Plurilock Security Inc. (TSX-V:PLUR) said its wholly-owned subsidiary Aurora Systems Consulting Inc has received a purchase order from a California-based pension fund for its Plurilock DEFEND continuous authentication solution.
The order is the first cross-selling purchase order through Aurora for Plurilock’s DEFEND technology offering, and includes ongoing maintenance support, the Victoria, British Columbia-based company said.
“We are pleased to report the completion of our first cross-sale of Plurilock’s cutting-edge DEFEND solution,” said Plurilock CEO Ian L. Paterson in a statement. “This order highlights the strategy we developed following the acquisition of Aurora in April 2021, where we first acquire profitable cybersecurity companies with prominent customers, and then leverage those distribution channels to cross-sell our high-margin proprietary products."
“We will continue to identify new cross-selling opportunities and vigorously work towards signing new purchase orders for our advanced zero trust identity technology,” he added.
All contracts and orders announced by Plurilock and its subsidiaries since January 1, 2022, including the latest orders, represent a combined total of roughly US$5.28 million in sales.
READ: Plurilock says Aurora Systems subsidiary wins US$224,000 purchase order from the US Library of Congress
The California-based pension fund is an existing Aurora customer that required an identity-centric cybersecurity solution to enhance its system’s defense against potential cyber threats.
Following a stringent evaluation, the customer selected DEFEND given its robust continuous identity analysis capabilities and zero trust architecture, Plurilock said, adding that the pension fund will pay a monthly subscription fee for the continuous identity confirmation solution based on a fixed number of end-users.
Plurilock DEFEND’s proprietary technology uses micro-patterns in a person’s keystroke and pointer behavior to continuously confirm identity every three to five seconds, ensuring that the person using a device is the authorized user, the company said.
Pension and retirement funds are at heightened risk for cyberattacks as evidenced by the September 2021 breach of a Missouri retirement system with 128,000 active members, where an employee’s email account was compromised by an attacker that accessed files containing personal information, Plurilock noted.
Additionally, 44% of the surveyed Master Trust retirement-related funds reported experiencing cyberattacks between 2019 and 2020, underscoring the need for a zero-trust identity solution that will secure access and halt credential compromise, it added.
Plurilock is a real-time cybersecurity solution that uses artificial intelligence to identify, prevent, and eliminate insider threats, securing the enterprise and ensuring compliance with requirements in financial, healthcare, and federal organizations.
Contact the author at jon.hopkins@proactiveinvestors.com