Cybercriminals are getting smarter, leading to several billions of dollars in losses. In 2022, the FBI’s Internet Crime Complaint Center (IC3) reported receiving more than 800,000 complaints about cybercrime, with losses exceeding $10 billion. Phishing, personal data breaches, non-payment/non-delivery scams, extortion, and tech support scams were the top five cyber crimes in 2022, however, business email compromise attacks still accounted for over 21,000 complaints and $2.7 billion in losses. This goes without saying that something has to be done to reduce losses related to cybercrime. President Joe Biden released a new National Cybersecurity Strategy at the beginning of this month. It shows what the government is doing to protect cyberspace and build a digital ecosystem that is easy to defend and safe for everyone. The government will need to work with companies offering cybersecurity solutions, such as HUB Cyber Security (NASDAQ:HUBC), CloudFlare Inc. (NYSE:NET), Varonis Systems (NASDAQ:VRNS), SentinelOne (NYSE:S), and Zscaler (NASDAQ:ZS), to win the fight against cybercrime.
Founded in 2017 by veterans of the Israeli Defense Forces’ 8200 and 81 special intelligence units, HUB Cyber Security (NASDAQ:HUBC) provides secure computing solutions that protect private information used by the government and business. By using a unique proprietary hardware-level approach to protecting sensitive and commercial data at every stage of the computing lifecycle, as well as offering a wide range of products and solutions, including innovative confidential computing devices, HUB is creating a fundamental shift in the cybersecurity market.
On March 9, HUB Cyber Security unveiled a fresh approach to cyber risk management for the insurance industry. The system makes it possible for reinsurers and insurance companies to assess, calculate, and underwrite cyber insurance policies. Users are provided access to a safe file vault, reducing the risk of an attack and the potential harm brought on by lost or corrupted data.
HUB claims that the technology offers three main layers of protection: it makes it much harder for malware to infect client systems; it quickly identifies and removes malware; and it quickly detects and removes malware that tries to steal sensitive data. In order to provide a low-cost, simple-to-deploy security bundle that includes HUB technology, HUB is working with Virtual I Technologies.
“The new Hub solution provides a twofold advantage: supplemental redundancy of data secured at its highest security level, by this making risk assessment and mitigation easier to accomplish, resulting in a lesser risk to insurers enabling them to lower prices and bring more companies to be able to purchase cyber insurance policies,” said CEO of HUB Security Uzi Moskowitz. “It’s a win-win situation.”
A new cybersecurity solution for Google Cloud that makes use of the firm’s key technologies—isolation, governance, and strict access control—was introduced by HUB two days earlier. The company claims that this approach might lead to a paradigm shift in cybersecurity by protecting data while it is in use, at rest, or in transit, when it cannot be encrypted and is most vulnerable to assaults.
Because of the flexibility and low cost of cloud processing, more sectors are starting to make the switch. Despite all the advantages, however, security and privacy of client data remain a top issue. In the past, cloud service providers used data encryption to overcome this problem, but doing so came with more risk and liability because users had to safeguard their own encryption keys.
By employing confidential computing to cover for cloud flaws and offer a safe environment for the creation and distribution of keys, HUB is collaborating with Google to find a solution to this issue. In highly regulated industries like insurance, finance, and healthcare, the company aims to offer both small and large enterprises a high-fidelity, easily scalable solution.
Cybersecurity Leaders Are Developing Innovative Solutions
Varonis Systems (NASDAQ:VRNS), a pioneer in data security and analytics, has been recognized to the annual Security 100 list by CRN, a property of The Channel Company. The Security 100 list awardees deliver a combination of channel focus and trailblazing, innovative technology to solution providers, recognising premier IT channel security leaders. Varonis, with the support of a broad channel partner network, assists customers in achieving security results through automation. Varonis‘ SaaS platform makes data security easier to solve than ever before by employing automation to detect and secure exposures caused by oversharing, unnecessary access, and misconfigurations across clients’ SaaS ecosystems.
On March 13, Cloudflare, Inc. (NYSE:NET) released a global analysis on the Top 50 Brands Used in Phishing Attacks. The global network of Cloudflare protects about 20% of all websites, and its email security service prevented 2.3 billion spam emails from reaching inboxes in 2022. Because of this, Cloudflare can proactively safeguard its Zero Trust customers by using machine learning and data analysis to gain unique insight into the phishing sites that Internet users are most likely to click on.
SentinelOne (NYSE:S), an autonomous cybersecurity platform firm, recently announced an exclusive and strategic agreement with Wiz, a cloud security provider. The combined expertise of Wiz’s Cloud Native Application Protection Platform (CNAPP) and SentinelOne‘s Cloud Workload Protection Platform (CWPP) can be offered to organizations of all sizes through the strategic partnership, providing customers with a best-of-breed cloud security solution that provides superior capabilities to detect, prevent, investigate, and respond to cloud security threats, allowing them to dramatically reduce their risk.
Cloud security pioneer Zscaler, Inc. (NASDAQ:ZS) announced plans to buy Canonic Security, a leader in SaaS application security platforms. The Canonic platformis meant to reduce the rising risks of SaaS supply chain assaults for businesses. Without the permission of IT, users connect thousands of third-party applications and browser extensions to crucial SaaS platforms like Atlassian Suite, Microsoft 365, Salesforce, Google Workspace, and Slack as organizations adopt hundreds of SaaS platforms as part of the massive migration to the cloud. Corporate IT thinks that enterprise-ready SaaS platforms are where its crucial data assets are stored and secured. In actuality, these assets are kept in external drives, email clients, and chatbots, which exposes their SaaS supply chain to cyber danger. With the aid of Canonic’s solution, cybersecurity and IT teams can easily obtain visibility into this ungoverned surface area and expedite the administration and enforcement of SaaS applications.
HUB has operations in more than 30 nations and provides a comprehensive range of cybersecurity services in addition to cutting-edge computing gear.
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding HUB Cyber Security Ltd.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to HUB Cyber Security Ltd.’s industry; (b) market opportunity; (c) HUB Cyber Security Ltd.’s business plans and strategies; (d) services that HUB Cyber Security Ltd. intends to offer; (e) HUB Cyber Security Ltd.’s milestone projections and targets; (f) HUB Cyber Security Ltd.’s expectations regarding receipt of approval for regulatory applications; (g) HUB Cyber Security Ltd.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) HUB Cyber Security Ltd.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute HUB Cyber Security Ltd.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) HUB Cyber Security Ltd.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) HUB Cyber Security Ltd.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) HUB Cyber Security Ltd.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of HUB Cyber Security Ltd. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) HUB Cyber Security Ltd.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact HUB Cyber Security Ltd.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing HUB Cyber Security Ltd.’s business operations (e) HUB Cyber Security Ltd. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, HUB Cyber Security Ltd. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does HUB Cyber Security Ltd. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither HUB Cyber Security Ltd. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
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