LONDON, ON, July 6, 2021
/PRNewswire/ - VersaBank (TSX: VB) ("VersaBank" or the
"Bank") today announced that its wholly-owned, Washington, DC-based subsidiary, DRT Cyber
Inc., ("DRT Cyber") has entered into a reseller and development
agreement with EzoTech Inc. ("EzoTech"), developers of the world's
first Artificial Intelligence (AI)-powered Autonomous cybersecurity
penetration testing platform. Penetration testing is the process of
simulating a cyber attack against an organization's assets and
infrastructure to identify both strengths and weaknesses in
security controls and processes to help protect against real-world
cyber threats.
Under the reseller component of the agreement, DRT Cyber will
expand its offerings to existing and future customers throughout
the U.S., Canada and Europe with an AI-powered, automated,
on-demand penetration testing platform. Under the development
component of the agreement, DRT Cyber will leverage EzoTech's
advanced AI Cyber Security technology and capabilities to develop
and launch what it expects will be the world's first AI-powered,
automated and continuous cyber security posture reporting platform
for organizations of all types and sizes.
"Our agreement with EzoTech is a significant step forward in our
strategy to expand DRT Cyber's suite of cybersecurity offerings to
complement existing services to our clients, as well as attract new
clients, as we leverage our acquisition of Digital Boundary Group
(DBG) last November," said David
Taylor, President and CEO of VersaBank and DRT Cyber. "DRT
Cyber's acquisition of DBG provided a tremendous platform to build
one of the pre-eminent cybersecurity businesses in North America; DRT Cyber boasts a client
roster of national and multinational corporations, as well as
government entities, including infrastructure assets, numerous
police departments in the U.S., national retailers, and many
others. The addition of AI-powered, automated penetration
testing, followed by a continuous, automated cyber security
reporting solution, designed for organizations large and small,
will significantly help expand DRT's client roster, as the
identification of cyber security vulnerabilities moves to the top
of the priority list for IT departments globally."
"We are very pleased to be working with the team at DRT Cyber,"
said Xristos Silaidis, President and
CEO, EzoTech. "Our fully autonomous, AI-driven penetration
testing platform is licensed and deployable in a number of ways: as
a stand-alone testing platform, as an autonomous test in
combination with manual testing resources, and also ultimately as
the engine for continuous reporting at the executive and working
levels, to deliver a high level of confidence to organizations that
their systems, networks and assets are well positioned to thwart
cyber threats that are growing globally at an accelerating
rate."
"Businesses, governments and other entities are especially
vulnerable to cybersecurity breaches due to a number of factors
including, but not limited to, continuous changes in
infrastructure, patch management issues and incorrect or stale
security configurations, all of which can result in unforeseen
security consequences that may not be readily apparent," said
Gurpreet Sahota, Chief Operating
Officer, DRT Cyber. "In today's IT environment, in which
systems are being continuously deployed, updated or moved,
continuous cyber security testing is essential to ensure that an
organization's IT systems are resistant to adversarial attacks
24/7, every week of the year. Our goal is to provide an automated
and continuous cyber security reporting solution that not only is
best-in-class for large organizations but also fits the IT budgets
for the mass market of small-to-mid-size businesses and government
entities."
ABOUT EZOTECH
EzoTech delivers Tanuki, the world's first agentless, fully
autonomous AI driven penetration-testing platform that completes a
true Pentest to allow customers to fully harden their networks as
well as assess and reduce their corporate cybersecurity risk.
Tanuki is delivered with a collective knowledge of threats,
vulnerabilities, and exploits and equipped with state-of-the-art
hacking techniques. It acts like a real attacker or advanced
Pentester to increase the frequency and consistency of their
testing.
The platform is SaaS based and runs remotely on the Cloud to
analyze, identify, and focus remediation efforts on real
vulnerabilities. Hundreds of security professionals as well as
customers from the largest enterprise to the mid-market around the
world use Tanuki to perform continuous penetration tests that
harden their entire organization networks.
