Significant Contract Win

RNS Number : 6789Q

Corero Network Security PLC

14 September 2017

 

14 September 2017

Corero Network Security plc

("Corero" or the "Company")

Significant contract win with world leading digital enterprise

Corero Network Security plc (AIM: CNS), the AIM listed network security company, is pleased to announce that its SmartWall^® Threat Defense System ("SmartWall") technology has been selected by a leading digital enterprise to protect its on-line presence against DDoS attacks. 

The $0.2 million initial order is part of an expected $1.5 million global deployment over the next few quarters, one of our largest contract wins to date, to provide DDoS mitigation for the customer's core communication and IT infrastructure.

The customer is one of the world's leading pharmaceutical companies operating globally. 

With the growing surge in commercial and industrial cybercrime and the damage that can be caused during short duration DDoS attacks which are increasingly being used as a smokescreen for breach and malware attacks, Corero's target market for its scalable SmartWall solution is expanding beyond service providers and hosting providers to include increasing numbers of digital enterprises seeking always-on DDoS mitigation technologies.  Corero's SmartWall has been proven to excel in these demanding environments; mitigating in seconds in contrast to traditional approaches which can take tens of minutes to respond.

Andrew Lloyd, President and EVP Sales & Marketing of Corero, said:

"The demand from digital enterprises for real-time DDoS mitigation solutions is being driven by the increasing number and severity of DDoS attacks and the growing awareness of the threat of cyber attacks brought about by high profile attacks such as the crippling DDoS attack on Dyn in 2016 and recent WannaCry ransomware attacks. In addition, new cyber security regulatory requirements such as the European Network Information Security (NIS) Directive, General Data Protection Regulation and the revised Payment Services Directive (PSD2) are requiring companies invest in appropriate cyber security defences.

"We look forward to growing our relationship with this significant customer." 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

Corero Network Security plc
Andrew Miller, CFO		Tel: [phone]
Cenkos Securities plc		Tel: [phone]
Bobbie Hilliam - NOMAD Alex Aylen - Corporate Broking
Redleaf Communications		Tel: [phone]
David Ison/Elisabeth Cowell/Ian Silvera	[e-mail]

About Corero Network Security

Corero Network Security is the leader in real-time, high-performance DDoS defense solutions. Service providers, hosting providers and online enterprises rely on Corero's award winning technology to eliminate the DDoS threat to their environment through automatic attack detection and mitigation, coupled with complete network visibility, analytics and reporting. This next-generation technology provides a First Line of Defense® against DDoS attacks in the most complex environments while enabling a more cost effective economic model than previously available. For more information, visit www.corero.com

 

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