Technology
Monday, September 16th, 2024 6:25 pm EDT
Key Points
- Expansion of Cyber Warfare: The article highlights the growing importance of cybersecurity in modern warfare, citing recent cyberattacks on Ukraine’s critical infrastructure as examples of how cyber warfare is becoming a primary front in conflicts.
- Plurilock Security’s Role and Growth: Plurilock Security is portrayed as a significant player in the cybersecurity sector, with notable contracts and a strong client base that includes U.S. military branches and federal agencies. The company has seen substantial revenue growth and expansion in recent years.
- Cybercrime and Market Impact: The article discusses the escalating threat of cybercrime, projecting substantial growth in cybercrime damages and the cybersecurity market. It emphasizes that Plurilock’s AI-driven solutions and strategic partnerships position it well to address these challenges and capitalize on the growing demand for cybersecurity services.
Plurilock Security (TSX:PLUR, OTC:PLCKF) joins the ranks of Lockheed Martin and Raytheon – led by some of the biggest names in cybersecurity and defense.
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“Over the past 50 years, battlefields have been marked by air, land and sea. Today, however, the traditional battlefield is expanding, with space and cybersecurity emerging as battlegrounds four and five…”
– Forbes
In January of 2022 Ukraine was hit by an especially nasty piece of malware, named WhisperGate. 1
By then Ukraine was used to cyberattacks.
In the leadup to Russia’s 2014 annexation of Crimea the cyberattacks stepped up, and they never stopped.
But the WhisperGate attack just before the 2022 full-scale invasion was different. It was larger… and it was aimed at dismantling Ukraine’s critical infrastructure.
It worked.
Russia managed to disrupt communications, disable power production and delivery, attack banks and supply lines, and confuse medical and emergency response teams.
The opening days of the war might have gone very differently had Starlink not come to the rescue. Their satellites were deployed immediately to help restore communication, command, and control for Ukraine.
And while bad actors have long used cyberattacks to torment foes — crippling companies with denial-of-service attacks, stealing private bank records or social security details, and spreading propaganda to influence elections throughout the western world…
When it came time for a true ground war, cyberattacks on critical infrastructure were the first strike.
And they’re likely to be the first strike in any major war going forward.
Cyberattacks have become the new – and perhaps the most important – frontline in modern warfare.
After all, a good cyberattack can blind your enemy, cripple logistics, and produce vital intel.
That’s why the U.S. military already has a plan to defend its cyber territory — and one to go on offense as well.
Investors, thus far, have missed this evolution in war. Cybersecurity firms aren’t usually thought of as defense contractors. But make no mistake, they are.
In fact, one cybersecurity firm — Plurilock Security (TSX:PLUR, OTC:PLCKF) — is trusted by the US Army, Navy, and Air Force.
Over the past year, the company has secured more than $20 million in new sales orders – with $6 million stemming from orders with government agencies. That’s not surprising when you look at the team Plurilock built.
The Big Guns Of Cybersecurity and Defense
Plurilock Security (TSX:PLUR, OTC:PLCKF) has cultivated an ecosystem of high-level defenders working to protect our cyber shores.
Many members of Plurilock’s leadership, board of directors, and advisory have operated at the top reaches of America’s intelligence and cybersecurity apparatus. They understand the stakes.
Vice Admiral Mike McConnell
Board of Advisory
Retired Admiral Mike McConnell, who, in addition to his time in the Navy, served as the head of the NSA and the Director of National Intelligence. He’s also served the private sector as Vice Chair of Booz Allen Hamilton.
Vice Admiral Jan Tighe
Board of Advisory
Dr. Jan Tighe, retired Admiral in the US Navy, former deputy chief of the Navy’s cybersecurity department and former Director of Naval Intelligence. She currently serves on the boards for Goldman Sachs and General Motors.
