3 Technology Companies Helping you Not “WannaCry”
A computer malware that spread across 150 countries on Friday dubbed “WannaCry”, which was first started in the United Kingdom and Spain brings to light the ever increasing need to safely secure networks.
WannaCry ransomware takes over users’ files, demanding $300 to restore them. Elliptoc Labs, who tracks illicit use of the internet currency Bitcoin estimated about $50,000 has be paid so far.
Of the 150 countries hit in the attach, the hardest hit was Russia, with the interior ministry, railways, banks and the second largest Russian phone operator, Megafon. Many firms over the weekend employed experts to combat the attack, with a senior spokesperson for Europol claiming that, “the number of victims appears not have gone up and so far the situation seems stable in Europe, which is a success”.
There are going to be tough questions going forward towards those who didn’t do enough to keep their network secure. To update your personal computer is a walk in the park, but to protect a network the size of a large corporation with 500+ employees is a tall order. Handling sensitive information in an organization is a situation most companies struggle with even without the threat of cybersecurity.
Questions will also be asked of Microsoft, who released a statement yesterday claiming that two months prior, on March 14, Microsoft has released a security update to patch this vulnerability to protect their customers. Was this perhaps the exemplary contingency every business and organization alike should be taking?
Identillect Technologies Corporation’s CEO, Todd Sexton, commented, “We are seeing an increasing number of these attacks happening on a daily basis which have the ability to cripple organizations. We are continuously taking stronger security measures with Delivery TrustTM to mitigate these type of attacks on our customers as a security company needs to be continuously developing.”
Among the investment community, Venture Cap has identified three companies well positioned to combat the threat of cybersecurity:
Identillect Technologies (TSX-V: ID | OTCQB:IDTFL) – Identillect is a leading provider of proprietary email encryption services. Identillect’s Delivery Trust™ email security technology platform empowers individuals and businesses of all sizes a cost effective way to create a more secure digital environment and protect against cyber security risks. The company recently released strong subscriber growth figures, with an 18% increase in April compared to their Q1 2017 average.
FireEye Inc (NASDAQ: FEYE) – FireEye is the intelligence-led security company. Working as a seamless, scalable extension of customer security operations, FireEye offers a single platform that blends innovative security technologies, nation-state grade threat intelligence, and world-renowned Mandiant® consulting. The company recently released improved operating margins for the first quarter of 2017.
StrikeForce Technologies (OTC PINK:SFOR) – StrikeForce Technologies helps to prevent online identity theft and data security breaches for consumers, corporations, and government agencies. It provides powerful two-factor, ‘Out-of-Band’ authentication, keystroke encryption and mobile solutions.
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