Technology Stocks

Demand For SAFE-T GROUP LTD (NASDAQ:SFET) SDE Product Increases With An Israeli Insurer Being The Latest Customer

Two days into the new year, SAFE-T GROUP LTD (NASDAQ:SFET) received an order for its lead product, SDE from Serbia and Cyprus. Notably, one of the customers was a huge bank in Cyprus and sought to use the product to facilitate secure sharing of data and confidential information between the bank and its partners.

SDE to facilitate secure transfer of data

Interestingly, the bank sought to leverage SAFE-T’s secure end-to-end encrypted means of sharing information securely. Notably, the services target heavy users of cloud technology and those that produce and share a large amount of data at any given time. Similarly, a leading energy company from Serbia sought a piece of the technology.

Notably, customers can send data securely with the solution. This includes very sensitive data that is either internal or external bound. In all the two occasions, Safe-T relied on a regional distributor to negotiate and channel the order. Interestingly, this is the same tactic through which the firm won an order from Israel’s largest insurer.

A partner program to combat cybercrime

According to a statement, a Safe-T regional partner, Bynet Data Communications, facilitated the negotiations on order between the company and the insurer. As per the deal, Safe-T will extend the SDE solution such that the insurer can securely share confidential data with its stakeholders, including policyholders. Notably, the insurer will use Safe-T’s secure email platform to communicate highly critical data that might affect company fundamentals if hijacked. At a later date, the insurer will begin sending critical data to customers manually but as facilitated by Safe-T.

In addition to providing solid security solutions to various companies, the acquisition of the insurer as a customer strengthens Safe-T’s position in the insurance and finance sectors. Further, the firm is still interested in securing the Cloud infrastructure itself that risks cyber-attacks. In this sense, the firm joined a global ecosystem that brings together players in the cloud-focused technology sector.

The Symantec Technology Integration Partner Program (TIPP) is now more than 100 members strong. Notably, the partner program facilitates technology firms to come up with definitive solutions to combat cybercrimes.

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