VRNI – Virogen Expects Growth in Data Privacy and Protection Markets Due to 2011′s Proposed Data Breach Legislation and Large Data Theft Cases
Paul Hogan, CEO of T3, a wholly-owned subsidiary of Virogen Inc. (OTC:VRNI.PK – News), a technology holding company, commented 12/20/2011 on federal legislation that was introduced in the Senate during the summer of 2011 that would require US-based companies to report data breaches that threaten consumer privacy and could face stiff penalties for concealing them.
The Personal Data Privacy and Security Act aims to set national standards for protecting the growing amount of personally identifiable information being stored online. Its approval by the Senate Judiciary Committee represents the fourth year the bill has been introduced, said its sponsor, Senator Patrick Leahy of Vermont.
The latest incarnation came in June of this year amid a glut of high-profile hack attacks on networks operated by Sony, gossip publisher Gawker Media and others, which have exposed sensitive data for hundreds of millions of Americans in the past six months.
In addition to breaches affecting consumers, several high-profile attacks on networks operated by the US government and government contractors have potentially jeopardized national security by exposing confidential information related to the military, and government-funded research.
Examples include 2011 security breaches at contractors Lockheed Martin and L3 Communications, and at RSA Security, the latter which exposed confidential information that compromised the security of its widely used SecurID product, which some 40 million employees use to secure remote access to confidential networks. Additionally, there have been 5 large healthcare data breach cases in the second half of 2011 alone.
Paul Hogan, CEO of T3, commented, “This recent legislation proposal shows the absolute crisis that the US and the world’s largest corporations and government are facing regarding data breaches and the subsequent leakage of extremely sensitive consumer and government information. Cyber attacks have been around for a long time, however due to their sensitive nature, large corporations have tried their best to keep them from being reported to the media, which would no longer be possible if this legislation passes which we believe is simply a matter of time.”
About Virogen, Inc.
Virogen, Inc. is a technology holding company. The company’s wholly owned subsidiary, Tiger Team Technologies “T3,” has developed a very unique suite of copyrighted tools to address the network and database security needs of enterprise level companies and corporations. T3′s risk management offering provides an unprecedented level of security and liability protection, positioning it as the only company with a comprehensive solution to data security breaches for its clients. T3′s primary markets include medical service providers, financial services firms, brokerages and currency transaction platforms, consumer credit card companies, banking entities, retailers, defense and government related operations.
Investor Contact: Seal Point Consulting, LLC 267-364-5407 firstname.lastname@example.org
Category: Pick Of The Day
About the Author
View Author Profile