In 2016, personal and financial information on hundreds of millions of accounts were compromised thanks to data breaches at Adult Friend Finder, Yahoo and Uber (NYSE:UBER). In 2017, it was Equifax (NYSE:EFX) and Verizon (NASDAQ:VZ) that were hit hard by data breaches which similarly exposed information on hundreds of millions of accounts. Marriott (NASDAQ:MAR), Twitter (NYSE:TWTR), Under Armour (NYSE:UAA) and Chegg (NASDAQ:CHGG) were big hack victims in 2018. In 2019, a headline hack has been the Capital One (NYSE:COF) data breach, which exposed info on more than 100 million Capital One customers.
As these hacks have kept happening, enterprises have been increasingly spending on cybersecurity to make sure they protect customer info and data.
With elections around the corner, cybersecurity stocks should be on top of everyones watchlist for the rest of the year.
With that in mind, let’s take a look at this small cap cybersecurity company GlobeX Data Ltd. (OTC: SWISF ) (CSE:SWIS), whose unique approach to the cybersecurity problem will gain a tremendous traction over the next few years.
GlobeX Data has developed a what it calls Sekur. Sekur is the Company’s Swiss hosted secure communications suite, which includes encrypted messaging with self-destruct timer powered by the Company’s proprietary PrivaTalk platform and an encrypted email service powered by the Company’s Custodia platform.
The Company plans to push the Sekur brand as a secure communications suite in addition to its existing DigitalSafe brand which is the Company’s document management andCollaboration suite.
The service will include the Company’s proprietary SecureSend and SecureReply anti-phishing encrypted email solution. SecureSend lets a user send an email to any other recipient, wether they have Sekur or not, in full privacy and security as the email never leaves Sekur’s encrypted email servers based in Switzerland. The recipient can then click on the notification and reply in the same manner using SecureReply, without the recipient having to purchase Sekur.
This is also a guarantee to eliminate BEC attacks for businesses and email phishing attacks. Additionally, Sekur will include the Company’s latest technology improvements made on its Custodia email platform, which include full control of email delivery, data export for SMB and large Enterprises and an automatic Data Loss Prevention technology (“DLP”) with real time continuous archiving. These technologies are very much in demand from financial institutions and larger enterprises.
One of the many Privacy and security features of Sekur is that the user does not register with their phone number, eliminating a huge loophole in security and privacy. Just recently, according to an article written by Lindsey O’Donnell and posted on the website threatpost.com on June 5 2020, it was disclosed that WhatsApp phone numbers and users were searchable on Google, creating a massive security and privacy breach. Earlier in the year, an article was written about a similar flaw affecting all businesses, NGOs, UN and non-profit organizations, where WhatsApp Group members were also compromised and searchable in a reverse engineering trick done on Google.
Recent data breaches in messaging applications and in particular in the WhatsApp application have created a certain urgency for businesses to protect their communications form cyber- attacks and identity theft via mobile devices.
Sekur eliminates many of the privacy and security risks by not only not requiring a phone number, which would divulge a user’s phone device ID, but also by not social engineering a user’s phone or computer contact list and infecting the contacts by default as well. Sekur issues each user a username and a PTM number. The PTM number is the contact ID a user would disclose in order for other PTM users to be added. The service comes with a self-destruct timer and other features as well, including GlobeX’s proprietary VirtualVaults and HeliX technologies with all data stored in Swiss hosted encrypted servers.
GlobeX Data plans to offer Sekur as a secure and private alternative mostly for business users, however, consumers are also in search of more private and secure email and messaging solutions in light of all the cyber-attacks that are increasing due to WFH trends. The Company has already received interest from its partner America Movil, and plans to offer Sekur to all its global partners, starting August 2020.
GlobeX Data has been working on a new security suite called Sekur and SekurSafe is part of that suite of secure data management and secure communications solutions. The solutions are all being launched in August 2020 and replace the previous brands GlobeX Data has had since inception. The solutions are as follows:
- SekurSafe, secure document management and sharing, collaboration, password management and secure email.
- Sekur, secure email, secure file share and secure messaging solution.
- SekurMail, secure email with SekurSend anti-phishing technology.
- SekurMessenger, secure messenger and file share.
BEC attacks and email phishing attacks have increased exponentially in the last few months and the unprecedented situation of the COVID-19 pandemic has put global businesses under pressure to provide secure remote business management tools for their employees. This has created an increased awareness for secure cloud business services such as SekurSafe and Sekur, with its encrypted email service SekurMail. According to a study called sponsored by IBM called Cost of Data Breach 2020 the average cost of a data breach is US$3.86 million.
GlobeX’s Data privacy solutions are all hosted in Switzerland, protecting users’ data from any outside data intrusion requests. In Switzerland, the right to privacy is guaranteed in article 13 of the Swiss Federal Constitution. The Federal Act on Data Protection (“FADP”) of 19 June 1992 (in force since 1993) has set up a strict protection of privacy by prohibiting virtually any processing of personal data which is not expressly authorized by the data subjects. The protection is subject to the authority of the Federal Data Protection and Information Commissioner.
Under Swiss federal law, it is a crime to publish information based on leaked “secret official discussions.” In 2010 the Federal Supreme Court of Switzerland found that IP addresses are personal information and that under Swiss privacy laws they may not be used to track Internet usage without the knowledge of the individuals involved.
GlobeX Data Ltd (OTC: SWISF) (CSE:SWIS) has all the right ingredients for huge revenues growth over the next few years.