Plurilock Announces Strategic Focus to Address Growing AI Cybersecurity Threats

July 17, 2023 at 09:35 AM EDT

Plurilock, founded on cybersecurity and AI, has announced a company-wide focus on addressing the cybersecurity threats represented by AI and generative AI tools
The generative AI market is currently seeing historically unprecedented growth, yet presents significant risks to the global economy due to data safety issues
The Company is actively consulting with its customers on business AI governance and adoption and providing free governance resources as a public service
The Company’s AI focus presents significant revenue opportunities by helping its customers reduce risk from generative AI tools while gaining the benefits of automation

Vancouver, British Columbia–(July 17, 2023) – Plurilock Security Inc. (TSXV:PLUR) (OTCQB:PLCKF) and related subsidiaries (“Plurilock” or the “Company”), an AI cybersecurity solutions provider for workforces, today announced its intention to leverage its stable of industry-leading cybersecurity products and services to provide organizations with tools to make employee AI use safe and effective as they roll out Plurilock’s cyber defense and emerging threat protection solutions.

Exploding Market for AI, AI Safety

Generative AI use has seen unprecedented exponential growth during 2023 thanks to its epoch-defining productivity capabilities:

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

On the strength of these abilities, the market for generative AI is expected to reach US$1.3 trillion by 2032, with companies increasingly expecting performance improvements across the board using AI.¹

However, as they engage in such tasks today, the raw data that employees provide to enable AI work is often confidential or proprietary company data, representing an immense flood of sensitive data leakage every day and an economy-wide data safety problem that spans the globe. Many forms of data, including data associated with veterans, human resources, loan decisions, healthcare, workplace injuries, and others can be subject to a growing list of regulations and regulators, including NYDFS, HIPAA, GDPR, PIPEDA, CCPA. Mishandling data, even through inadvertent disclosure to a tool that lacks accreditation, can result in fines upwards of 4% of a company’s revenue, as in the case of GDPR.²

Attacks targeting generative AI tools have already been reported, with an alleged 100,000 ChatGPT accounts for sale on dark web marketplaces. These ChatGPT accounts could include data that users type into the application, which might include confidential data and proprietary source code.³

Security teams as a result are clamping down the use of generative AI. To illustrate the scope of the problem, the Company points to widespread reports that major enterprises including Apple, Samsung, JP Morgan, Bank of America, Goldman Sachs, Citigroup, and Deutsche Bank have banned or restricted employee AI use.⁴^,⁵

New Resources and Services

As a leading cybersecurity provider founded on AI, with a world-class AI and data science team including multiple in-house PhDs, the Company is positioning customers to succeed and thrive in the new AI landscape by acting as 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.”

As a public service, the Company has also announced the availability of a free, highly detailed generative AI governance policy template for corporate employees or policy handbooks. The template is designed to ensure that all organizations have access to the resources needed to begin to consider and adopt AI usage and governance policies, and is available at https://plurilock.com/safety4ai/ as a PDF download under a Creative Commons license.

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.”

About Plurilock

Plurilock secures workforces in the age of AI through its Plurilock AI platform, delivering advanced identity, access management, data safety, and AI safety solutions to commercial and government customers worldwide. With patented artificial intelligence and patented real-time identity confirmation technology, Plurilock AI enables zero-trust architecture and threat detection and response capabilities for regulated organizations with remote workforces. Through its Solutions Division, Plurilock aggregates world-class IT services and brings a comprehensive line of products that enable teams across North America and the globe to compute safely in a remote work world.

For more information, visit https://www.plurilock.com or contact:

Ian L. Paterson
Chief Executive Officer
ian@plurilock.com
416.800.1566

Prit Singh
Investor Relations
prit.singh@plurilock.com
905.510.7636

Forward-Looking Statements

This press release may contain certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) related to future events or Plurilock’s future business, operations, and financial performance and condition. Forward-looking statements normally contain words like “will”, “intend”, “anticipate”, “could”, “should”, “may”, “might”, “expect”, “estimate”, “forecast”, “plan”, “potential”, “project”, “assume”, “contemplate”, “believe”, “shall”, “scheduled”, and similar terms. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions, and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Plurilock’s business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, the impact of general economic conditions, the success of the Company in obtaining new or extended contracts or orders; the Company’s ability to maintain existing customers or develop new customers; the Company’s ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; and unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Many of these factors are beyond the control of Plurilock. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof, and Plurilock undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Risks and uncertainties about the Company’s business are more fully discussed under the heading “Risk Factors” in its most recent Annual Information Form. They are otherwise disclosed in its filings with securities regulatory authorities available on SEDAR at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Featured Image @ FreePik

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