Plurilock Security Inc. (TSX-V:PLUR) said it has secured a contract renewal with a leading US financial services firm for its cutting-edge, high-margin continuous authentication DEFEND product via its Technology Division.
The company said the financial services firm previously signed an annual recurring US$42,000 contract for DEFEND last year, as reported on September 29, 2020, and purchased the technology following a stringent evaluation process.
All contracts and orders signed by Plurilock since April 2021, including the latest contract renewal, represent a combined total of US$10.23 million in sales.
Plurilock's proprietary DEFEND solution uses micro-patterns, based on a user's keyboard and mouse movements, to create a unique behavioral biometric user signature that continuously authenticates identity throughout the workday.
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Plurilock noted that its technology offered the financial firm a low-friction authentication solution with strong identity confirmation capability, as well as flexible integrations. The need for innovative cybersecurity solutions for financial services organizations is strong, with a report detailing that financial services firms are 300 times more likely than other companies to be targeted by a cyberattack, it added.
The ongoing business relationship between Plurilock and the financial services company aligns with the company's work to expand within the government and regulated verticals.
"Plurilock continues to hit milestones with our high margin products in the financial sector," Ian L. Paterson, CEO of Plurilock said in a statement.
"With the recent announcement of a purchase order with a leading overseas financial institution earlier this month, investors and potential customers of Plurilock continue to see traction in the execution of our business plan and validation of the efficacy of our software products in the cybersecurity space. We are looking forward to accelerating this trend in the weeks and months to come," he added.
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.
Contact the author at jon.hopkins@proactiveinvestors.com