Safe-T Group Boosts iShield™ Consumer Cybersecurity Product with Advanced Ransomware Protection Capabilities

Rhea-AI Summary

Safe-T Group Ltd. (Nasdaq: SFET) has developed an advanced anti-ransomware protective layer for its iShield™ product, aimed at consumers and small to midsized businesses (SMBs). This new feature addresses common ransomware threats like social engineering and malware. The company emphasizes its commitment to enhancing cybersecurity for its customers. Notably, SonicWall reported over 495 million ransomware attacks in the past year, marking 2021 as a record year for such incidents. Cybersecurity Ventures estimates the cost of ransomware attacks could reach $265 billion annually by 2031.

Positive

• Introduction of advanced anti-ransomware feature in iShield™, enhancing cybersecurity for consumers and SMBs.
• Company highlights commitment to providing enterprise-grade cybersecurity solutions to its customers.

Negative

• Ransomware attacks are increasing, with over 495 million incidents recorded in the past year, posing ongoing risks.
• Projected significant financial losses from ransomware attacks, potentially reaching $265 billion annually by 2031.

New Layer of Protection Added to iShield™ Product to Help Consumers and SMBs Defend Against Emerging Ransomware Attacks

HERZLIYA, Israel, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Safe-T® Group Ltd. (Nasdaq, TASE: SFET) (“Safe-T”), a global provider of cyber-security and privacy solutions to consumers and enterprises, announced today it has completed development of an advanced ransomware protective layer for its iShield™ consumer and small and midsized business (“SMBs”) product.

The new embedded anti-ransomware feature was designed to protect consumers and SMBs from some of the most common forms of ransomware threats and attacks including social engineering, malware-infected advertising, drive-by infections and traffic distribution systems.

“Safe-T is committed to providing its customers with powerful and effective cybersecurity and privacy solutions, bringing enterprise-grade capabilities to consumers and SMBs. That is why we are so excited to offer this advanced protective layer in iShield™ which will equip  our customers with a more robust defense against the rise in ransomware attacks,” stated Shachar Daniel, Co-Founder, and Chief Executive Officer of Safe-T Group Ltd. “Adding this new anti-ransomware feature in iShield™ is another important step in our efforts to expand our consumers products proposition, with an even greater ability to secure sensitive data and information from cybertheft.”

Over just the past year, more than 495 million ransomware attacks have been logged by SonicWall, a leading publisher of ransomware threat intelligence, making 2021 the most costly and dangerous year on record. Dollar losses from ransomware attacks are estimated to increase in severity as well according to Cybersecurity Ventures who predicts ransomware attacks will cost victims $265 billion annually by 2031. This equates to 30% year-over-year growth in damage costs over the next ten years.

For more information on Safe-T and its privacy and cybersecurity solutions for enterprises and consumers, please visit https://www.safetgroup.com and Corporate Presentation.

About Safe-T Group Ltd.

Safe-T Group Ltd. (Nasdaq, TASE: SFET) is a global provider of cyber-security and privacy solutions to consumers and enterprises. The Company operates in three distinct segments, tailoring solutions according to specific needs. The segments include enterprise cyber-security solutions, enterprise privacy solutions, and consumer cyber-security and privacy solutions.

Our cyber-security and privacy solutions for consumers provide a wide security blanket against ransomware, viruses, phishing, and other online threats as well as a powerful, secured and encrypted connection, masking their online activity and keeping them safe from hackers. The solutions are designed for advanced and basic users, ensuring full personal protection for all personal and digital information.

ZoneZero® cyber-security solutions for enterprises, designed for cloud, on-premises and hybrid networks, mitigate attacks on enterprises’ business-critical services and sensitive data, while ensuring uninterrupted business continuity. Organization’s access use cases, whether from outside the organization or within the organization, are secured according to the “validate first, access later” philosophy of Safe-T’s zero trust.

Our privacy solutions for enterprises are based on our world’s fastest and most advanced and secured proxy network, enabling our customers to collect data anonymously at any scale from any public sources over the web using a unique hybrid network. Our network is the only one that comprises of both millions of residential exit points and hundreds of servers located at our ISP partners around the world. The infrastructure is optimally designed to guarantee the privacy, quality, stability and the speed of the service.

For more information about Safe-T, visit www.safetgroup.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Safe-T is using forward-looking statements in this press release when it discusses the advantages of the ransomware protective layer added to its iShield™ product, the ability of the added ransomware protective layer to provide consumers with greater ability to secure their sensitive data and information from cybertheft, the estimated losses from ransomware attacks and growth in damage costs from the ransomware attacks. Because such statements deal with future events and are based on Safe-T’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Safe-T could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Safe-T’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 22, 2021, and in any subsequent filings with the SEC. Except as otherwise required by law, Safe-T undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Safe-T is not responsible for the contents of third-party websites.

INVESTOR RELATIONS CONTACTS:

Steve Gersten, Director of Investor Relations
Safe-T Group Ltd.
813-334-9745
investors@safe-t.com

Michal Efraty
Investor Relations, Israel
+972-(0)52-3044404
michal@efraty.com

FAQ

What is the new feature added to Safe-T's iShield™ product on November 8, 2021?

Safe-T has introduced an advanced anti-ransomware protective layer to its iShield™ product for consumers and SMBs.

How many ransomware attacks were recorded in the last year according to SonicWall?

SonicWall reported over 495 million ransomware attacks in the last year.

What are the projected financial losses from ransomware attacks by 2031?

Ransomware attacks are estimated to cost victims $265 billion annually by 2031.

What company announced the anti-ransomware feature in iShield™?

Safe-T Group Ltd. announced the anti-ransomware feature in its iShield™ product.

What type of businesses will benefit from the new iShield™ feature?

Both consumers and small to midsized businesses (SMBs) will benefit from the new anti-ransomware feature.