As cyber threats continue to increase in prevalence, healthcare organizations have become a significant target. According to a report from Herjavec Group, healthcare spending in the US accounts for 18% of the nation’s gross domestic product, or about USD$3.5 trillion. With this in mind, global healthcare spending is expected to rise from nearly USD$8 trillion in 2013 to more than USD$18 trillion in 2040. However, many healthcare organizations are crippled by outdated IT systems, fewer cybersecurity protocols, limited IT staff and valuable data. Due to this, these organizations are often required to pay ransom in order to regain control over their data following a cyberattack. As the threat towards healthcare organizations continues to grow, the global healthcare cybersecurity market is expected to expand by 15% year-over-year over the next 5 years, reaching USD$125 billion between 2020 and 2025.
If you ask me, you’d have to be a pretty shitty person to attack a healthcare organization. In some cases, these organizations have to shut down entirely following a cyberattacks. For example, Wood Ranch Medical had to permanently close as a direct result of a ransomware attack on August 10, 2019. The attack encrypted medical records, preventing staff from accessing important patient documents. Unable to regain access, Wood Ranch Medical had to close its doors to 5,835 patients who had previously relied on the practice to serve their healthcare needs.
Getting back to Plurilock’s latest news, the Company has received a purchase order from a California state healthcare agency. This order represents the latest in a series of new business for Plurilock’s Solutions Division, as the Company continues its growth within the government, healthcare, and financial verticals. Cumulatively, all contracts and orders signed by Plurilock since April 2021, including the latest order, total USD$9.1 million in sales. According to the purchase order, the agency will receive a one-year renewal on software subscription for a suite of Symantec® products, including maintenance support. Plurilock secured the contract award under the NASPO ValuePoint program.
The NASPO ValuePoint program refers to the National Association of State Procurement Officials (NASPO). NASPO is a non-profit organization dedicated to providing State Chief Procurement Officers (CPO) with the support and procurement resources they need. For context, the general role of a CPO is to provide leadership in procurement including oversight, guidance, application and support. In other words, a CPO is responsible for acquiring goods and services from external sources. Via NASPO, CPOs are able to more easily identify potential vendors like Plurilock. Speaking of Plurilock, as a vendor through the NASPO ValuePoint program, the Company has access to directors of central purchasing offices in all 50 US states, the District of Columbia, and all US territories.
Plurilock’s share price opened at $0.54, up from a previous close of $0.53. The Company’s shares are up 3.77% and are currently trading at $0.55 as of 10:30AM ET.
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