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StrikeForce Increases Clients and Revenues as Financial Institutions Respond to Increased Likelihood of Cyber Attack StrikeForce Increases Clients and Revenues as Financial Institutions Respond to Increased Likelihood of Cyber AttackStrikeForce Will Be Announcing Closing Deals With Financial and Other Enterprises Across the Globe in Coming WeeksStrikeForce Will Be Announcing Closing Deals With Financial and Other Enterprises Across the Globe in Coming Weeks (October 31, 2011)
EDISON, NJ -- (Marketwire) -- 10/31/11 -- StrikeForce Technologies' (OTCBB: SFOR) comments on reports that the finance and banking sector is under such sustained and sophisticated cyber attacks that the country's most secretive military spy agency -- the National Security Agency (NSA) -- has been providing assistance to the country's financial and banking institutions helping them accelerate their implementation of programs bolstering defenses against a massive cyber attack that, it is feared, could cripple not only the banking institutions, but debilitate the entire financial infrastructure.(1) StrikeForce Technologies' ProtectID® and GuardedID® are the only patented and patent pending protected products that provide the Internet security protocols recommended by Federal regulators to bolster against such attacks.
"StrikeForce Technologies' patented ProtectID 'Out-of-Band' Two-Factor Authentication software inaugurates a shift in security protocols that will play a big role in preventing these attacks. The market is now pointing to the need for solutions that prevent identity theft, which StrikeForce had the wherewithal to design and develop years ago knowing it was ahead of its time. A number of our major deals have been in the pipeline for over six months and are now closing. This includes a number of international unsolicited calls requesting quotes and orders for both of our products. We are excited that our early patented proprietary inventions are beginning to pay off," said Mark L. Kay StrikeForce's CEO.
Emphasizing the increase in relevance of 'Out-of-Band' authentication protocols, a recent article in Banking Technology News(2) noted
"according to a Novarica study, 71% of Banks say They Have Insufficient Resources to Detect Fraud' and 47% plan to deploy Out-of-Band authentication in the next 12 months"
"Our ProtectID product has been licensed and implemented by international banks, by national financial lending and processing institutions, and is the key technology recommended by top online security analysts, as these institutions seek to meet the updated January 2012 FFIEC federal regulatory deadline for finance institutions to install enhanced authentication protocols. Current clients using our 'Out-of-Band' Authentication platform (ProtectID) include a Fortune 100 Wall Street investment firm, a Fortune 500 financial lending firm, and include other global enterprises and financial firms that will be imminently announced."
"We are more than pleased with the results that our sales channel partners are producing. This has resulted in an acceleration of client deals closing, and is leading to increased revenues in 2011 and ongoing for both of our products, ProtectID and GuardedID," says George Waller, StrikeForce's EVP.
"Out-of-Band Authentication is growing in importance within the Internet security discipline. Our patent and our product features, including the capability of either hosted (Cloud) or in-house implementation licenses are winning these contracts," says Mr. Kay, CEO.
About StrikeForce Technologies, Inc:
StrikeForce Technologies, Inc. (www.strikeforcetech.com) helps to prevent online identity theft and data security breaches for consumers, corporations, and government agencies. It provides powerful two-factor, 'Out-of-Band' authentication and keystroke encryption solutions. StrikeForce Technologies, Inc. (OTCBB: SFOR) is headquartered in Edison, N.J., and can be reached at www.strikeforcetech.com or by phone at (732) 661-9641 or toll-free at (866) 787-4542.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company's identity protection software products into various channels and market sectors, the issuance of the company's pending patent application, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
(1) Source: Reuters: NSA Helps Banks Battle Hackers http://www.reuters.com/article/2011/10/26/us-cybersecurity-banks-idUSTRE79P5E020111026
(2) Source: Banking Technology News, October, 26, 2011
Investor Relations Contact:
BlueWater Advisory Group, LLC.
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