Nubeva Announces Sale of Ransomware Reversal Solution to City Government Customer

Rhea-AI Summary

Nubeva Technologies has secured a contract with an unnamed Florida city government for its Ransomware Reversal solution. This sale underscores the increasing demand for cybersecurity measures amid rising ransomware incidents affecting local governments, including Suffolk County and Fremont County. The technology enables organizations to recover data without paying ransoms, offering decryption protection typically within 48 hours. As ransomware attacks disrupt essential services in Florida, Nubeva aims to enhance cyber resilience and business continuity for municipal governments.

Positive

• Contract secured with a Florida city government, highlighting growing demand for cybersecurity.
• Nubeva's technology allows recovery from ransomware without paying ransoms, reducing downtime significantly.
• Ability to decrypt files typically within 48 hours of an attack, enhancing operational resilience.

Negative

• None.

Adds to growing list of municipal governments selecting Nubeva for protection against ransomware attacks

SAN JOSE, Calif., Oct. 24, 2022 (GLOBE NEWSWIRE) -- Nubeva Technologies (TSX-V: NBVA, OTCQB: NBVAF) today announced the sale of its breakthrough ransomware reversal system to a city government in Florida. The city, which wished to remain anonymous, selected Nubeva as part of its cyber resilience and business continuity strategy specific to ransomware attacks. 

“The use of Nubeva’s technology by this Florida city illustrates the rising need for—and recognition of—a proactive approach to ransomware threats,” said Steve Perkins, Nubeva CMO. “As we see in the news, local governments like Suffolk County, NY, and Fremont County, CO, are increasingly targeted by ransomware, and the stakes are especially high as their data affect public services and consumer safety. It is clear the public sector requires solutions to provide resilience from attacks, and Nubeva’s technology fills that void.” 

Nubeva’s Ransomware Reversal solution equips the Florida city with ransom-less decryption protection at a time when cyberattacks have disrupted many sectors in the state of Florida, including hospitals, unemployment websites, and city government.

“The average downtime resulting from a ransomware attack is 24 days,” said Perkins. “What are the downstream effects if a key public service, such as the police force or emergency medical services, is down for 24 days or more? Organizations need the ability to quickly recover their data, systems, and operations after an attack—and Nubeva’s Ransomware Reversal solution provides that.”

Nubeva’s technology captures ransomware encryption keys at the moment of attack, enabling victim organizations to decrypt locked files without paying the ransom, typically within 48 hours of the attack. Additionally, Nubeva’s software collects vital metadata on the attack to aid in incident response, significantly aiding triage, investigations, and threat removal.

Nubeva’s software is available to end-user enterprises, managed security service providers, incident responders, and cybersecurity solution manufacturers. More details on Nubeva’s ransomware reversal and retrieval abilities are available here.

About Nubeva Technologies

Nubeva Technologies provides next-generation decryption solutions for faster, lower-cost recovery from ransomware attacks. Its mission is to reduce downtime costs and damages so that businesses never pay ransoms again.

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 regarding the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For additional information or to schedule interviews, contact:

Steve Perkins
Chief Marketing Officer, Nubeva
sperkins@nubeva.com 
(714) 261-9948

FAQ

What recent contract did Nubeva Technologies secure?

Nubeva Technologies secured a contract with a city government in Florida for its Ransomware Reversal solution.

What is the main function of Nubeva's Ransomware Reversal solution?

The Ransomware Reversal solution enables organizations to recover their data without paying ransoms, typically decrypting files within 48 hours.

Why is Nubeva's technology important for local governments?

Nubeva's technology is crucial for local governments as it addresses the rising threat of ransomware attacks, ensuring the continuity of essential public services.

How does Nubeva's solution aid in incident response?

Nubeva's software collects vital metadata during an attack, which aids in triage, investigations, and threat removal.

Which cities have recently targeted ransomware attacks?

Recent ransomware attacks have increasingly targeted Suffolk County, NY, and Fremont County, CO.