Victoria, British Columbia—Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries (“Plurilock” or the “Company”), an identity-centric cybersecurity solution provider for workforces, is pleased to comment on the announcement that the President of the United States, Joe Biden, has signed an executive order on May 12, 2021 to strengthen the country’s cybersecurity defenses.
The executive order was created to help U.S. federal government organizations enhance their cybersecurity in confronting malicious cyberattacks that have increased in recent months. The implementation of a zero-trust architecture and the deployment of multi-factor authentication (“MFA”) were highlighted among other steps and protocols in the executive order as important measures for federal agencies to utilize in improving their security models. As a leading cybersecurity solutions provider, the Plurilock product suite is directly relevant to the matters of concern.
In recent months, cyberattacks targeting private enterprises and government agencies in the United States have increased at an alarming rate. Most notably, Colonial Pipeline, one of the largest U.S. pipeline operators for refined oil had to cease operations due to a ransomware attack, which disabled delivery systems of gas to many U.S. states. 1 Other prominent incidents such as the Oldsmar’s water treatment hack in Tampa, Florida and the SolarWinds hack have caused a nationwide cybersecurity crisis. 2
Prior to the announcement of the executive order, President Biden released a fiscal 2022 budget blueprint for which he intends to allocate US$2.1 billion for the country’s federal cybersecurity agency. In addition, Biden signed the American Rescue Plan in March, 2021 to provide an additional US$1.65 billion in advancing cyber defense initiatives. 3
“Following the latest sophisticated cyberattacks on U.S. private companies and federal government networks, the executive order is an important step for the U.S. Federal Government to take a more aggressive approach in preventing data breaches, most notably through the adoption of a zero-trust policy and MFA solutions,” said Ian L. Paterson, CEO of Plurilock. “Plurilock’s team is focused on securing new contracts, and government organizations are a key vertical in our strategy. The distribution channels from our recent acquisition of Aurora position us well to deliver solutions to government customers, and grow our client base within the public sector.”
A recent fact sheet published by the White House stated, “Cybersecurity is one of the preeminent challenges of our time, which is why President Biden has made strengthening U.S. cybersecurity capabilities a top priority and has already taken action to advance it, including with last week’s Executive Order.” 4
Plurilock provides identity-centric cybersecurity for today’s workforces. Plurilock offers world-class cybersecurity solutions paired with AI-driven, cloud-friendly security technologies that deliver persistent identity assurance with unmatched ease of use. The Plurilock family of companies enables organizations to operate safely and securely-while reducing cybersecurity friction.
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, impact of general economic conditions, success of the Company in obtaining new or extended contracts or orders; the Company’s ability to maintain existing customers or develop new customers; the Company’s ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; and unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. 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. Risks and uncertainties about the Company’s business are more fully discussed under the heading “Risk Factors” in its most recent Annual Information Form and are otherwise disclosed in its filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.
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