Press release

Plurilock Secures Order with U.S. Pharmaceutical Manufacturer

The order represents the first client in the pharmaceutical industry, providing access to a new market for Plurilock’s Technology Division

  • Plurilock’s advanced continuous authentication software will support the pharmaceutical manufacturer’s cybersecurity efforts as the risk of cyberattacks is on the rise
  • Healthcare organizations are more susceptible to attacks amidst the COVID-19 pandemic, with U.S. healthcare breaches increasing by 55.1% from 2019 to 2020
  • A new report shows one in ten global pharmaceutical manufacturers are at high risk for a ransomware attack

 

VICTORIA, BRITISH COLUMBIA—Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) (“Plurilock” or the “Company”), an identity-centric cybersecurity solution provider for workforces, has secured an order through GiaSpace, an IT service reseller, to license its advanced continuous authentication software to a regional pharmaceutical manufacturer based in the southeastern United States.

Plurilock was approached to implement its proprietary continuous authentication software to protect against credential sharing, unauthorized access, and phishing attacks to ensure business continuity. In the pharmaceutical industry, an organization’s key asset is its intellectual property, and with the continued rise in cyberattacks, a breach could be devastating. The order includes deployment and support for Plurilock’s high margin ADAPT and DEFEND products at the manufacturer’s facilities.

Recent data shows that healthcare organizations are more susceptible to attacks amidst the COVID-19 pandemic, with U.S. healthcare breaches increasing by 55.1% from 2019 to 20201. A new report also shows that one in ten global pharmaceutical manufacturers are at high risk for a ransomware attack2.

“Plurilock’s high margin software solutions work as a deterrence to attacks and form part of an in-depth defensive cybersecurity strategy, crucial to companies operating today,” said Ian L. Paterson, CEO of Plurilock. “Modern-day ransomware is more sophisticated than ever, and these skilled adversaries are finding ways to penetrate networks, identify high-value targets, and access critical information before detonating an attack on systems, causing significant damage and downtime for organizations. With the deployment of Plurilock’s authentication software, these organizations will be able to protect the workforce as well as other critical assets against cyberattacks.”

The Company’s proprietary technology has the ability to recognize individuals and verify identities using cutting edge behavioral biometric signatures, each generated by applying machine learning in the background to personal behavioral and input patterns, physical location, and other contextual data, as device users do their normal work, which will be beneficial for organizations in the pharmaceutical industry.

About Plurilock

Plurilock provides identity-centric cybersecurity for today’s workforces. Plurilock offers world-class cybersecurity solutions paired with AI-driven, cloud-friendly security technologies that deliver persistent identity assurance with unmatched ease of use. The Plurilock family of companies enables organizations to operate safely and securely-while reducing cybersecurity friction.

For more information, visit https://www.plurilock.com or contact:

Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566

Roland Sartorius
Chief Financial Officer
roland.sartorius@plurilock.com

Prit Singh Investor Relations
prit.singh@plurilock.com
905.510.7636

Forward-Looking Statements

This press release may contain certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) which relate to future events or Plurilock’s future business, operations, and financial performance and condition. Forward-looking statements normally contain words like “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “scheduled”, and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock’s business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, impact of general economic conditions, success of the Company in obtaining new or extended contracts or orders; the Company’s ability to maintain existing customers or develop new customers; the Company’s ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; and unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Risks and uncertainties about the Company’s business are more fully discussed under the heading “Risk Factors” in its most recent Annual Information Form and are otherwise disclosed in its filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  1. https://pages.bitglass.com/rs/418-ZAL-815/images/CDFY21Q1HealthcareBreachReport2021.pdf?aliId=eyJpIjoiOE54NGRRTkhCZDY3aUxGMiIsInQiOiJ0RTZ1QVZXbnFPUGRhZXhVbmhyMmVnPT0ifQ%253D%253D
  2. https://blackkitetech.com/wp-content/uploads/2021/05/The-2021-Ransomware-Risk-Pulse-_-Pharmaceutical-Manufacturing.pdf