- 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://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
Chief Financial Officer