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    NBVA   CA67021Y1097

NUBEVA TECHNOLOGIES LTD.

(NBVA)
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Nubeva Technologies : Announces Ransomware Recovery Capability

09/22/2021 | 07:00am EST

SAN JOSE, Calif., Sept. 22, 2021 (GLOBE NEWSWIRE) -- Nubeva Technologies (TSX-V: NBVA, OTC: NBVAF), a developer of B2B decryption software solutions, announces successful completion of initial testing of a new universal solution for ransomware recovery.

“We are excited to announce we have successfully validated our core-intellectual property, reliable encryption key discovery, can be adapted for the ransomware use case,” said Randy Chou, CEO at Nubeva. “Despite all the cyber defenses, ransomware still is getting through. Organizations have come to accept this as a potential risk to the business, but we think we can shatter the mold and fundamentally tip the scales in this fight.”

Major ransomware attacks have sharply increased in recent years, with regular headlines of disruptions to every sector, including critical infrastructure, finance, technology, government, and education. It is estimated that there is a ransomware attack every 11 seconds on average, with global ransomware damage losses projected to reach $20 billion this year. With ransomware, malicious software will encrypt files using secret keys, which are then ransomed for large sums of money. Organizations affected can have critical functions halted until the ransom is paid or files are recovered from backups, both of which can take days, weeks, or sometimes months.

Nubeva’s ransomware recovery capability represents a potential root solution born from a progression on the proven and patented Session Key Intercept (SKI) technology. With SKI, Nubeva has perfected the ability to learn and copy encryption keys created and used on computer systems. With copies of keys available, decryption and recovery is straightforward.

“After extensive research and development, we initially validated the ability to learn ransomware keys several months ago. Now we have completed testing on a representative sample of live, and very sophisticated ransomware,” said Steve Perkins, CMO and Head of Product at Nubeva. “We have proven we can reliably get encryption keys for TLS network traffic, and more recently for Microsoft’s file sharing (SMB). Now, we feel very good that our technology will work for all variants of ransomware.”

Nubeva has begun working with select strategic cybersecurity solution companies and end-user enterprises for testing and validation of the technology and for advice on final product packaging and go-to-market models. The company expects to release initial commercial forms of the solution as early as Q1, 2022. For more information, visit https://info.nubeva.com/ransomware_recovery.

About Nubeva Technologies Ltd. 

Nubeva’s next-generation SKI (Session Key Intercept) technology represents a better, faster, easier, and lower-cost alternative to legacy decryption. Our solution provides a complete option for manufacturers, integrators, and managed services providers of cybersecurity and application assurance solutions. Today, nearly all network traffic uses TLS (formerly SSL) for security and privacy. Yet, enterprises still must see the data-in-motion to detect and respond to cybersecurity threats and application performance issues. With constant evolution in TLS protocols and the advancements in application, network, and computing architectures, gaps continue to grow in the legacy decryption methods. Nubeva’s SKI technology represents the next-generation solution for the industry moving forward. Visit nubeva.com for more information.

Forward Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the cybersecurity industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).

For More Information:
Mary Korus
mkorus@nubeva.com
7146795180


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Source: Nubeva Technologies

2021 GlobeNewswire, Inc., source Press Releases - Canada

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Financials (USD)
Sales 2021 1,96 M - -
Net income 2021 -0,76 M - -
Net cash 2021 2,07 M - -
P/E ratio 2021 -78,9x
Yield 2021 -
Capitalization 42,9 M 43,0 M -
EV / Sales 2020 10,6x
EV / Sales 2021 31,2x
Nbr of Employees -
Free-Float 90,2%
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Managers and Directors
Randy Chau President, Chief Executive Officer & Director
Sheri Rempel Chief Financial Officer & Secretary
Greig Bannister Director & Chief Technology Officer
David Wu Independent Director
David Warner Independent Director
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