BrandShield Systems (BRSD ) has secured a new contract whereby it will provide a broad suite of services including online protection against phishing, fraud and impersonation.
The Group, which provides cybersecurity solutions from brand protection to online threat hunting, did not disclose the name of the customer but described the client as ‘a multi-billion dollar valued investment and wealth management firm’ in the financial services sector.
The solution, which forms part of an annual recurring and auto-renewing SaaS contract, will integrate previously locally executed protection capabilities into a globally coordinated system to identify networks of fraudulent activity across country and continental borders.
BrandShield said the unnamed client, which operates on a global scale, has also integrated the efforts of several functions within the enterprise including legal, marketing and cyber security teams, all of whom will exploit the intelligence provided by the BrandShield platform.
Commenting on the deal, Yoav Keren, Co-Founder and CEO of BrandShield, said, “The automation integral to the BrandShield system acts as a massive force multiplier to the existing, often dis-jointed brand protection processes that some companies use currently.”
He told investors that the global client “will be able to seamlessly harness the power of our platform, leading to massive efficiencies and co-ordinated actions across multiple business functions, all of whom will have real time and actionable intelligence at their fingertips.”
“We are delighted that this global business has trusted BrandShield to protect it against the huge problem of online fraudulent activity targeting its existing and potential customers."
Shares in BrandShield Systems have increased by over 7% in value over the past month. Today, following the Group’s announcement, shares were trading 8.57% higher at 19p.
Since the completion of the RTO transaction with Two Shields Investments back in December 2020, the Company said it has been focused on the expanding and developing BrandShield.
In its results for the 12 months to 31 December 2020 published in June 2021, BrandShield reported a 71% increase in annual recurring revenue to $3.28m from $1.92m in FY19.
In particular, the Group said it looks forward to the continuing rapid expansion of BrandShield as a leading Brand Protection and Online Threat Hunting company that is globally deployed.
The Company said the United States continues to account for the majority of BrandShield's customers but that “strong growth” is also evident across Europe and in the Far East.
According to data from MarketsandMarkets, it is estimated that the global cyber threat intelligence market was worth a total of US$ 5.3 billion in 2018 and is now expected to grow to US$ 12.9 billion by 2023, at a compound annual growth rate ("CAGR") of 19.7%.
“The increasing awareness of cyber related crimes and other threats to brands is leading to an acceptance that external threat prevention and eradication is an essential capability that every company must have, in the same way that protecting internal systems is viewed,” it said.
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