Elaborate Cybersecurity Solutions are Becoming Essential for Organizations

Elaborate Cybersecurity Solutions are Becoming Essential for Organizations

- FinancialBuzz.com News Commentary

PR Newswire

NEW YORK, Dec. 14, 2020

NEW YORK, Dec. 14, 2020 /PRNewswire/ -- The global cybersecurity industry has changed dramatically in recent years. A large portion of that change comes from the development of new innovative technologies such as the Internet of Things (IoT), cloud computing, social media and more. However, products that rely on such technologies are more prone to an online attack. For example, IoT products enabled with IP sensors are expected to present weaknesses to user data while third-party data storage and cloud-based services have opened new avenues for online attacks, which previously did not occur. And as these new technologies have became more popular, cybersecurity service providers have had to adapt. Nowadays, an extensive cybersafety layer for a business infrastructure or a government agency is required in order to protect sensitive information and consumer data. And overall, the global cyber security market size was valued at USD 156.5 Billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 10.0% from 2020 to 2027, according to data by Grand View Research. Plurilock Security Inc. (TSX-V: PLUR) (OTC: PLCKF), CrowdStrike Holdings, Inc. (NASDAQ: CRWD), CyberArk Software Ltd. (NASDAQ: CYBR), NortonLifeLock Inc. (NASDAQ: NLOK), FireEye, Inc. (NASDAQ: FEYE)

A recent example 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) just announced breaking news regarding the, "successful completion of the first milestone of a recent contract with the US Department of Homeland Security (DHS).

The Victoria-based cybersecurity provider completed the milestone, the first in a series of four deliverable milestones, under a US$198,000 contract from the DHS Science and Technology Directorate's Silicon Valley Innovation Program (S&T 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, for which Plurilock received US$70,000 in funds, Plurilock met a series of goals intended to optimize the technology, transition it from the laboratory setting to a more operational posture, and prepare it for further forms of critical testing.

'Our work with DHS and the Silicon Valley Innovation Program has been incredibly productive,' says Ian L. Paterson, CEO of Plurilock. 'As an organization built around machine learning and anomaly detection, it's been exciting to watch this new technology evolve. SVIP has been instrumental in the progress we've made in this part of the cybersecurity landscape.'

Plurilock expects machine-to-machine authentication to become an increasingly important cybersecurity capability as smart devices, embedded computing, and the Internet of Things continue to become more common in government and business settings.

The Company says that the next milestone in the project, which is now underway, will involve passing a series of internal red team tests designed to further harden the technology and to bring its security profile in line with requirements for real-world pilot deployments.

About SVIP: SVIP is one of S&T's programs and tools to fund innovation and work with private sector partners to advance homeland security solutions. SVIP reaches out to innovation communities across the globe to harness commercial research and development for government applications, co-invest in, and accelerate the transition of technology to the commercial market. Companies participating in SVIP are eligible for up to $800,000 of non-dilutive funding to develop and adapt commercial technologies for homeland security use cases.

For more information on current and future SVIP solicitations, visit https://www.dhs.gov/science-and-technology/svip  or contact dhs-silicon-valley@hq.dhs.gov."

CrowdStrike Holdings, Inc. (NASDAQ: CRWD) announced last week the release of the annual CrowdStrike Services Cyber Front Lines Report, which brings together the insights and observations of CrowdStrike's global incident response (IR) and proactive services teams in 2020. reveals the broad-reaching impact remote work has had on cybersecurity, as corporate networks around the world were turned inside out to accommodate remote workers. "Remote work has redefined the playing field between cyber attackers and defenders, and that's clearly demonstrated in the CrowdStrike Services Cyber Front Lines Report. Corporate networks now span both office and home, providing a wealth of new attack surfaces and vectors that adversaries can exploit," said Shawn Henry, chief security officer and president of CrowdStrike Services at CrowdStrike. "Holistic coordination and continued vigilance are key in detecting and stopping sophisticated intrusions. Because of this, we're seeing a necessary shift from one-off emergency engagements to continuous monitoring and response. This will better enable incident response teams to help customers drastically reduce the average time to detect, investigate and remediate from 162 hours to less than 60 minutes."

CyberArk Software Ltd. (NASDAQ: CYBR) reported last month that it is working with Forescout and Phosphorus to enable organizations to secure the increasing number of IoT devices and technologies resulting from digital business transformation. Customers can significantly reduce risk using the joint integration to continuously discover, secure and manage IoT devices connected to corporate networks. CyberArk holds the most comprehensive set of privileged access management-related certifications and achievements for the government sector, including international Common Criteria certification by the National Information Association Partnership (NIAP). CyberArk is also included on the U.S. Department of Defense Information Network Approved Products List (DoDIN APL) and the U.S. Army Certificate of Networthiness (CoN) under the Cybersecurity Tools (CST) device type (Tracking Number (TN) 1712401). The CyberArk Privileged Account Security Solution has been independently validated and awarded an Evaluation Assurance Level (EAL) 2+ under the Common Criteria Recognition Agreement (CCRA). CyberArk helps federal agencies meet compliance requirements including FISMA/NIST SP 800-53, Phase 2 of the Department of Homeland Security Continuous Diagnostics and Mitigation (CDM) program, NERC-CIP, HSPD-12 and more.

NortonLifeLock Inc. (NASDAQ: NLOK) reported last month results for its fiscal year 2021 second quarter which ended October 2, 2020. Second quarter GAAP revenue from continuing operations was $626 million, compared to $608 million a year ago which included revenue from ID Analytics ($13 million in Q2 Fiscal 2020). Q2 GAAP diluted EPS from continuing operations was $0.28, compared to $0.06 a year ago. "We've achieved another strong quarter where we grew the business mid-single digits," said Vincent Pilette, CEO of NortonLifeLock. "Our second quarter performance underscores our relentless focus on operational discipline and product innovation. Our ambition is to bring Cyber Safety to everyone." In a blogpost, the company emphasized that clearly, these are extraordinary times and users need to be extra careful, taking necessary steps to mitigate the potential threats. The CyberSecurity and Infrastructure Security Agency, or CISA, is the cyber agency for the U.S. Department of Homeland Security recently issued an alert citing specific cyber vulnerabilities associated with working from home.

FireEye, Inc. (NASDAQ: FEYE) was named the winner of the "Overall Infrastructure Security Solution Provider of the Year" award back in October for its Mandiant® Security Validation offering in the fourth annual CyberSecurity Breakthrough Awards. "Security leaders today spend an exhaustive amount of time and money trying to protect their business-critical assets without verifiable answers as to whether these efforts are effective," said Chris Key, Executive Vice President of Products for Mandiant Solutions. "Mandiant Security Validation empowers security leaders to be able to prioritize what matters to them now. By measuring, optimizing and continuously monitoring their environment, teams can confidently report to business leadership that security investments are delivering the expected value. This 2020 CyberSecurity Breakthrough Award serves as a strong validation of the success of our approach to providing IT and business leaders with the evidence required to inform larger business decisions and rationalize cybersecurity spending."

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