-secure authentication workflows for users without the need to remove or rework other existing systems.
Reduced labor overhead and increased productivity. The client found that Plurilock’s solution enabled a double-digit reduction in overhead and key work stoppages caused by previously deployed authentication products.
“We are excited to be working with this client,” says Ian L. Paterson, CEO of Plurilock. “They are a major player in their segment of the financial services industry and a very forward-thinking organization. That they found the benefits and ROI of Plurilock solutions to be compelling clearly validates the value proposition and technology at the heart of our core products, Plurilock ADAPT and Plurilock DEFEND.”
“The U.S. financial services sector remains a target vertical for our company,” continued Ian L. Paterson. “With more organizations in this sector exploring new and innovative methods to address their security infrastructure, we believe our authentication technology serves as an alternative to traditional solutions and an entry point into the U.S. market.”
The initial term of the contract beginning on August 13,2020, is for 12 months and is renewable by mutual agreement. Under the contract, Plurilock will provide licensed authentication services for 500 of the client company’s employees that fill certain security-sensitive roles in their workforce.
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.
For more information, visit https://plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
Chief Financial Officer
This press release may contain certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) which relate to future events or Plurilock’s future business, operations, and financial performance and condition. Forward-looking statements normally contain words like “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “scheduled”, and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock’s business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws.