- DEFEND product uses unique digital user signature to authenticate identity continuously
- Per Plurilock CEO: “Average detection time under one minute”
VICTORIA, BRITISH COLUMBIA—Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries (“Plurilock” or the “Company”), an identity-centric cybersecurity solutions provider for workforces, has received a CA$672,000 multi-year purchase order from a partner on behalf of a leading overseas financial institution.
This transaction represents the first purchase order in the overseas cybersecurity market to be secured by Plurilock through its Technology Division.
Similarly to the needs posed by organizations Plurilock has spoken with, this financial institution desired to reduce the risk from extensive remote work, and to secure remote employee devices that have access to sensitive data. Plurilock’s technology uses a person’s unique behavior as a form of authentication, and was sought as a compensating control for limited physical security in this remote environment.
“We are pleased to announce the latest purchase order for our continuous authentication DEFEND product after a stringent evaluation process,” said Ian L. Paterson, CEO of Plurilock. “Plurilock is defining a new paradigm of authentication, providing persistent and continuous authentication for workforces to help realize zero trust architecture. We are continuing to accelerate the roll out of our high margin products through our owned and partnered distribution channels, and this sale represents an important milestone in that effort.”
During the evaluation, Plurilock provided a simple, intuitive, and reliable detection methodology for user impersonation on the client’s managed devices that allowed them to meet their detection criteria, while also maintaining the privacy of their users.
After an extensive product evaluation, Plurilock’s DEFEND product was selected to be purchased for the financial institution’s cyber defense infrastructure.
Overview of DEFEND’s Product Evaluation:
- Total number of product evaluation users – 30
- Total duration of evaluation – 180 days
- Average detection time during evaluation – ~1 minute
Financial institutions are at a larger risk for a cyber attack, with financial services firms 300 times more likely to be targeted than other companies.1 In addition to heightened risk, these organizations must contend with the significant financial ramifications of a breach.
Per the purchase order, the institution will receive a three-year subscription to Plurilock’s continuous authentication DEFEND product for a fixed number of end-users. The revenue to Plurilock is expected to total CA$213,978 per year for a three-year term and a one-time deployment and setup cost of CA$30,072. The order also includes ongoing maintenance support.
Additionally, Plurilock has incorporated a new subsidiary in India to expand its operational capacity abroad for strategic purposes.
Plurilock provides identity-centric cybersecurity for today’s workforces. The Plurilock family of companies enables organizations to operate safely and securely while reducing cybersecurity friction. Plurilock offers world-class IT and cybersecurity solutions through its Solutions Division, paired with proprietary, AI-driven and cloud-friendly security through its Technology Division. Together, the Plurilock family of companies delivers persistent identity assurance with unmatched ease of use.
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”) related 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, the impact of general economic conditions, the 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. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR at www.sedar.com.
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