WISeKey Technologies Mitigate Cybersecurity Risks and Vulnerabilities Related to the Recent U.S. Treasury Department Breach

Rhea-AI Summary

WISeKey International Holding (NASDAQ: WKEY; SIX: WIHN) addresses the recent U.S. Treasury Department cybersecurity breach by highlighting its Root of Trust and Public Key Infrastructure (PKI) solutions. The breach, involving hackers exploiting vulnerabilities in BeyondTrust's systems to access unclassified Treasury documents, emphasizes the importance of robust security frameworks.

WISeKey's Root of Trust technology provides secure cryptographic foundation that validates identities, secures digital endpoints, and ensures data confidentiality through encryption and authentication protocols. The company's PKI solutions offer key management, multi-factor authentication, and tamper-proof access controls, while adhering to zero-trust frameworks and least privilege principles.

Positive

• Demonstrates market relevance of WISeKey's security solutions amid high-profile cyber attacks
• Positions company's technology as potential solution for government-level security needs
• Showcases comprehensive security offering including Root of Trust and PKI solutions

Negative

• None.

WISeKey Technologies Mitigate Cybersecurity Risks and Vulnerabilities Related to the Recent U.S. Treasury Department Breach

The recent breach underscores the urgent need for robust security frameworks to safeguard sensitive systems and data.

Geneva, Switzerland – December 31, 2024 - WISeKey International Holding Ltd (“WISeKey” or the “Company”) (NASDAQ: WKEY; SIX: WIHN), a global leader in cybersecurity, AI, blockchain, and IoT technologies, in light of the recent cybersecurity breach involving the U.S. Treasury Department, it emphasizes the critical role its Root of Trust and Public Key Infrastructure (PKI) solutions play in mitigating risks associated with third-party vulnerabilities and privilege escalation. This incident, described as a “major incident” by Treasury officials, underscores the urgent need for robust security frameworks to safeguard sensitive systems and data.

Hackers exploited vulnerabilities in the systems of BeyondTrust, a third-party cybersecurity service provider, to access unclassified Treasury documents. This attack highlights the growing risks of third-party dependencies and privilege escalation, both of which can have devastating consequences for sensitive organizations and critical infrastructure.

WISeKey’s Root of Trust technology provides a secure cryptographic foundation that...

• Validates the identities of devices, users, and systems, ensuring only authorized entities have access to sensitive information.
• Secures digital identities and endpoints, and reduces the risk of unauthorized access and tampering, even in complex multi-provider ecosystems.
• Ensures the confidentiality and integrity of sensitive data through strong encryption and authentication protocols.
  
  

The company’s PKI solutions further enhance security by providing robust key management, multi-factor authentication, and tamper-proof access controls. These measures secure communication channels, verify the authenticity of documents, and prevent unauthorized modifications. In the context of recent events, such solutions could have mitigated risks by ensuring that hackers were unable to exploit vulnerabilities or intercept sensitive communications.

WISeKey also addresses third-party risks through its alignment with zero-trust frameworks, assuming no entity is inherently trustworthy. By enforcing the principle of least privilege, real-time monitoring, and continuous validation of access, WISeKey’s technologies limit the exposure of sensitive systems to unauthorized actors.

The U.S. Treasury incident demonstrates the increasing sophistication of cyberattacks and the critical need for advanced solutions like those offered by WISeKey. As organizations navigate an evolving cybersecurity landscape, investing in trusted solutions is essential to building resilient and secure digital ecosystems capable of withstanding today’s threats.

WISeKey remains committed to enabling organizations worldwide to safeguard their systems and data against cyber threats while ensuring privacy and trust in the digital age.

For media inquiries, please contact: info@wisekey.com

About WISeKey

WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa's predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

Press and Investor Contacts

WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com

WISeKey Investor Relations (US)  The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +1 212 836-9612 / kmurphy@equityny.com

FAQ

How does WISeKey's Root of Trust technology address the U.S. Treasury Department breach?

WISeKey's Root of Trust technology provides a secure cryptographic foundation that validates identities, secures endpoints, and ensures data confidentiality through encryption and authentication protocols, which could prevent unauthorized access similar to the Treasury breach.

What security solutions does WKEY offer to prevent third-party vulnerabilities?

WKEY offers PKI solutions with key management, multi-factor authentication, and tamper-proof access controls, along with zero-trust frameworks that continuously validate access and enforce least privilege principles.

How is WKEY positioned to address government cybersecurity needs?

WKEY's comprehensive security solutions, including Root of Trust and PKI technologies, are designed to protect sensitive systems and data at the highest levels, making them suitable for government-level security requirements.

What role does WKEY's technology play in preventing privilege escalation attacks?

WKEY's solutions implement zero-trust frameworks and least privilege principles, continuously monitoring and validating access to prevent unauthorized privilege escalation in complex multi-provider ecosystems.