- With over 500 million ransomware attacks in 1H2021, corporations have been increasingly looking for ways to safeguard their internal IT systems
- The need for data protection has been further heightened by increased regulatory scrutiny from foreign and domestic governmental agencies
- In the U.S., the recently passed Federal ADPPA privacy law will coincide with California’s Consumer Privacy Act, with the latter set to come into effect on January 1, 2023
- With a broad toolkit focused on data security and management, Data443 have sought to capitalize on the expanding global need for data protection services
Towards the beginning of May 2021, U.S. fuel prices started to unexpectedly spike. The Colonial Pipeline company, operator of a systemically crucial 5,500 mile long pipeline engaged in transporting fuel from the Gulf Coast to the New York metro area was shut down, suspending the flow of over 100 million gallons of fuel every day between Texas and New York (https://ibn.fm/YoGfq). In ensuing days, news would break that DarkSide, an emerging hacking consortium had held the company’s IT systems hostage – freezing its data and threatening to leak sensitive corporate information online. Colonial Pipeline would go on to pay a ransom of $2.3 million or 63.7 bitcoin at the time. Whilst dramatic in nature, the Colonial Pipeline ransomware attack was just one of nearly 500 million ransomware attacks taking place in the first half of 2021, a clear illustration of the need for corporations to engage in more robust cyber security efforts going forward.
Focusing in on data security and a privacy-forward methodology, Data443 Risk Mitigation (OTC: ATDS) has emerged as a key player within the cyber security arena, strategically positioned to benefit from increased demand for data protection with its portfolio of software solutions, allowing for a unified approach to data governance and security. In January 2022, Data443 completed the acquisition of certain assets from Centurion Technologies, namely its ransomware protection and device recovery technologies, along with ancillary assets. Not only did the deal provide Data443 with the key technical prowess to comply with recently established requirements from the Cybersecurity & Infrastructure Security Agency (“CISA”), but this also enabled Data443 to build on an established franchise with over 3 million licenses deployed worldwide (https://ibn.fm/EvRvV).
Jason Remillard, Data443’s Founder and Chief Executive Officer, commented, “This acquisition represents a major milestone for Data443. Centurion’s ransomware recovery product has long been a differentiator since we first licensed it in 2021 for our product line. Investments in best-practice security programs, platforms, and frameworks have become a business necessity.”
In addition to its ransomware recovery and data protection services, Data443’s extensive product suite has provided the company with the ability to deliver corporate solutions designed to securely manage data and data privacy needs on-premises, in the cloud and in hybrid environments. In recent months, data protection has been at the forefront of the global technological agenda, most recently due to the roughly $275 million fine meted out on Facebook parent, Meta by Ireland’s Data Protection Commission; the agency based the fine on Meta’s alleged negligence during a 2019 security hack which would ultimately lead to the personal information of over 533 million Facebook users leaked online. (https://ibn.fm/i9MwX).
“With more countries introducing modern privacy laws in the same vein as the General Data Protection Regulation (‘GDPR’), the world has reached a threshold where the European baseline for handling personal information is now the de facto global standard,” explained Nader Henein, research vice president at Gartner.
By 2023, 65% of the world’s population is set to have its personal data covered under modern privacy regulations, up from a mere 10% in 2020. The strong momentum underpinning the expansion of global data privacy laws has made it imperative for businesses to incorporate the demands of a rapidly evolving privacy landscape into their business’s data strategy. A failure from a business’s security and risk management department to adapt their personal data handling practices could increasingly expose the business to loss through fines or reputational damages, as highlighted by Meta’s recent travails.
That requirement has been further heightened as a result of a spate of new consumer privacy regulations coming into effect. The recently passed Federal American Data Privacy and Protection Act (“ADPPA”), a new privacy law promising Americans many of the same consumer privacy rights as the European Union’s General Data Protection Regulation (“GDPR”) will make the protection of online consumer data privacy a nationwide requirement. Meanwhile and on a state level, the California Consumer Privacy Act (“CCPA”) will become fully operational as of January 1, 2023, with the regulations affording consumers the right to know about the personal information a business collects about them as well as how it is used and shared (https://ibn.fm/5iscH).
Data443’s multitude of offerings – an all-encompassing toolset including data archiving, file sharing, access control, sensitive content management and global privacy management, has seen the company pick up an impressive slate of clients in recent months. These include a five-and-a-half-year contract with a “Fortune 500 Fintech Member,” a multi-year contract with a “leading financial services organization in Puerto Rico,” a multi-year contract with a “major US energy provider with over 30,000 employees,” and, only a few weeks ago, a $350,000 contract addition to an existing agreement with “a leading global investment bank headquartered in New York City with over $2 trillion in assets” (https://ibn.fm/XqLX5).
Remillard remarked on the company’s prospects going forward, “We continue to expand the adoption of our product sets in some of the world’s largest organizations, supporting business-critical data in flight and at rest, in the cloud or on-premises. I am confident that Data443 is well positioned to make the most of the substantial market opportunity before us, continuing our mission: To organize the world’s information by identifying and protecting all sensitive data regardless of location, platform, or format,” he concluded.
For more information, visit the company’s website at www.Data443.com
NOTE TO INVESTORS: The latest news and updates relating to ATDS are available in the company’s newsroom at https://ibn.fm/ATDS
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