Sophisticated Cybersecurity is in Demand as Crippling Cyberattacks Become More Commons
FinancialBuzz.com News Commentary
NEW YORK, March 11, 2021 /PRNewswire/ -- Protecting businesses and governments from cyberattacks is becoming more and more challenging. A recent example from late last year that illustrates how complicated the current cybersecurity landscape has become is the hack on FireEye, one of the world's most famous cybersecurity firms. FireEye CEO, Kevin Mandia, explained that the hackers stole sensitive hacking tools that the company uses to detect weaknesses in customers' computer networks. The hackers are the same Russian group that hacked the White and State department a few years ago, according to a report by the Washington post. In addition, since the start of the pandemic, schools across the county shifted to remote classes, and as a result have been victims of ransomware attacks, which lock computers until a ransom is paid, according to the advisory from the FBI, the Department of Homeland Security and the Multi-State Information Sharing Analysis Center. Bloomberg reported that hackers likely view schools "as targets of opportunity, and these types of attacks are expected to continue through the 2020/2021 academic year," the advisory states. Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF), FireEye, Inc. (NASDAQ: FEYE), NortonLifeLock (NASDAQ: NLOK), Cloudflare, Inc. (NYSE: NET), Mimecast Limited (NASDAQ: MIME)
The importance of stopping such attacks on governmental agencies, major businesses and other organizations is constantly on the rise. Overall, the cybersecurity market covers a wide range of applications, emphasizing on safeguarding computers, programs, networks, and data from unlicensed or unprompted access. Furthermore, various software solutions such as antiviruses and firewalls have grown in complexity and proven to be effective at preventing threats and attacks, such as malware, Trojans, and phishing. Overall, it is the large enterprise segment that held the highest cyber security market share in 2019. And, according to data provided by Allied Market Research, the cyber security market size was valued at USD 149.67 Billion in 2019 and is projected to reach UDS 304.91 Billion by 2027, while growing at a CAGR of 9.4% from 2020 to 2027.
Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF) just announced breaking news regarding, "the successful completion of the second milestone of a recent contract with the US Department of Homeland Security ("DHS").
The Victoria-based cybersecurity provider completed the milestone, the second in a series of four deliverable milestones, under a US$198,000 contract from the DHS Science and Technology Directorate's ("S&T") Silicon Valley Innovation Program ("SVIP"). The contract tasks Plurilock with continuing to develop and refine a new generation of machine-to-machine authentication and security technologies.
Under the milestone, Plurilock passed a series of internal red team tests designed to further harden the technology and prepare it for external red team testing.
'One of the aspects of cybersecurity is that it is sometimes hard to talk about your clients for security reasons,' says Ian L. Paterson, CEO of Plurilock Security Inc. 'SVIP has been an excellent referenceable collaborator in the development of forward-looking technologies and has enabled Plurilock to make significant progress in its development of mission-oriented cybersecurity solutions.'
Plurilock expects machine-to-machine authentication to become an increasingly important cybersecurity capability as smart devices, embedded computing, and the Internet of Things ("IoT") proliferate in government and business settings. The Company plans to continue to refine the technology, which enables authentication and stand-off detection for any IoT device on an enterprise network by analyzing a variety of identifying characteristics beyond IP and MAC addresses…"
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FireEye, Inc. (NASDAQ: FEYE) announced on November 19th, 2020, the acquisition of Respond Software, the cybersecurity investigation automation company and creator of the Respond Analyst. The acquisition of Respond Software opens new market opportunities to deliver eXtended Detection and Response (XDR) capabilities to a broad set of customers. Additionally, it enables Mandiant® Solutions to further productize and scale its expertise and front-line intelligence as part of the Mandiant Advantage platform. The transaction closed on November 18th, 2020 and is valued at approximately USD 186 Million in cash and stock, exclusive of assumed unvested stock options. "With Mandiant's position on the front lines, we know what to look for in an attack, and Respond's cloud-based machine learning productizes our expertise to deliver faster outcomes and protect more customers," said Kevin Mandia, FireEye chief executive officer. "This creates a learning system with new capabilities that will enable us to expand our Mandiant portfolio and drive new XDR revenue through our Mandiant Advantage platform."
NortonLifeLock (NASDAQ: NLOK) announced on January 26th, the global availability of Norton™ 360 for Gamers, security reimagined for gamers. "It's never been more critical for gamers to have strong security in place and build good safety habits to protect themselves," said Gagan Singh, chief product officer at NortonLifeLock. "As gaming has become such a big part of our lives, the value of gaming accounts and the personal information tied to them has increased exponentially. We created Norton 360 for Gamers as part of our vision to protect and empower people to live their digital lives. We want gamers to continue enjoying the gaming world, but with peace of mind that they have a Cyber Safety plan in place to help stay one step ahead of the cybercriminals."
Cloudflare, Inc. (NYSE: NET) announced last year that it has launched Cloudflare for Teams™, a set of solutions that will secure corporations and their employees globally, without sacrificing performance. Cloudflare for Teams is centered around two core products—Cloudflare Access™ and Cloudflare Gateway™. "With the rise of SaaS, cloud, and an increasingly mobile workforce, existing security solutions don't work for modern-day employees or their employers," said Matthew Prince, co-founder and CEO of Cloudflare. "Employees need to access their applications quickly and securely, browse the public Internet without threatening company security, and be able to do all of this no matter where they are. Cloudflare for Teams gives companies and their employees a better way to do work, without added inconvenience."
Mimecast Limited (NASDAQ: MIME) announced on February 23rd, its API and Alliances program has hit a new milestone and now offers 60 out-of-the box and custom integrations with security technology partners such as CrowdStrike, IBM Security, Netskope, Palo Alto Networks, Rapid7, ServiceNow and Splunk. Integrations are designed to allow organizations to gain greater insights into their threat landscape, reducing complexity, minimizing risk and improving threat detection and response. "A dramatic increase in the volume and success of phishing, business email compromise and other types of cyberattacks, requires organizations to reevaluate their security controls and processes. The average enterprise organization has 75 security solutions in its ecosystem, which is difficult to manage efficiently if not integrated," said Jules Martin, vice president, ecosystem & alliances at Mimecast. "More than half of our enterprise customers are using one or more of our prebuilt integrations, some as many as five."
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