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OTTAWA, Feb. 4, 2014 (GLOBE NEWSWIRE) -- Validian Corp. (OTCQB:VLDI), first-to-market with next generation cyber security technology that provides secure access, transfer and storage of digital information on wired, wireless and mobile networks over the Internet, today is pleased to announce that it has entered into collaboration with a new channel partner for development of a secure Point-Of-Sale solution based on Validian's cyber security technology. The Company targets its release during Q3 2014.
Validian's new channel partner provides solutions to retail and hospitality industries. Both of these industries have been the subject of numerous successful cyber attacks over the past few months including those against Target, Nieman Marcus and a number of Marriott hotels, resulting in the theft of confidential credit cards, debit cards, PINs and personal information from more than 100 million accounts causing losses estimated in the billions of dollars. Reports in conjunction with the U.S. Secret Service have stated there are no current cyber security technologies capable of stopping these types of cyber attacks.
The Validian-enabled Point-Of-Sale solution will work seamlessly with current security solutions to prevent a number of points of cyber attack, by:
encrypting data from point of inception (e.g. initial swiping of credit or debit cards) to secure storage, so that the data never travels in the clear before encryption or after decryption, including through memory, thereby preventing infecting malware from stealing unencrypted data at any point
preventing hacking or improper access of repository applications that store, access or transfer confidential digital information
dynamically changing cryptographic keys, thereby preventing theft of cryptographic keys, which are otherwise stored at, and stolen from, either the enterprise, one of the partners or the end -user device, and used for decryption of encrypted data, such as PINs, that is stolen by malware or hackers.
Bruce Benn, Chief Executive Officer of Validian Corporation, commented, "The recent cyber attacks in retail, hospitality and finance sectors, which have resulted in billions of dollars of losses, have highlighted to our target markets that existing security solutions are not sufficient protection. We are very pleased at how quickly solution providers are to accept Validian as the "missing piece" that will seal the gaps that are being exploited by these recent cyber attacks."