Hub Cyber Security Has Sealed Another Agreement With a Leading Credit Card Service Company
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The extension of a contract between HUB Cyber Security and a major credit service provider signifies a strong vote of confidence in HUB's cybersecurity solutions. From a cybersecurity perspective, the integration of advanced confidential computing solutions is critical for financial institutions. It addresses the increasing threats in the digital landscape, especially given the sensitive nature of financial data. The partnership's focus on enhancing compliance and meeting regulatory requirements is particularly relevant in an era where data breaches can result in significant financial penalties and loss of consumer trust.
Financial institutions are under constant scrutiny from regulators and cybersecurity is a top priority. The implementation of HUB's services could lead to a more robust security posture for the credit card service company, potentially reducing the risk of data breaches and cyber-attacks. This proactive approach to cybersecurity could also serve as a competitive advantage, attracting customers who prioritize data security in their financial transactions.
The financial implications of this renewed partnership are multifaceted. For HUB Cyber Security, securing a six-figure deal with a subsidiary of a market giant not only boosts current revenues but also enhances the company's market credibility. This could positively influence investor sentiment and potentially impact HUB's stock valuation. The announcement of such a partnership typically indicates a stable and possibly growing revenue stream, which is an attractive attribute for investors.
For the credit card service company, investing in top-tier cybersecurity measures could lead to operational cost savings by mitigating the risks and costs associated with data breaches. Moreover, maintaining rigorous compliance standards is essential to avoid hefty fines and reputational damage that can arise from regulatory non-compliance. Long-term, this strategic investment in cybersecurity can contribute to sustaining customer trust and loyalty, which is critical for customer retention and revenue stability in the financial services industry.
The emphasis on regulatory and contractual compliance in the partnership between HUB Cyber Security and the credit card service company reflects the growing complexity of the regulatory environment. Financial institutions are increasingly required to adhere to stringent regulations like the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS). The collaboration suggests a tailored approach to cybersecurity, aligning with the specific compliance needs of the credit card service company.
It is essential for stakeholders to understand that compliance is not a one-time event but an ongoing process. The continuous evolution of cyber threats necessitates adaptive cybersecurity strategies that can evolve with the threat landscape. By enhancing their compliance measures through this partnership, the credit card service company is not only addressing current statutory and regulatory requirements but is also preparing for future challenges that could impact their risk management strategies.
Renewed Trust in Hub Cyber Security: Enhancing Risk Management and Compliance Measures for a Leading Credit Card Service Company in Ongoing Partnership.
TEL AVIV, Israel, Feb. 02, 2024 (GLOBE NEWSWIRE) -- via IBN – HUB Cyber Security Ltd (Nasdaq: HUBC), a developer of Confidential Computing cybersecurity solutions and services ("HUB Security" or the "Company"), announces renewed trust in Hub Cyber Security from a subsidiary of a giant credit service provider with a market cap of hundreds of billions of dollars. This additional contract brings the engagement to a six-figure number in deals over a few trenches.
As part of this deal, the credit card services company will integrate HUB Security's cybersecurity services, enhancing compliance and statutory, regulatory, and contractual obligations pertaining to information security and privacy, as well as protecting against emerging cyber security threats.
Noah Hershcoviz, CEO of HUB Cyber Security, stated, "We are excited to enhance our partnership with one of the leading companies in the financial services sector. This agreement is a testament to our successful partnership and achievements and mirrors our joint dedication to pioneering solutions and security. Hub Security is keen to support the ongoing prosperity of our distinguished collaborator.”
For further information or inquiries, please contact: info@hubsecurity.com
About HUB Security Ltd.
HUB Cyber Security Ltd ("HUB Security") was established in 2017 by veterans of the elite intelligence units of the Israeli Defense Forces. The Company specializes in unique cyber security solutions protecting sensitive commercial and government information. The company debuted an advanced encrypted computing solution to prevent hostile intrusions at the hardware level while introducing a novel set of data theft prevention solutions. HUB Security operates in over 30 countries and provides innovative cybersecurity computing appliances and a wide range of cybersecurity services worldwide.
Forward-Looking Statements
This press release contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the anticipated benefits of the transaction, and the financial condition, results of operations, earnings outlook and prospects of the combined company. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "future," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "seem," "should," "will," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of HUB Security, as applicable, and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by the HUB Security and the following: (i) significant uncertainty regarding the adequacy of HUB Security’s liquidity and capital resources and its ability to repay its obligations as they become due; (ii) the war between Israel and Hamas commenced in October 2023 and the potential expansion of hostilities to other fronts may harm Israel’s economy and HUB Security’s business; (iii) expectations regarding HUB Security's strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and HUB Security's ability to invest in growth initiatives and pursue acquisition opportunities; (iv) the outcome of any legal or regulatory proceedings against HUB Security in connection with our previously announced internal investigation or otherwise; (v) the ability to cure and meet stock exchange continued listing standards; (vi) the risk that the consummation of the business combination in February 2023 will disrupt HUB Security's operations and future plans; (vii) competition, the ability of HUB Security to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (viii) limited liquidity and trading of HUB Security’s securities; (ix) geopolitical risk, including military action and related sanctions, and changes in applicable laws or regulations; (x) the possibility that HUB Security may be adversely affected by other economic, business, and/or competitive factors; (xi) other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in HUB Security’s Annual Report on Form 20-F filed on August 15, 2023.
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of HUB Security prove incorrect, actual results may vary in material respects from those expressed or implied in these forward-looking statements.
All subsequent written and oral forward-looking statements concerning the business combination or other matters addressed in this press release and attributable to HUB Security or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in the press release. Except to the extent required by applicable law or regulation, HUB Security undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release to reflect the occurrence of unanticipated events.
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