Patrick Gorman
Board of Advisory
Patrick Gorman, the former CIO for the US Intelligence Community, and the former head of cybersecurity for Bank of America, Merrill Lynch, and Bridgewater.
Ed Hammersla
Board of Directors
Former president of Raytheon Cyber Products, where he sustained double-digit growth in revenue while coordinating M&A activity that led to the creation of Forcepoint.
Joe Sexton
Board of Advisory
Former director of Crowdstrike, former President of Worldwide Field Operations for AppDynamics (acquired by Cisco), a leader in application intelligence, and former Executive Vice President of Worldwide Sales at McAfee
Plurilock’s client list is equally impressive.
A clear testament to the company’s credibility and efficacy, Plurilock serves high-profile clients and federal agencies – such as the U.S. Department of Treasury and the Department of Defense.
In total, the company has been awarded contracts by more than 30 government departments, including:
In addition to its U.S. operations, Plurilock Security (TSX:PLUR, OTC:PLCKF) has a strong presence across Canada, where they have been working with key government entities such as the Department of National Defence and the Canadian Air Transport Security Authority.
Plurilock is trusted to work with many departments, because they understand:
Cybersecurity will be the first line of defense in any future conflict.
It has always been Russia’s opening move and has long been rumored to be the planned first strike if China ever invades Taiwan.
And today, the drumbeats of war are the loudest they’ve been in 80 years.
The Most Dangerous Moment Since 1945
Two years ago, Congress mandated a review of America’s defense strategy.
The results have come back, and they are chilling.
For starters, the Pentagon’s National Defense Strategy review found that the risk of major war is greater today than it’s been since the end of WWII.2
All the close calls before — including the Berlin Airlift, and the Cuba Missile Crisis — were not as ominous as the present day.
Part of this is because of the current hot wars involving Ukraine and Israel.
Then there’s the threat of Iran, probing for weakness, and China’s belligerence towards Taiwan as the country grows in power.
FBI Director Christopher Wray recently warned Chinese hackers are prepared to “wreak havoc and cause real-world harm,” as major incursions have been discovered in critical US infrastructure systems. 3
As we’ve seen in the past, the effects can be cataclysmic.
Take for instance one of the most infamous examples of cyber warfare, the Stuxnet virus.
Thought to be the brainchild a U.S. lab, the worm moved invisibly from one computer to the next until it reached its final target:
Iran’s uranium enrichment facilities, where it sabotaged 9,000 centrifuges.4
All in all, Stuxnet infected over 200,000 computers in 14 Iranian facilities and compromised 25% of Iran’s nuclear centrifuges. 5
Now keep in mind, this occurred more than a decade ago – contemporary viruses and malware are light years beyond these capabilities now.
But it was one of the biggest catalysts for cybersecurity sector growth. It was this event that put the term “cybersecurity” in the mouths of everyday Americans.
And that leads us straight to the next point. It is still unclear who was responsible for perpetrating this act.
You see – even beyond crippling vital systems – cyberattacks come with another advantage: Plausible deniability.
It usually takes time to figure out how a cyberattack worked. That hesitation can be enough to offer a substantial advantage.
It also means Cyberattacks can reach deep into the heart of enemy territory – and not necessarily lead to a military exchange.
When you can cause disaster for an adversary’s financial system, bring blindness and pandemonium to major cities by shutting down power stations, and do it all from thousands of miles away – why risk expensive equipment or soldier’s lives?
With multiple frontlines forming against the West – Russia, Iran, and China have all been implicated in past cyberattacks – and could easily be the culprit again.
Even North Korea has displayed examples of their cyber might. They’ve used cyberattacks to steal nuclear and missile information, and reportedly have used cyberattacks on hospitals, banks, and private companies to help fund a nuclear program. 6
This global uncertainty has helped propel the defense industry upwards.
Defense Stocks Rise In Tandem With Geopolitical Tensions
The S&P Aerospace and Defense Index has gone up 25% in the past year7 — impressive growth for such a large industry.
