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Data443 Announces Another Successful Contract Expansion with Leading U.S. Bank for Data443 Enterprise File Transfer

RESEARCH TRIANGLE PARK, N.C., April 18, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- 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:

To learn more about Data443, please watch the company’s video introduction on its YouTube channel:

About Data443 Risk Mitigation, Inc.

Data443 Risk Mitigation, Inc. (OTC: ATDS) provides software and services to enable secure data across devices and databases, at rest and in flight/in transit, locally, on a network or in the cloud. We are All Things Data Security™. With over 10,000 customers in over 100 countries, Data443 provides a modern approach to data governance and security by identifying and protecting all sensitive data regardless of location, platform or format. Our framework helps customers prioritize risk, identify security gaps, and implement effective data protection and privacy management strategies.

Forward-Looking Statements 

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of terms such as "expect," "believe," "anticipate," "may," "could," "will," "should," "plan," "project," "intend," "estimate," "predict," "potential," "pursuant," "target," "continue" or the negative of these words or other comparable terminology. Statements in this press release that are not historical statements, including statements regarding Data443's plans, objectives, future opportunities for Data443's services, future financial performance and operating results and any other statements regarding Data443's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance, are forward-looking statements. These statements are not guarantees of future performance and are subject to numerous risks, uncertainties and assumptions, many of which are difficult to predict or are beyond Data443's control. These risks, uncertainties and assumptions could cause actual results to differ materially from the results expressed or implied by the statements. They may relate to the outcome of litigation, settlements and investigations; actions by third parties, including governmental agencies; volatility in customer spending; global economic conditions; inability to hire and retain personnel; loss of, or reduction in business with, key customers; difficulty with growth and integration of acquisitions; product liability; cybersecurity risk; anti-takeover measures in our charter documents; and the uncertainties created by global health issues, such as the ongoing outbreak of COVID, and political unrest and conflict, such as the invasion of Ukraine by Russia. These and other important risk factors are described more fully in our reports and other documents filed with the Securities and Exchange Commission ("the SEC"), including in Part I, Item 1A of our Annual Report on Form 10-K filed with the SEC on Feb. 24, 2023, and our subsequent filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. Except as otherwise required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

“DATA443” is a registered trademark of Data443 Risk Mitigation, Inc.

All product names, trademarks and registered trademarks are property of their respective owners. All company, product and service names used in this press release are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

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Investor Relations Contact:
Matthew Abenante

Corporate Communications
IBN (InvestorBrandNetwork)
Los Angeles, California
310-299-1717 Office

1Gartner, “Innovation Insight for Leveraging Isolated Recovery Environments and Immutable Data Vaults to Protect and Recover From RansomwareJerry Rozeman | Michael Hoeck, September 28, 2022.

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