VirnetX Announces Deployment of VirnetX Matrix™ by City of Bridgeport

Rhea-AI Summary

VirnetX Holding Corporation (NYSE: VHC) has announced the deployment of its VirnetX Matrix™ cybersecurity solution by the City of Bridgeport, West Virginia, enhancing protection against ransomware and malware attacks. This initiative, in partnership with Solution Synergy, aims to secure the city's internet applications and infrastructure. The Matrix™ solution offers Zero-Trust Network Access, enabling simple and secure access for employees. Following a previous ransomware incident, Bridgeport experienced positive financial impacts and improved operational efficiency since adoption. VirnetX Matrix™ is noted for its user-friendliness and compatibility with existing systems, eliminating the need for costly hardware upgrades.

Positive

• Deployment of VirnetX Matrix enhances cybersecurity for Bridgeport, improving protection against ransomware and malware.
• Positive financial and efficiency impacts reported by Bridgeport since adopting the Matrix solution.
• Matrix provides seamless integration with existing infrastructure, reducing costs associated with hardware upgrades.

Negative

• None.

Virnet Matrix™ Provides Bridgeport with Increased Protection Against Ransomware and Malware Attacks

VirnetX Matrix™ to be Deployed Through VirnetX's Partnership with Solution Synergy

ZEPHYR COVE, Nev., March 29, 2023 /PRNewswire/ -- VirnetX Holding Corporation (NYSE: VHC) ("VirnetX") today announced that the City of Bridgeport, West Virginia, has deployed VirnetX Matrix™ to safeguard the City's internet-based applications, services and critical infrastructure systems from cyberattacks and provide Bridgeport's employees, internal teams and departments with private, single-click access to authorized systems and applications.

VirnetX partner Solution Synergy identified the opportunity to partner with the City of Bridgeport. 

VirnetX Matrix™ provides an additional layer of protection designed to prevent unauthorized access, enforce access policy controls, and enable real-time network management to protect cloud or on-premises applications from malware, ransomware and other cybersecurity threats. Zero-Trust Network Access protection and "single-click" technology are designed to make VirnetX products more effective at preventing cyberthreats and more user-friendly than other available products and services.

"In response to a ransomware attack in 2021, the City of Bridgeport began following the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency's (CISA) best practices and services," said Jesse Chaney, Director of Information Technology at the City of Bridgeport.  "Upon review of CISA's Cybersecurity Performance Goals, we found that VirnetX Matrix™ satisfies these goals by providing simple, secure access to a protected network allowing our employees and police department to conduct city business and respond to public safety requests more quickly and securely. Since deploying Matrix, Bridgeport has already experienced positive financial, and efficiency impacts as well as increased visibility within our networks. Matrix Zero-Trust Network Access provides protection and effortless deployment without expensive hardware upgrades."

"Today's threat landscape is intricate and evolving, prompting enterprises like the City of Bridgeport to seek barrier-breaking technologies to prevent security threats," said Kendall Larsen, VirnetX CEO and President.  "We are pleased to provide a seamless solution with VirnetX Matrix™, which is easy to deploy and provides an added security "umbrella" without the need to replace existing systems or internet access."

More on Department of Homeland Security's Cybersecurity Performance Goals can be found here: https://www.cisa.gov/cross-sector-cybersecurity-performance-goals

About City of Bridgeport, West Virginia

City of Bridgeport, WV, is described as a community where the residents of City of Bridgeport have managed to maintain the small community atmosphere. The community is very family-oriented and works together to provide advantages to area youth. They are fortunate to have many community organizations and businesses that volunteer their time, expertise, and money to meet the needs of our diverse community.

About VirnetX

VirnetX Holding Corporation is an Internet security software and technology company with patented technology for Zero Trust Network Access ("ZTNA") based secure network communications. VirnetX's software and technology solutions, including its Secure Domain Name Registry and Technology, VirnetX One™, War Room™, VirnetX Matrix™, and Gabriel Connection Technology™, are designed to be device- and location-independent, and enable a secure real-time communication environment for all types of enterprise applications, services, and critical infrastructures. The Company's patent portfolio includes over 200 U.S. and foreign granted patents, validations and pending applications. For more information, please visit www.virnetx.com.

VirnetX One™ is a security-as-a-service platform that protects enterprise applications, services, and infrastructure from cyber-attacks using ZTNA.  VirnetX One™ products address a significant need across enterprises of all sizes, as hackers have become more sophisticated, ransomware and malware more costly and disruptive, and the use of corporate and other applications by contemporary remote workforces has continued to rise. 

VirnetX Matrix™ provides superior security for internet-enabled enterprise applications and their connected devices, and for control systems currently deployed by those enterprises (e.g., file servers, data back-up systems, VPN/firewalls). VirnetX Matrix™ provides ZTNA protection, "single-click" ease of use, and is designed to be a highly effective "security umbrella": its added layer of protection is deployed simply, without the need for changes to an enterprise's existing, in-place infrastructure.

War Room™ provides an industry leading, safe, and secure video conferencing meeting environment where sensitive communications and data is invisible to those unauthorized to view it. 

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

This press release should be read in conjunction with our Annual Report on Form 10-K (the "Form 10-K"), which is expected to be filed with the Securities and Exchange Commission before the close of business on March 31, 2023.  Statements herein may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

These forward-looking statements are based upon our current expectations, estimates, assumptions and beliefs concerning future events and conditions, and may discuss, among other things, expectations about products and product performance, expectations about future cash distributions or dividends and the impact of potential and ongoing litigation. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "will likely result in" and similar expressions. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties, and other factors, many of which are outside our control, and could cause actual results to differ materially from such statements and from our historical results and experience. These risks, uncertainties and other factors include, but are not limited to risks detailed in our filings with the Securities and Exchange Commission (the "SEC"), including in our Quarterly Reports on Form 10-Q for the quarter ended September 30, 2022, and other filings and reports that we may file from time to time with the SEC, including the Form 10-K. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results and that the risks described herein should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made.

For example, this press release refers to:

• The ability of VirnetX products to protect cities from cyber and ransomware attacks.
• The effectiveness of VirnetX products regarding the prevention of cyberthreats without negative financial and efficiency impacts.

EXCEPT AS REQUIRED BY LAW, WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD- LOOKING STATEMENT AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Investor Relations
VirnetX Holding Corporation 
415.505.0456 
ir@virnetx.com

Media Contact
Noe Sacoco
noe@alanizmarketing.com 
+1 408-340-8130

View original content:https://www.prnewswire.com/news-releases/virnetx-announces-deployment-of-virnetx-matrix-by-city-of-bridgeport-301784361.html

SOURCE VirnetX Holding Corporation

FAQ

What is the significance of VirnetX Matrix deployment for the City of Bridgeport?

The deployment enhances the city's cybersecurity against ransomware and malware, ensuring secure access to critical systems.

How does VirnetX Matrix improve cybersecurity?

It offers Zero-Trust Network Access, which prevents unauthorized access and enforces access policy controls.

When was the VirnetX Matrix deployed in Bridgeport?

The deployment was announced on March 29, 2023.

What benefits has Bridgeport experienced after using VirnetX Matrix?

Bridgeport has reported positive financial impacts and improved efficiency since the deployment.

What partnership facilitated the deployment of VirnetX Matrix in Bridgeport?

The deployment was facilitated through a partnership with Solution Synergy.