Ransomware Costs Surge As Quantum Computing Risks Loom: How Data Security Stocks Are Responding

(MENAFN- PR Newswire) USA News Group News Commentary

Issued on behalf of Scope Technologies Corp.

VANCOUVER, BC, Oct. 2, 2024 /PRNewswire/ -- USA News Group
News Commentary – Ransomware is on the rise, according to the IBM Cost of a Data Breach Report 2024 , with the global average cost of a data breach reaching $4.88 million this year, for a 10% increase over 2023. As computing power and technology advances, so too does the ability of cybercriminals to penetrate vulnerabilities, with 55% of companies reporting
modern cybercriminals are now more advanced than their internal teams. With the rise of quantum computing the G7 Cyber Expert Group (CEG) recently advised the G7 Finance Ministers and Central Bank Governors encouraging jurisdictions to monitor quantum computing development, and begin planning for the potential risks quantum computing poses on some current encryption methods. Several tech developers are currently working on AI-powered, and future-proof quantum computing security to protect data today and tomorrow, with recent developments coming from, including: Scope Technologies Corp.
(CSE: SCPE) (OTCQB: SCPCF ), GenTM (NASDAQ: GEN ), Palantir Technologies Inc. (NYSE: PLTR ), Veritone, Inc. (NASDAQ: VERI ), and SentinelOne, Inc. (NYSE: S ).

The article continued: Swedish multinational telecom Telia has warned
that the rise of AI technology has increased the risk of cyber-attacks targeting businesses. The Federal Communications Commission addressed the need for better telecom security, forcing T-Mobile to pay $31.5 million in data protection and cybersecurity settlements
after investigations into data breaches that impacted millions of US consumers.

Scope Technologies completes updates for Retail User Subscription Model for Fully Encrypted, Quantum-Resilient, and Decentralized Cloud Storage

Scope Technologies Corp. (CSE: SCPE) (OTCQB: SCPCF ) , a pioneering technology company specializing in quantum security and machine learning,
today announced the successful completion of updates for its new retail subscription model, offering full access to its industry-leading encrypted, quantum-resilient, and decentralized cloud storage solutions. Having reached this key milestone, Scope Technologies is now in closed user group testing gearing up for the official launch, which will deliver top-tier data protection solutions to individual users and small to medium-sized businesses (SMBs).

As the global demand for secure, immutable data storage continues to rise, Scope Technologies' QSE (Quantum Security & Entropy) platform delivers enhanced protection through a combination of post-quantum encryption and decentralized storage, ensuring data is safeguarded against both current and future cyber threats. Unlike standard cloud backups, QSE's decentralized approach ensures that data remains immutable and resistant to ransomware and denial of service attacks, among many others.

"Data protection should not be a luxury," said Sean Prescott, Founder and CTO of Scope Technologies . "Having completed the updates to our decentralized storage network, we are excited to bring the power of quantum encryption and decentralized storage to a wider audience. This solution ensures that individuals and businesses can protect their data not only from current threats but also from the unprecedented risks posed by quantum computing and ransomware."

With updates now complete, Scope Technologies is gearing up to launch its decentralized cloud storage service, QSE, for retail users. This service provides robust data security through quantum-proof encryption, utilizing quantum entropy to create unbreakable encryption keys, even against future quantum computing threats. The decentralized infrastructure ensures that data is immune to tampering, over-encryption, or corruption, offering far superior protection compared to traditional cloud backups. Additionally, the service is designed for seamless integration with existing systems, allowing for easy setup and scalability via simple APIs. Scope's affordable subscription plans make enterprise-level security accessible to individuals and small to medium-sized businesses, ensuring comprehensive data protection at competitive rates.

The upcoming retail subscription model will offer tiered pricing plans based on storage needs, with access to additional services such as increased entropy calls for enhanced encryption. This flexible pricing structure allows users to scale as their storage demands grow, all while maintaining the highest level of data security available today. Unlike traditional storage services, QSE's decentralized, immutable infrastructure ensures that data remains secure and untouchable by attackers, offering a significant improvement over centralized cloud backups.

CONTINUED... Read this and more news for Scope AI at:

In other industry developments and happenings in the market this week include:

GenTM (NASDAQ: GEN ), a global company dedicated to powering Digital Freedom through its trusted Cyber Safety brands, recently announced
that its employee benefits division Norton Benefit Solutions has expanded its offerings to help employers in the US, EMEA, LatAM and Asia protect their employees' digital lives with all-in-one Cyber Safety solutions available through their benefits programs.

"Over the past 16 years, our team has offered Norton and LifeLock products to employers and has become a leading employee benefit provider in the United States and Canada, helping more than 10,000 companies protect their employees with a 99.8% retention rate," said Casey Cullinan, Head of Norton Benefit Solutions . "As a global leader in Cyber Safety, we are passionate about making online privacy and protection accessible for people around the world."

Palantir Technologies Inc. (NYSE: PLTR ), a leading provider of AI systems, was recently recognized
as a top performer by Dresner Advisory Services in the 2024 AI, Data Science, and Machine Learning Wisdom of Crowds® Market Study, for a second year in a row. The recognition came just days after Palantir announced a contract awarded
by the DEVCOM Army Research Laboratory (ARL) expanding Maven Smart System access across the military services to include the Army , Air Force , Space Force , Navy , and US Marine Corps , worth up to $99.8 million over five years. The Maven Smart System is part of the National Geospatial-Intelligence Agency's Maven AI infrastructure.

"To stay ahead of our adversaries, we must deliver software advantage at speed and at every level of the Department of Defense," said Shannon Clark, Head of Defense Growth, Palantir . "NGA has been a leader in rapidly adopting the strongest AI capabilities to enable warfighters around the globe, and we are excited to support the program as it scales to meet critical infrastructure requirements across all of the services."

Veritone, Inc. (NASDAQ: VERI ), a leader in building human-centered enterprise AI solutions, recently announced
a partnership with Midwest Public Safety , a premier provider of public safety technology solutions. As per the collaboration,
Midwest Public Safety
will offer its prospective and current customers across the Midwest Veritone Public Sector's complete line of AI-powered applications for law enforcement and judicial agencies will help agencies streamline and automate manual workflows, accelerate investigations and improve public safety while providing greater transparency.

"We are excited to partner with Midwest Public Safety to expand the reach of our industry-leading technology across the Midwest," said Jon Gacek, general manager, Public Sector, Veritone . "This collaboration underscores our commitment to providing law enforcement agencies with innovative AI-driven tools that streamline digital evidence management and protect privacy. By working with Midwest Public Safety , we are able to support agencies in their mission to serve and protect their communities more effectively and efficiently."

SentinelOne, Inc. (NYSE: S ), a global leader in AI-powered security, was recently named a Leader
in the 2024 Gartner® Magic QuadrantTM for Endpoint Protection Platforms (EPP) for the fourth consecutive year, and also took top honors winning
both the Best Enterprise Security Solution and the Best Endpoint Security Solution at the 2024 SC Media Awards.

The accolades came just weeks after SentinelOne announced a collaboration
with Lenovo to protect Lenovo PCs with SentinelOne's industry-leading SingularityTM Platform and generative AI capabilities (Purple AI) in new PC shipments, as well as offer upgrades to existing customers to expand its ThinkShield security portfolio and autonomously protect devices from modern attacks.

"The endpoint remains a primary vector of cyberattacks and the most critical part of a business' ongoing operations," said Akhil Kapoor, Vice President Embedded Business, SentinelOne . "By working with market leaders like Lenovo , we can rapidly scale AI-powered security to millions of PCs and servers across the globe."

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