VersaBank (TSX: VB) (“VersaBank” or the “Bank”) today announced that its wholly-owned, Washington, DC-based subsidiary, DRT Cyber Inc., (“DRT Cyber”) has entered into a reseller and development agreement with EzoTech Inc. (“EzoTech”), developers of the world’s first Artificial Intelligence (AI)-powered Autonomous cybersecurity penetration testing platform. Penetration testing is the process of simulating a cyber attack against an organization’s assets and infrastructure to identify both strengths and weaknesses in security controls and processes to help protect against real-world cyber threats.
Under the reseller component of the agreement, DRT Cyber will expand its offerings to existing and future customers throughout the U.S., Canada and Europe with an AI-powered, automated, on-demand penetration testing platform. Under the development component of the agreement, DRT Cyber will leverage EzoTech’s advanced AI Cyber Security technology and capabilities to develop and launch what it expects will be the world’s first AI-powered, automated and continuous cyber security posture reporting platform for organizations of all types and sizes.
“Our agreement with EzoTech is a significant step forward in our strategy to expand DRT Cyber’s suite of cybersecurity offerings to complement existing services to our clients, as well as attract new clients, as we leverage our acquisition of Digital Boundary Group (DBG) last November,” said David Taylor, President and CEO of VersaBank and DRT Cyber. “DRT Cyber’s acquisition of DBG provided a tremendous platform to build one of the pre-eminent cybersecurity businesses in North America; DRT Cyber boasts a client roster of national and multinational corporations, as well as government entities, including infrastructure assets, numerous police departments in the U.S., national retailers, and many others. The addition of AI-powered, automated penetration testing, followed by a continuous, automated cyber security reporting solution, designed for organizations large and small, will significantly help expand DRT’s client roster, as the identification of cyber security vulnerabilities moves to the top of the priority list for IT departments globally.”
“We are very pleased to be working with the team at DRT Cyber,” said Xristos Silaidis, President and CEO, EzoTech. “Our fully autonomous, AI-driven penetration testing platform is licensed and deployable in a number of ways: as a stand-alone testing platform, as an autonomous test in combination with manual testing resources, and also ultimately as the engine for continuous reporting at the executive and working levels, to deliver a high level of confidence to organizations that their systems, networks and assets are well positioned to thwart cyber threats that are growing globally at an accelerating rate.”
“Businesses, governments and other entities are especially vulnerable to cybersecurity breaches due to a number of factors including, but not limited to, continuous changes in infrastructure, patch management issues and incorrect or stale security configurations, all of which can result in unforeseen security consequences that may not be readily apparent,” said Gurpreet Sahota, Chief Operating Officer, DRT Cyber. “In today’s IT environment, in which systems are being continuously deployed, updated or moved, continuous cyber security testing is essential to ensure that an organization’s IT systems are resistant to adversarial attacks 24/7, every week of the year. Our goal is to provide an automated and continuous cyber security reporting solution that not only is best-in-class for large organizations but also fits the IT budgets for the mass market of small-to-mid-size businesses and government entities.”
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