Plurilock Security (PLUR.V) announced that they have secured a purchase order with a third California state agency, this time from the California state taxation agency.
In their press release, Plurilock said they won the order after a competitive process by utilizing the team’s proven track record. The purchase order will see Plurilock provide the taxation agency annual subscriptions of Commonlook Office & PDF software, and in return Plurilock will receive $210,000 USD.
The purchase order will see Plurilock provide the taxation agency annual subscriptions of Commonlook Office & PDF software, and in return Plurilock will receive $210,000 USD.
This is the third order from a California state agency that Plurilock has received in as many weeks. California has a glut of state agencies, ranging from Acupuncture Board (yes that is a real thing) to Cool California to the California Department of Corrections and Rehabilitation, meaning there is a huge market for security software amongst California state agencies.
When Plurilock signed their first California state agency contract it was only a few weeks removed from the Colonial Pipeline hack which caused fuel shortages in places like North Carolina.
At the time, Ian L. Paterson, Plurilock’s CEO, noted that “Plurilock is working with the California agency to ensure their system is secure, particularly as we’ve seen an increase in government agencies targeted by cyberattacks across the United States. This contract is part of our long-term plan to expand across industry verticals, and further solidifies our work to capture additional opportunities within the U.S. government sector.”
This is the third order from a California state agency that Plurilock has received in as many weeks.
Since then Plurilock has captured additional opportunity by winning an order from the California state healthcare agency to the tune of $400,000 USD. Cybersecurity has been in the news a lot recently, and many agencies have realised their vulnerability to ransomware attacks and data theft. So, agencies who control sensitive data, like health records or taxation information, have realised they need to up their cybersecurity.
Buying a better lock doesn’t help when the thief has a copy of the key, so new and different cyber defences are needed.
To understand why Plurilock is winning state contracts in California, a state that is the home of the tech industry, it’s important to understand who the Colonial Pipeline hack happened. There are a lot of theories about how DarkSide, the group that conducted the ransomware attack, got into the system, but one theory is that they simply bought the username and password of an old employee, whose login was still active on the system, and simply logged in to the Colonial system with his credentials.
Buying a better lock doesn’t help when the thief has a copy of the key, so new and different cyber defences are needed. Plurilock’s security software uses AI to recognise user behaviour and habits, and can identify when a new user is using another’s credentials. This means, if the stolen login theory is correct, than Plurilock’s system would have identified them and prevented the hack.
Following today’s news, Plurilock is up 2 cents and is currently trading at $0.50.
Full disclosure: Plurilock Security is an Equity Guru marketing client.