The same is true for individual companies — like Lockheed Martin, up 23% since January, or General Dynamics, up 30% over the past year.
And the cybersecurity sector is beginning to see a similar rush of investment.
When Russia invaded Ukraine in February 2022, Booz Allen Hamilton’s market cap lingered at under $10 billion.
Since that time, the company has seen market value more than double, hitting a record $20.21 billion in late summer 20248. Share price has moved in unison, from $75 to a recent high of $164.
Over the same timeframe, several cybersecurity companies have experienced a similar rise,
CACI International Inc. saw their market cap move from $5.94 billion to $10.88 billion, while Hackett Group’s market cap climbed from $570 million to $730 million , a lift of 83% and 28% respectively due to overwhelming demand in this growing market.
Sector growth is sure to continue this trajectory, and bring companies with innovative solutions along with it, as investors wake up to the financial toll cybercrime perpetrates on institutions every year.
Cybercrime Damages Soar To $10.5 Trillion Annually
Cybersecurity Ventures predicts the price tag of cybercrime damage will reach $10.5 Trillion annually by 2025, representing a 15% year-over-year growth since 2021.
To put that into perspective, if cybercrime were measured as a country, it…
“would be the world’s third-largest economy after the U.S. and China.”10
Over this same time span, the cybersecurity market itself is set to exceed $1.75 trillion in cumulative spending.
And according to Gartner Research, it’s following a similar trajectory to the rate of damages. In just the space of one year – from 2023 to 2024, global cloud security and risk management spending shot up by 14.3% to hit $215 billion.11
Cybercrime has had such an impact in the U.S. that a supervisory special agent with the FBI made a concerning claim to the Wall Street Journal a few years back.
He stated that every American citizen should expect that ALL of their personally identifiable information is likely available on the dark web.
Estimates put the size of the dark web at as much as 5,000 times larger than the traditional internet and growing at a “rate that defies quantification.” 12
Now keep in mind, as an increasing number of institutions move their critical data to cloud-based systems, this need will continue to spike. By 2025, the world will need to protect 200 Zettabytes of data. That’s equivalent to 200 billion terabytes, to offer a point of reference.
The sheer volume of data requiring protection creates an enormous market for cybersecurity solutions.
And as one of the trusted providers to enterprise, commercial, and government clients, Plurilock Security (TSX:PLUR, OTC:PLCKF) is the calvary bringing next generation solutions for this growing conflict.
Critical Solutions For The New Cyber Frontline
Plurilock’s team of professionals are devoted to a primary goal – defending North America’s infrastructure, one company and agency at a time.
The Plurilock family of companies, which includes subsidiaries Aurora and Integra, provide cybersecurity, software engineering, advanced services, and IT solutions to public and private organizations around the globe.
For more than 30 years, the company has combined their longstanding expertise and in-house technology – with leading products and services from across the industry – to deliver end-to-end solutions.
This tight integration between diverse departments makes Plurilock an exceptionally unique player in the cybersecurity sector.
It means Plurilock has the capabilities of a strategic consultancy, a dedicated professional services provider, and a value-added reseller – each working in concert to address complex challenges and expedite projects for their clients.
And due to a vendor list that measures into the millions of SKUs, along with deep industry relationships, Plurilock can do it at a fraction of the cost.
This comprehensive approach and unique set of offerings are why Plurilock was chosen as a cybersecurity provider to TD Synnex, in a major recent development.
TD Synnex is a leading global distributor and solutions aggregator for the IT ecosystem that assists more than 150,000 customers in 100+ countries. As part of the agreement, Plurilock will provide AI-focused critical services and cybersecurity solutions across their North American operations… with the possibility of future expansion to a global footprint.
