(Alliance News) - CY4Gate Spa announced on Wednesday that it has signed a contract for the supply of a new proprietary cybersecurity product, called "SENTRY," fully developed by the company for a "leading public entity."

The supply, worth EUR600,000 and for the duration of one year, "employs the latest technologies and algorithms that are the result of many years of in-house investment in research and development, with the aim of detecting complex and selective cyber attacks that, through unauthorized access with the use of malware, are able to access confidential data or cause damage to the target. These are so-called Advanced Persistent Threats or Advanced Persistent Threats," the company explained in a note.

The acquisition of this new contract, which also marks the launch of a new company product dedicated to cybersecurity, "has strategic relevance for the company and signals a positive start to 2023, in absolute continuity with the past year 2022."

Emanuele Galtieri, CEO and General Manager of CY4GATE said, "It is a good start to the year that should see us as protagonists in our areas of expertise, cyber security and cyber intelligence, with a pproprietary product offering and a corporate structure further strengthened at the Group level."

"The markets addressed by the technologies produced by the company remain promising in terms of growth, both in Italy and abroad. The differentiation of products, geographies and types of public and private customers has made the company resilient and able to best navigate through historical periods characterized by economic and geopolitical turbulence that introduce the complex variables of uncertainty and volatility into the business environment."

CY4Gate's stock trades in the green by 0.7 percent at EUR9.07 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.