Document Security Systems, Inc. Signs Exclusive Master Distributor Agreement
DSS will sell ACS EndpointLockV™ Keystroke Encryption Software in 13 countries
ROCHESTER, N.Y., March 05, 2019 (GLOBE NEWSWIRE) -- (NYSE American: DSS), ("DSS"), a leader in anti-counterfeit, authentication, and diversion protection technologies, announced today that it has signed an exclusive Master Distributor Agreement with (“ACS”) to distribute their EndpointLockV™ cyber security software exclusively in thirteen countries in Asia and Australia, and EndpointLockI™ non-exclusively, in the U.S. and Middle East.
EndpointLockV software solves a worldwide security threat that has been instrumental in the early advancement of the biggest breaches of our time. This threat is known as keylogging spyware, which has become a main component in cyberattacks. Until now, cyber security teams have not been successful in protecting against keyloggers, which are commonly downloaded as a result of clicking on an infected link inside an email, text or web page. This practice of tricking unsuspecting victims into clicking on links that look legitimate is called “phishing”. According to recent reports, “phishing was found in 90% of breaches and 95% of phishing attempts that led to a breach, were followed by software installation, including keyloggers.” [1]
“Keylogging spyware has become a problem that is global in scope. It steals every keystroke typed into a PC or mobile device including login credentials, credit card and banking info and other sensitive data. The rapidly growing costs of cybercrime and the increasing rate of digital connectivity will drive the rate of spending in cyber security in the coming years. DSS believes EndpointLockV is the missing link for credential and data protection,” said Mr. Fai H. Chan, CEO of DSS International.
SIZING UP THE MARKET
In the exclusive Asia and Australia market, DSS will be reaching nearly 2 billion people, including China and Hong Kong, which houses over 1.4 billion people alone[2] and spends almost 25% more on cyber security than the global average.[3] According to the research group Gartner, “highly publicized data breaches such as Sing Health, which compromised the personal health records of nearly a quarter of the population in Singapore, reinforce the need to view sensitive data and IT systems as critical infrastructure.”[4] In a recent 2019 cyber report published by The Herjavec Group, researchers predict global spending on cyber security products to exceed $1 trillion cumulatively over the five-year period from 2017 to 2021.
CYBERCRIME COSTS HAVE REACHED PANDEMIC PROPORTIONS
According to the Herjavec report, “cybercrime will cost the world in excess of $6 trillion annually by 2021, up from $3 trillion in 2015.” So far, this prediction has turned out to be accurate. The report states, “It’s about the growing number of human and digital targets. Our entire society, the Planet Earth, is connecting up to the Internet – people, places, and things. The rate of Internet connection is outpacing our ability to properly secure it. The world will need to cyber protect 300 billion passwords globally by 2020.” [5]
According to ACS President CJ Brunet, “EndpointLockV is a leading-edge cyber security software product that addresses the unprotected vulnerability, which exists when keystrokes are typed into a device creating sensitive information such as passwords.”
ABOUT DOCUMENT SECURITY SYSTEMS, INC.
For over 15 years, Document Security Systems, Inc. (“DSS”) has protected corporations, financial institutions, and governments from sophisticated and costly fraud. DSS' innovative anti-counterfeit, authentication, and brand protection solutions are deployed to prevent attacks which threaten products, digital presence, financial instruments, and identification. AuthentiGuard™, the Company's flagship product, provides authentication capability through a smartphone application so businesses can empower a wide range of employees, supply chain personnel, and consumers to track their brands and verify authenticity. For more information on DSS, visit .
ABOUT ADVANCED CYBER SECURITY CORP.
Advanced Cyber Security (“ACS”), a leader in cyber security that provides proactive solutions to businesses in the U.S. including Fortune 500 and Fortune 1000 companies. ACS was recently named one of the
Contact Information:
Document Security Systems, Inc.
Investor Relations
Tel: (585) 232-5440
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FORWARD-LOOKING STATEMENTS
Forward-looking statements that may be contained in this press release, including, without limitation, statements related to the Company’s plans, strategies, objectives, expectations, potential value, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act and contain words such as “believes,” “anticipates,” “expects,” “plans,” “intends” and similar words and phrases. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results projected in any forward-looking statement. In addition to the factors specifically noted in the forward-looking statements, other important factors, risks and uncertainties that could result in those differences include, but are not limited to, our ability to continue the growth in sales of AuthentiGuard and manage our expenses, as well as those risks disclosed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 6, 2018. Forward-looking statements that may be contained in this press release are being made as of the date of its release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