“AI has been embedded in our DNA since our inception over eight years ago as a cybersecurity company,” said Ian L. Paterson, CEO of Plurilock. “As AI continues to become pervasive, our customers rely on Plurilock for expert advice and guidance. Being chosen to deliver critical services in this specialized area is a strong endorsement of our expertise and further validation of our efforts as we continue our mission to protect the world’s leading companies from today’s threats.”
Safeguarding The World’s Largest Corporations
Cyberattacks have been a fact of life for corporations ever since they went online.
Industrial espionage was one of the greatest sources of “innovation” in China for years, if not decades. And when it comes to North Korea, the UN is investigating 58 suspected cyberattacks worth around $8 billion. 13
In 2023, the global ‘earnings’ of ransomware increased 140% in a year.14 And, disturbingly, the sector has become sophisticated enough that today there are Ransomware-as-a-Service (RaaS) organizations. 15
You no longer need to know any code to launch a cyberattack. Now, you just need to be able to navigate the dark web well enough to purchase your favored kind of malware.
It has gotten to the point that, when earlier this year we discovered nearly 2.7 billion records containing our social security info may have been stolen, it barely made the news. 16
The threat level only continues to rise.
And that’s why organizations, including government agencies and major enterprises, are turning to cybersecurity specialists like Plurilock Security (TSX:PLUR, OTC:PLCKF) to keep their data and systems safe, while ensuring any attack can be quickly identified, neutralized, and repaired.
Because, if you’re trusted to protect the most sensitive government information, you can be trusted to protect private customer data as well.
That’s why, even though long-term government contracts make up over 50% of Plurilock’s business, it is also has a diverse enterprise client list that includes publicly traded Global 2000 companies.
While the company can’t name names, the list includes major hospitals, key airports, and large pharmaceutical and global semiconductor companies, amongst many others.
In fact, Plurilock was recently chosen by the U.S. Department of Treasury to offer their services and support in a massive 5-year contract.
U.S. Treasury Awards Plurilock $6.16M Contract
In a significant vote of confidence, the United States Department of the Treasury has inked a $6.16 million contract with Plurilock. This long-term commitment from a top federal agency speaks volumes about the company’s capabilities and trustworthiness.
That comes on top of more than $20 Million in new contracts since January that includes:
● U.S. public library: $4.7 million
● U.S. hospital system: $2.5 million
● Key agency of the Canadian government: $900,000
● Major laboratory data and advisory firm: $814,000
● S&P 500/Nasdaq 100 semiconductor company: $294,000
● United States Department of Transportation: $215,000
CEO Ian Paterson spoke to the company’s aggressive expansion strategy,
“Plurilock is at an inflection point. This past year has been a time of significant progress and strategic development. With the continued support of our shareholders and opportunities to expand our services across our extensive customer base and partner network, Plurilock is poised to become a global cybersecurity leader.”
A Cybersecurity Firm For Today’s World
If software from most cybersecurity companies are tools, Plurilock is the experienced mechanic that knows exactly how to put those tools to use.
Their comprehensive approach was designed to accelerate margin expansion, through the deployment of three distinct but integrated business pillars.
Plurilock’s Critical Services Division
The Critical Services Division acts as a one-stop shop that any company or agency can use to harden their systems against cyberattacks. From start to finish, the Critical Services Division has the versatility to design a system custom-fit to the organization’s needs.
Instead of asking a CTO or government employee to sift through dozens of programs and vendors to find everything they need for a secure system, Plurilock does the work for them — and at better rates, thanks to bulk agreements with many of their top-tier commercial partners.
Launched earlier this year, it’s expanding at a breakneck pace. Based on second quarter financials, the critical services division is leading margin expansion, with a 144% increase in gross margin.
Plurilock can put tools in place to harden network infrastructure, monitor for suspicious activity, and implement safeguards to aid recovery should any cyberattack make it through defenses.
Their long list of measures and counter measures are designed to keep sensitive data secure, and systems running at peak performance.
