Plurilock Security Inc (PLUR.V) is a Canadian identity-centric cybersecurity solutions company. The cybersecurity company provides multi-factor authentication (MFA) solutions using behavioral-biometric, environmental, and contextual technologies.
Today, Plurilock announced a strategic focus to address the growing AI cybersecurity threats by leveraging its stable of industry-leading cybersecurity products and services.
The AI trend is hot, and there continues to be an exploding market for AI and AI safety. The market for generative AI is expected to reach US $1.3 trillion by 2032. In 2023, generative AI has seen exponential growth. Uses of this type of AI includes:
- Finance departments can use AI to rapidly produce financial reports, forecasts, and statements from raw data
- Human resources departments can use AI to rapidly generate performance reports, summarize personnel files, write termination letters and reprimands from raw data
- Engineering departments can use AI to rapidly write complex code, debug existing code, or develop integrations from raw data
- Physicians and other practitioners can use AI to rapidly propose differential diagnoses from complex case files provided as raw data
The risk? raw data that enable the AI to work is often confidential or proprietary company data. This represents an immense flood of sensitive data leakage every day and an economy-wide data safety problem that spans the globe. This data tends to be associated with veterans, human resources, loan decisions, healthcare, workplace injuries, and others can be subject to a growing list of regulations and regulators.
Attacks targeting generative AI tools have already been reported. allegedly, there are 100,000 ChatGPT accounts for sale on dark web marketplaces. These accounts would include data that users type into the application, which might include confidential data and proprietary source code. As a result, security teams are clamping down on the use of generative AI. Major companies like Apple, Samsung, JP Morgan, Bank of America, Goldman Sachs, Citigroup, and Deutsche Bank have banned or restricted employee AI use.
Plurilock is positioning its customers to succeed in the new AI landscape by being a one-stop AI consultancy that:
- Assists customers with AI deployment and sound data management
- Provides expert planning and guidance for AI adoption strategy
- Works with customers to develop internal AI governance for safe use
“Over the last several weeks, I have had dozens of conversations with senior IT and cybersecurity leaders that are struggling with AI adoption,” said Ian L. Paterson, CEO of Plurilock. “Employee use of generative AI is increasing faster than can be contained. I frequently hear that the use of generative AI is the next smartphone in terms of the speed at which employees are bringing their own devices (BYOD) and using these tools on corporate data and for business purposes.”
Mr. Paterson added, “The risk to companies by misusing, misappropriating, or not securing their data in conjunction with AI use could be existential. At the same time, senior leaders fear lagging behind their competitors who are deploying AI technologies. These leaders are caught between a rock and a hard place – their competitors are using AI, yet they need to maintain data confidentiality-and they’re having to confront all of this while avoiding the ransomware and cyberattacks that are affecting their peers.”
Mr. Paterson says that the entire organization is focused on this mission, adding that “at Plurilock, we live at the intersection of AI and cybersecurity-and we believe that today the market is desperate for AI safety services and solutions that Plurilock is uniquely able to provide. Generative AI looks to be the next gold rush, and it needs adequate picks and shovels to use it safely.”
Plurilock has announced the availability of a free, highly detailed generative AI governance policy template for corporate employees or policy handbooks. This template had the goal in mind to ensure organizations have access to the resources needed to begin to consider and adopt AI usage and governance policies. This handbook is available at https://plurilock.com/safety4ai/.
At time of writing, the stock is flat on the day and sits at a market cap of CAD $13.32 million.
The stock continues to battle and range at the support zone of $0.13-$0.135. We know there are buyers here as can be seen from the long wick candles and full bodied green candles. A breakout is required for further momentum. The stock is also being constrained below the downtrend line. A daily candle close above this trendline would be a significant technical breakout and lead to a move to test resistance at $0.175. To the downside, the $0.12 zone remains major support. A break and close below would see the stock hit new all time record lows.
