- This patent is intended to expand Plurilock’s zero trust identity technology portfolio, strengthening its competitive moat
- New innovations enhance Plurilock’s continuous authentication technology, providing seamless identity confirmation across devices
Vancouver, British Columbia–(Newsfile Corp. – March 28, 2022) – Plurilock Security Inc. (TSXV: PLUR) (OTCQB: PLCKF) and related subsidiaries (“Plurilock” or the “Company”), an identity-centric cybersecurity solutions provider for workforces, has submitted a non-provisional patent application with the United States Patent and Trademark Office (USPTO) for a multi-device user identity confirmation technology enhancement.
The patent application, titled “Multi-Device User Identity Validation Based on Behavioral Signal Fidelity,” documents the Company’s cutting-edge enhancement to its existing continuous authentication technology with functionality that allows for behavioral-biometric identity confirmation across user devices, based on which device in a user’s ecosystem is actively in use.
For those operating in environments where multiple devices need to be securely used, such as a laptop and mobile device, this enhancement will authenticate automatically on a continuous basis, seamlessly transitioning its continuous authentication to whichever device is in active use within the same proximity. Using wireless signals, the devices communicate, generating a user risk score based on biometrics and behavioral biometrics data.
The innovation, developed within the Company’s Technology Division, was created with the goal of providing security continuity across secured devices, supporting the paradigm shift to passwordless, zero trust security environments. Using continuous risk score data, the technology will lock the device in use if there is potential credential compromise or other high-risk activity is detected. In addition to ease of use, this technology helps to stop insider threat attacks, when an employee or other internal individual has gained access to a user’s credentials or passcodes. This functionality is timely, with recent research stating that 98% of surveyed organizations feel vulnerable to insider attacks.1
This filing is a follow-up on a provisional patent filed in March 2021, as previously announced on April 27, 2021. This documentation will undergo an assessment by the USPTO before the final patent is granted.
“As the cyber threat continues to grow, PlurilockTM is continuously building on our cutting-edge zero trust identity technology, to combat the security challenges enterprises face,” said Ian L. Paterson, CEO of Plurilock. “This patent aligns with the Company’s strategy to strengthen our competitive moat and enhance ease of use for continuous identity confirmation across devices.”
Grant of Stock Options
Plurilock has granted stock options to new employees and an advisor of the Company to purchase an aggregate of 624,400 common shares at an exercise price of $0.37 per share, which will vest over four years from the grant date. The stock options are granted for a ten-year term from March 24, 2022.
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. Together, the Plurilock family of companies delivers persistent identity assurance with unmatched ease of use.
For more information, visit https://www.plurilock.com or contact:
Ian L. Paterson
Chief Executive Officer
Chief Financial Officer
This press release may contain certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) related 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, the impact of general economic conditions, the 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. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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