When you factor everything in, Plurilock has millions of potential solutions at its fingertips — and selects the correct ones for any given circumstance. That is a service almost wholly unique in the cybersecurity world — especially amongst publicly-traded businesses.
Plurilock’s Solutions Division
The Solutions Division acts as a base through which services and SaaS sales are made. Through subsidiaries, Aurora and Integra, Plurilock sells IT and cybersecurity solutions to established clients, including Canadian and U.S. Federal and State agencies.
Plurilock AI SaaS Platform
Plurilock’s proprietary SaaS-based security platform offers an all-in-one identity and data protection platform to reduce risk and comply with regulations.
The mature software is in use by hundreds of customers across the globe, providing a range of security capabilities designed to protect employee identities and data, including single sign-on (SSO), multi-factor authentication (MFA), and continuous authentication using behavioral biometrics.
And in an environment where organizations and corporations are regularly utilizing A.I.-driven tools, Plurilock stands out as an early provider of data leak protection and anonymization for ChatGPT.
Revenue Growth Nearly Doubled Over 24 Months
Plurilock’s market approach is synergistic. By leveraging its Solutions Division to establish relationships and create a base of customers, they can more easily be transitioned to higher-margin Critical Services and proprietary SaaS offerings.
This approach has already paid off, with the company reporting impressive revenue growth, reaching $70.4 million CAD in 2023, up from $36.6 million CAD in 2021.
Overall Plurilock Security Inc. (TSXV: PLUR; OTCQB: PLCKF) services sales have increased 66% as a result of the recent focus on Critical Services, and the traction it’s seeing with new and existing clients.
With plans to expand the critical services team and streamline operations, the company announced a $3-million financing. Due to overwhelming demand, Plurilock closed an upsized $5.5 million.
To further bolster the company’s balance sheet, Plurilock recently saw over $2 million in warrants exercised from supportive shareholders.
5 Reasons To Add Plurilock Security Inc. (TSXV: PLUR; OTCQB: PLCKF) To Your Watchlist Now:
- Innovative AI-Driven Solutions: Plurilock’s artificial intelligence technology provides adaptive security measures, crucial in an era where cyberattacks are predicted to occur every two seconds by 2031.
- World Class Leadership: Plurilock’s team of high-level defenders have operated at the top reaches of America’s intelligence and cybersecurity apparatus. They include retired Navy Admirals, the former head of the NSA, former Director of Crowdstrike, and the former head of Raytheon Cyber Products.
- Strategic Partnerships: Plurilock’s partnership with top-tier companies allows access to millions of third-party products, enhancing its technological capabilities and market reach.
- Robust Client Base: Plurilock serves high-profile clients including a myriad of U.S. federal agencies – clear testament to the company’s credibility and efficacy.
- Revenue Growth: The company’s revenue increased from $36.6 million in 2021 to $70.4 million in 2023, reflecting strong market demand and an effective business strategy.
As technologies continue to advance, enacting the appropriate cybersecurity measures for an organization, corporation, or agency is becoming increasingly difficult task.
That’s why Plurilock Security (TSX:PLUR, OTC:PLCKF) has become one of the most trusted partners of the defense industry, including three branches of the military.
It’s why Global 2000 companies uses Plurilock to design and monitor their cyber defenses.
And it’s why Plurilock is seeing explosive growth, with revenue just about doubling year on year since 2022.
Plus, with several long-term contracts that tend to grow larger over time, the company is poised to continue seeing growth in profit margins, already as high as 60-80% for some services.
So, if you believe in the future of cybersecurity…
And you want exposure to a defense sector company that’s safeguarding the new digital warfront…
Click here to learn more about Plurilock Security (TSX:PLUR, OTC: PLCKF).
For the full original article on CNBC, please click here: https://www.thecapitaltrends.com/company-reports/how-cyber-warfare-is-changing-the-face-of-conflict?utm_source=MBT&utm_medium=CPC&utm_campaign=PLUR&utm_content=DOD
