Deal Brings $483K in Additional ARR, More Organic Growth
Data443 Risk Mitigation, Inc. (OTCPK: ATDS) (“Data443”), a data security and privacy software company for “All Things Data Security,” today announces an additional contract win of $483,788 from one of the ‘Big Four’ U.S.-based banks and largest fintech companies (the “Client”).
The Client has expanded its usage of Data443’s leading secure file transport platform for the core of its intra-bank and governmental federal reserve data interchanges. Data443’s Data Placement Manager continues to deliver secure, stable and high-performance services for its thousands of partner banks, brokerage houses and multi-national government clients.
Operating on the HPE Non-Stop platform, this fintech leader has enjoyed years of 100% uptime service delivery at an improving cost-per transaction model. In light of recent ransomware and malware attacks for other MFT (managed file transfer) software providers, the unique capability of secure code implementations and hardened infrastructure, such as the HPE Non-Stop platform, are a major differentiator for the platform and why Data443 is in the upper echelon of providers to financial services organizations.
In 1Gartners report, “Innovation Insight for Leveraging Isolated Recovery Environments and Immutable Data Vaults to Protect and Recover From Ransomware,” ransomware attacks have become so common that it’s no longer a matter of if you will be attacked, but when. Even worse is the focus of ransomware attacks to target backup systems, compromising backup data and even taking administrative control to change settings and expire data.
Jason Remillard, CEO and Data443 founder commented: “We are happy that Gartner includes Ransomware Recovery as a major capability requirement for data immutable data storage. Our unique capabilities in restoring data and devices are a major differentiator for us and when it’s matched with our MFT capabilities – it really checks many boxes for our customers. This most recent deal is pure organic growth with another longtime customer and is indicative of where we think the market is going – new requirements, tough and complex operating environments and proven runtime are key to winning in this small segment of the data security marketplace.”
Mr. Remillard added: “We’ve always been focused on our ‘better together’ product roadmaps for customers. Based on the teams’ expertise in product design and operational deployments, we are uniquely positioned to deliver next-generation capabilities. The multi-cloud operating environment is a perfect world for our capabilities as they have been available for some time on Microsoft Azure, Amazon AWS and Google Cloud Platform. Some of our larger EFT clients use the multi-cloud operating approach for their business-as-usual operations, garnering cost efficiencies that are significant for scale, cost savings and disaster recovery options. Our clients’ significant uptime, volumes and multimillion-dollar investments in Data443 product lines drive our focus and passion for All Things Data™.”
Data443’s Ransomware Recovery Manager provides an immutable data stance and a recovery approach that is second to none – a simple reboot that any user can execute. Competitors such as Rubrik, Veeam, and Cohesity all require actual explicit IT administrator interactions. This usually includes searching for the backup data files, initiating a restore action, waiting for completion, and eventually getting the data to the end user. These options generally have no capability to actually restore the end-user device itself, which typically requires a full workstation replacement or reinstallation. Recovery timelines vary, but they are not insignificant.
Business Impact:
- 100s of organizations in the past few weeks have announced data theft and subsequent ransomware installations within their networks due to MFT vendors’ vulnerabilities.
- In some MFT instances, it is reported that customers were erroneously told their data and infrastructure was secure until they received ransoms for their data sets.
- Enterprise/Managed File Transfer platforms continue to be more concentrated, handle more volume and transact mainly in a business’s most sensitive data.
- Ransomware recovery is an important requirement for most data security leaders, with no simple answers.
Customer Obstacles:
- Businesses demand more data sharing and interactions which increases security risks with some vendors’ platforms.
- Based on Data443’s experience, MFT departments have been largely ignored in the past, but now funding and focus have grown.
- Adjacent capabilities such as Data443’s Sensitive Content Manager are topical for most data security requirements.
- Legacy implementations with thousands of end customers generally are fragile implementations with low numbers of trained experts.
Previous Related Announcements:
- PC Magazine Selects Data443’s Ransomware Recovery Manager as One of the Best Ransomware Protections for 2023
- Fintech Giant Adds 24/7 Support to Data443 Enterprise File Transfer Early Renewal
To learn more about Data443, please watch the company’s video introduction on its YouTube channel: https://youtu.be/1Fp93jOxFSg
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