Cyberattacks in the U.S. Are Expected to Get Worse

It’s only a matter of time before we’re hit with another massive cyberattack. According to Fox News, “Co-founder of the hacking group LulzSec Hector Xavier Monsegur warned that cyberattacks against U.S. infrastructure are going to get worse exponentially.” He added, “We do not have enough people to deal with the threats, we don't have enough law enforcement that actually understands cyber and all of the organizations that I've worked with around the nation.” That’s fueling a substantial need for protection with companies such as Plurilock Security (TSXV:PLUR)(OTC:PLCKF), Proofpoint Inc. (NASDAQ:PFPT), Crowdstrike Holdings Inc. (NASDAQ:CRWD), Rapid7 Inc. (NASDAQ:RPD), and Zscaler Inc. (NASDAQ:ZS).

Most recently, President Biden told President Vladimir Putin that energy, water, health care, emergency, chemical, nuclear, communications, government, defense, food, commercial facilities, IT, transportation, dams, manufacturing and financial services were “off limits” to Russian attacks, as noted by Fox. Unfortunately, as we’ve also learned from the Cyberspace Solarium Commission, as quoted by Fox, “The U.S. is currently not designed to act with the speed and agility necessary to defend the country in cyberspace.”

Plurilock Security Secures Order from California County Government Entity

Plurilock Security (TSXV:PLUR)(OTC:PLCKF), an identity-centric cybersecurity solutions provider for workforces, has received a purchase order worth US$120,000 from a county government in California. Plurilock secured the order in a competitive open market due to the team's exceptional track record for quality products and customer service. The Company will provide the county government entity with cybersecurity software and maintenance support per the purchase order.

Government entities at all levels have seen an increase in cybercrime, impacting networks and critical infrastructure. Since 2017, cyber-attacks against state and local governments have risen an average of almost 50%. This has proven costly for them, with recent data showing that ransomware attacks cost local and state governments over $18 billion in 2020.

Cyber-attacks against government entities have been a significant talking point in recent days, with U.S. President Joe Biden speaking with Russian President Vladimir Putin about setting parameters to protect against these types of attacks on infrastructure and government agencies. Along with increased pressure due to the surge in attacks, state and local governments often face the challenge of limited resources and extended procurement timelines, underscoring the importance of vendors they select for cybersecurity products.

This order demonstrates the Company's continued efforts to expand and serve organizations within the government vertical at the local, state, and federal levels.

Other related developments from around the markets include:

Proofpoint Inc., a leading cybersecurity and compliance company, today announced it has been positioned by Gartner, Inc. in the Leaders quadrant of the 2019 Magic Quadrant for Enterprise Information Archiving for the eighth consecutive year. The report provides a detailed overview of the enterprise information archiving market and evaluates vendors based on completeness of vision and ability to execute. “Organizations are struggling to maintain compliance as they migrate to the cloud, regulations evolve, data grows, and new content types emerge—and it’s hitting their bottom line. In 2018, $1.46B in SEC fines were levied and between 2016 and 2018, $295M FINRA fines were enforced,” said Darren Lee, executive vice president and general manager of Compliance and Digital Risk for Proofpoint. “Compliance and legal teams need the tools that can meet today’s demands for security, retention, supervision, and retrieval. We believe our positioning as a Leader in the Gartner Magic Quadrant for the eighth consecutive year underscores our dedication to innovation and unmatched ability to provide organizations with the visibility and control over the compliance risks that matter most.”

Crowdstrike Holdings Inc., a leader in cloud-delivered endpoint and workload protection, today announced it is launching new partner applications in the CrowdStrike Store and the availability of the CrowdStrike Store in the European Union (EU) Cloud for customers to discover and buy security and IT applications. Additionally, the company is announcing the release of a new survey report which unpacks the current state of IT security. The global IT security survey, commissioned by CrowdStrike, aims to better understand the complexities that IT security teams face when implementing a mature security strategy that includes disparate solutions. The report was independently conducted by Vanson Bourne, and surveyed 900 senior IT decision-makers and IT security professionals globally and across all industry sectors. It unveiled the need for organizations to transform their security stacks to create greater simplicity and strengthen efficacy to stop breaches, revealing that 92% of respondents say their organizations have faced operational challenges due to the implementation of IT security projects and that 71% of respondents said that integration complexity between technology and security stacks requires improvement.

Rapid7 Inc., a leading provider of security analytics and automation, today announced it has acquired Velociraptor, a leading open-source technology and community used for endpoint monitoring, digital forensics, and incident response. Through this acquisition, Rapid7 will continue to build the Velociraptor community and leverage its technology and insights to enhance Rapid7’s incident response capabilities. Velociraptor was developed for digital forensics and incident response (DFIR) professionals who need a powerful and efficient way to hunt for and monitor malicious activities across endpoints. Velociraptor's community-driven approach allows the collective wisdom of the DFIR community to be gathered in one place and made accessible to others. Velociraptor is unique in that it allows custom detections, collections and analyses capabilities to be written in queries, rather than code. Those queries can then easily be shared, strengthening the knowledge of the community and allowing teams to hunt for new threats quicker.

Zscaler Inc., the leader in cloud security, announced that it has entered into a definitive agreement to acquire Smokescreen Technologies, a leader in active defense and deception technology. Smokescreen's cutting edge capabilities will be integrated into the Zscaler Zero Trust Exchange™, further building upon Zscaler’s ability to precisely detect the most sophisticated, highly targeted attacks, ransomware, and lateral movement attempts. Additionally, Smokescreen will help provide rich threat intelligence and telemetry for the Zscaler team to proactively hunt for emerging adversary tactics and techniques. The transaction is subject to standard closing conditions and is expected to close during Zscaler’s fiscal fourth quarter ending July 31, 2021.

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