It is now clear why IBM’s former president and CEO Ginni Rometty said, “Cybercrime is the greatest threat to every company in the world.” As of 2021, cybercrime damage costs were estimated to top a whopping $6 trillion annually, according to Cybersecurity Ventures.
As attackers have gotten more sophisticated, so too has the steady rise in the number of high profile cyberattacks. For instance, back in May, China-backed hackers stole a sensitive signing key that allowed unauthorized access to enterprise and government email inboxes hosted by Microsoft.
For smaller business owners, the fallout from cyberattacks has been severe. Apparently, 51% of small business owners paid the ransom when hit with ransomware. The only problem? Paying the ransom does not guarantee that the victim will get their data back.
To avoid falling victim, only a multi-faceted layered defense can help reduce and eliminate exposure to today’s targeted, complex, and automated cyber threats. This has created a massive opportunity for cybersecurity companies. In fact, the global cyber security market size is expected to grow from $172.32 billion in 2023 to $424.97 billion in 2030, implying a CAGR of 13.8%, which bodes well for companies like Sekur Private Data Ltd. (OTC:SWISF) (CSE: SKUR).
A multipronged privacy solution and the Swiss advantage
Sekur Private Data Ltd. is not only a cybersecurity company but also an internet privacy provider through its Swiss hosted private and secure communications platform. The company’s platform, which is available for both Android and iOS, offers a subscription based VPN solution called SekurVPN as well as a bundled internet privacy plan that includes encrypted e-mails, secure messengers, and secure communication tools.
Sekur routes all users’ internet traffic through its privately owned servers, in multiple locations in Switzerland only, using the highest encryption industry standards, combined with its proprietary HeliX technology (a 2048-bit encryption) for added security.
Unlike other VPN providers, Sekur (OTC:SWISF)(CSE:SKUR) uses its own proprietary infrastructure and does not use any Hyperscaler or Big Tech hosting providers like AWS or Google Cloud. Additionally, it does not bundle the VPN with outside services, such as anti-virus, and ad-blockers meaning there’s no sharing of data with third party service providers.
Hosting the platform’s internet privacy solutions in Switzerland comes with a number of perks.
First, user data is not subject to the U.S. Patriot and Cybersecurity Act, or CLOUD Act. It also means that Sekur has to comply with the Swiss Federal Data Protection Law and the Swiss Data Protection Ordinance, which prohibit virtually any processing of personal data that is not expressly authorized by the data subjects. This ensures that users’ data is protected from any outside data intrusion requests.
Sekur estimates that its total addressable market is over 70 million users, with another 30 million small and medium sized businesses in the US alone. With an ARPU of $8+ per month, it’s easy to see why investors are closely watching the company.
Most importantly, the company’s recent filings give a glimpse of the future growth opportunity in secure and private communications. Sales for Q1 2023 were up 50% compared to the same period last year, while expenses were down 55% over the same time frame. These results came on the backdrop of an announcement that revealed Sekur was able to reduce customer acquisition costs by 79% to $74 per user.
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Already, Sekur’s (OTC:SWISF)(CSE:SKUR) expansion efforts into new markets are bearing fruit. The company recently announced that it had signed a distribution agreement in the Kingdom of Morocco, for its Sekur suite of privacy communications solutions, including the upcoming Sekur Enterprise solutions.
Alain Ghiai, CEO of Sekur Private Data, said: “We are excited to expand into the Kingdom of Morocco as many international companies have their Africa headquarters in Morocco. According to market research, approximately 90% of African businesses are operating without cybersecurity protocols in place, making them vulnerable to cyber threats, such as hacking, phishing, and malware attacks.”
Cybersecurity stocks solving the internet privacy problem
Alarum Technologies Ltd. (NASDAQ:ALAR), a global provider of internet access solutions, operates in two distinct segments: solutions for enterprises and solutions for consumers – which offer privacy solutions to end users. These solutions are designed to allow users to take charge of their online privacy with a powerful, secured, and encrypted connection.
According to the company’s Q1 2023, Alarum recorded its first ever positive cash flow from operating activities with record revenues. The company reported $0.06 million in adjusted EBITDA up from a $3.2 million loss in Q1 2022 driven by its internet access arm for business and enterprise customers, which became profitable for the first time.
VirnetX Holding Corporation (NYSE:VHC) is an Internet security software and technology company with patented technology for Zero Trust Network Access (ZTNA) based secure network communications. The company’s software is designed to be device and location independent, and enable a secure real-time communication environment for all types of enterprise applications, services, and critical infrastructures.
Last month, VirnetX announced that the International Association of Certified ISAOs (IACI), headquartered at NASA’s Kennedy Space Center, has deployed the patented VirnetX Matrix Zero Trust Network Architecture (ZTNA) and VirnetX War Room secure video conferencing to protect sensitive communications for IACI and to support public and private critical infrastructure owners and operators.
BlackBerry (NYSE:BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints, including over 235M vehicles. BlackBerry is a leader in the areas of endpoint management, endpoint security, encryption, and embedded systems. On July 31, BlackBerry announced that Foxconn-led Mobility in Harmony (MIH) consortium had chosen it to provide software and some services.
The consortium’s EV platform will use BlackBerry’s QNX operating system for vehicles, and automotive artificial intelligence platform IVY to help process and store data collected from sensors in vehicles. Foxconn’s MIH consortium includes a range of suppliers and automakers such as India’s Tata Motors and South Korean battery maker LG Energy Solution, that will design electric vehicle platforms.
HUB Security (NASDAQ:HUBC) is a developer of Confidential Computing cybersecurity solutions and services. The company specializes in unique Cyber Security solutions protecting sensitive commercial and government information. HUB developed an advanced encrypted computing solution aimed at preventing hostile intrusions at the hardware level while introducing a novel set of data theft prevention solutions.
The company recently reported Fiscal 2022 financial results and provided a corporate update. As of December 31, 2022, HUB’s backlog estimates consisted of approximately $39 million in customer contracts, and an estimated $103 million in pipeline, consisting of customer contracts in various stages of negotiation and initial revenue indications from potential customers that have not been contractually committed.
Uzi Moskovich, Chief Executive Officer of HUB Security, stated, “We are leveraging the breadth of our customer base and bundling cyber solutions with our confidential computing platform to create a ‘One HUB’ strategy.”
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