VICTORIA, BRITISH COLUMBIA—Plurilock Security Inc. (“Plurilock” or the “Company”) (TSXV: PLUR), a leading provider of invisible and continuous authentication technologies for enterprises, announced that its subsidiary, Plurilock Security Solutions Inc., recently secured a financial services client following an extensive series of proof-of-concept and testing deployments.
The client, a major US-based company in the financial services sector, approached and ultimately awarded to Plurilock a USD$42,000 annual recurring contract in order to gain the benefits provided by Plurilock’s core authentication solutions:
Frictionless authentication. The client sought a low-friction authentication solution and found Plurilock’s identity confirmation, which occurs without the use of hardware authenticators, OTP codes, or biometric scanners, to meet its requirements.
Strong identity confirmation. The client was pleased that Plurilock’s solution relies on behavioral-biometric identity factors backed by tens of thousands of hours of research and testing and proprietary intellectual property.
Flexible integration. Plurilock’s solution was slotted into the Company’s existing IAM and authentication stack, enabling simpler-yet-secure authentication workflows for users without the need to remove or rework other existing systems.
Reduced labor overhead and increased productivity. The client found that Plurilock’s solution enabled a double-digit reduction in overhead and key work stoppages caused by previously deployed authentication products.
“We are excited to be working with this client,” says Ian L. Paterson, CEO of Plurilock. “They are a major player in their segment of the financial services industry and a very forward-thinking organization. That they found the benefits and ROI of Plurilock solutions to be compelling clearly validates the value proposition and technology at the heart of our core products, Plurilock ADAPT and Plurilock DEFEND.”
“The U.S. financial services sector remains a target vertical for our company,” continued Ian L. Paterson. “With more organizations in this sector exploring new and innovative methods to address their security infrastructure, we believe our authentication technology serves as an alternative to traditional solutions and an entry point into the U.S. market.”
The initial term of the contract beginning on August 13,2020, is for 12 months and is renewable by mutual agreement. Under the contract, Plurilock will provide licensed authentication services for 500 of the client company’s employees that fill certain security-sensitive roles in their workforce.
Plurilock is an innovative, identity-centric cybersecurity company that reduces or eliminates the need for passwords, extra authentication steps, and cumbersome authentication devices. Plurilock’s software leverages state-of-the-art behavioral-biometric, environmental, and contextual technologies to provide invisible, adaptive, and risk-based authentication solutions with the lowest possible cost and complexity. Plurilock enables organizations to compute safely-and with peace of mind.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
Chief Financial Officer
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