ABOUT DRT CYBER
DRT Cyber Inc., a wholly owned subsidiary of VersaBank, was
formed to identify significant cyber security threats and to
develop innovative solutions to address the rapidly growing volume
of cyber threats challenging financial institutions, multi-national
corporations and government entities on a daily basis. DRT Cyber
operates from Washington D.C. and
services clients globally. DRT Cyber's first offering, VersaVault®,
is the world's first digital bank vault built for clients holding
digital assets and blockchain-based assets, providing impenetrable
world class security, privacy of secured keys and client-centric
access flexibility. Digital Boundary Group (DBG), a DRT Cyber
subsidiary, is one of North
America's premier information technology (IT) security
assurance services firms, providing corporate and government
clients with a suite of IT security assurance services. DRT Cyber's
vision is to provide governments and corporate organizations with a
comprehensive suite of effective solutions that address the four
fundamental components of cyber security: Assessment, Detection,
Prevention and Privacy.
ABOUT VERSABANK
VersaBank is a Canadian Schedule I chartered bank with a
difference. VersaBank became the world's first fully digital
financial institution when it adopted its highly efficient
business-to-business model using its proprietary state-of-the-art
financial technology to profitably address underserved segments of
the Canadian banking market in the pursuit of superior net interest
margins while mitigating risk. VersaBank obtains all of its
deposits and provides the majority of its loans and leases
electronically, with innovative deposit and lending solutions for
financial intermediaries that allow them to excel in their core
businesses. In addition, leveraging its internally developed IT
security software and capabilities, VersaBank established wholly
owned, Washington, DC-based
subsidiary, DRT Cyber Inc. to pursue significant large-market
opportunities in cyber security and develop innovative solutions to
address the rapidly growing volume of cyber threats challenging
financial institutions, multi-national corporations and government
entities on a daily basis.
VersaBank's Common Shares trade on the Toronto Stock Exchange
under the symbol VB and its Series 1 Preferred Shares trade under
the symbol VB.PR.A.
FORWARD LOOKING STATEMENTS
The statements in this press release that relate to the
future are forward-looking statements. By their very nature,
forward-looking statements involve inherent risks and
uncertainties, both general and specific, many of which are out of
our control. Risks exist that predictions, forecasts, projections,
and other forward-looking statements will not be achieved. Readers
are cautioned not to place undue reliance on these forward-looking
statements as several important factors could cause actual results
to differ materially from the plans, objectives, expectations,
estimates and intentions expressed in such forward-looking
statements. These factors include, but are not limited to, the
strength of the Canadian economy in general and the strength of the
local economies within Canada in
which we conduct operations; the effects of changes in monetary and
fiscal policy, including changes in interest rate policies of the
Bank of Canada; changing global
commodity prices; the effects of competition in the markets in
which we operate; inflation; capital market fluctuations; the
timely development and introduction of new products in receptive
markets; the impact of changes in the laws and regulations
pertaining to financial services; changes in tax laws;
technological changes; unexpected judicial or regulatory
proceedings; unexpected changes in consumer spending and savings
habits; the impact of COVID-19 pandemic and our anticipation of and
success in managing the risks implicated by the foregoing. For a
detailed discussion of certain key factors that may affect our
future results, please see our annual management's discussion and
analysis ("MD&A") for the year ended October 31, 2020.
The foregoing list of important factors is not exhaustive. When
relying on forward-looking statements to make decisions, investors
and others should carefully consider the foregoing factors and
other uncertainties and potential events. The forward-looking
information contained in this document and the related MD&A is
presented to assist our shareholders in understanding our financial
position and may not be appropriate for any other purposes. Except
as required by securities law, we do not undertake to update any
forward-looking statement that is contained in this document and
related MD&A or made from time to time by the Bank or on its
behalf.
Visit our website at: www.versabank.com
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SOURCE VersaBank
