Emerging Technology

Oculus VisionTech Inc. (TSXV: OVT) (OTCQB: OVTZ) (FSE: USF1), an emerging data compliance software innovator, through its wholly-owned subsidiary ComplyTrust® Inc., announces their recent Channel Partner agreement with Corrao Group to introduce the Forget-Me-Yes® (FMY) data privacy management product to Salesforce organizations throughout North America.

Corrao Group is a 20-year veteran Salesforce Consulting services partner helping customers to implement and streamline their business processes for maximum ROI and user adoption. Offering Salesforce Consumer Goods, Sales Cloud, Service Cloud and Pardot setup, implementation, customization and support services, Corroa Group is a certified established leader within the Salesforce ecosystem.

Forget-Me-Yes® (FMY) is ComplyTrust's cloud-native Software-as-a-Service application for organizational and individual Right-to-be-Forgotten (RtbF) and Right-of-Erase (RoE) data privacy compliance. The FMY secure Zero-Knowledge platform provides single-source capability of continuous compliance by incorporating automated policy-driven re-query services that guarantees a Data Subject's requested RtbF/RoE data remains 'forgotten' over the life of their FMY subscription.

Running within the global Amazon Web Services (AWS) cloud infrastructure, FMY is a cost-effective solution for facilitating CCPA, CDPA, CPA, GDPR, LGPD and PIPL data subject privacy compliance. FMY gives both Salesforce organizations and their customers peace of mind through actionable tools that help to protect customer data privacy, while increasing overall organizational data compliance for structured processing of Data Subject Access Requests (DSR/DSAR) queries.

"Forget-Me-Yes® is a welcome addition to our portfolio and will help our enterprise customers to adapt to the fast-changing data privacy and compliance regulations that are emerging throughout the world," said Jack Corrao, CEO and Managing Partner at Corrao Group. "Our customers are all global in nature, and they need compliance and protection tools to help with their fast-growing cloud workloads."

"ComplyTrust is very excited to welcome the Corrao Group to our new channel partner community," said Michael Johnson, co-founder at ComplyTrust. "The addition of our brand into their impressive product and services portfolio, will not only help build an emerging revenue stream for OVT, but offers their Enterprise clients an affordable compliance tool to better enable them to confidently scale out their cloud operations worldwide."

Both Corrao Group and FMY can be found in the Salesforce AppExhange cloud marketplace directory at CorraoGroup-AppExchange and FMY-AppExchange.

About Oculus VisionTech

Oculus VisionTech Inc. (OVT), www.ovtz.com, is a cloud-native development-stage technology company focused on data compliance and digital privacy solutions for business customers worldwide. With offices in San Diego, California and Vancouver, British Columbia, the Company is currently expanding its' new ComplyTrust®www.complytrust.com, product suite which includes the ComplyScanTM cloud data protection and compliance tool and Forget-Me-Yes® B2B data privacy Software-as-a-Service (SaaS) platform, optimizing CCPA, GDPR, LGPD and other regulatory compliance legislation for Salesforce organizations worldwide that provide businesses with secure data privacy tools enabling sustained and continuous global regulatory compliance of data subject rights. OVTZ's legacy Cloud-DPS digital content protection solution implements invisible forensic watermarking technology that seamlessly embeds imperceptible tracking components into documents and video-frame content that enables tamper-proof legal auditability for intellectual property protection.

Learn more about Oculus at www.ovtz.com or follow us on Twitter (https://twitter.com/OculusVT) or Facebook (https://www.facebook.com/OculusVisiontech/)

About ComplyTrust®

ComplyTrust Inc. https://complytrust.com/, a 100% wholly-owned subsidiary of Oculus VisionTech, is specifically focused on providing enterprise organizations and individuals with secure data privacy tools that provide sustained and continuous global regulatory compliance of data subject rights. Headquartered in San Diego, California, ComplyTrust was founded by industry veteran storage technology experts and is operated by an experienced management team.

Learn more about ComplyTrust at https://complytrust.com/.

About Corrao Group

The Corrao Group https://corraogroup.com/ has helped over 1,000+ Enterprise Salesforce customers customize the platform to their business in order to maximize their Salesforce investment. They have been providing custom Salesforce consulting services including configuration, development, implementation, integration, analytics and ongoing support for Sales, Service, and Marketing Clouds since 2002.

Learn more about the Corrao Group at https://www.corraogroup.com/.

For further information, contact:

Anton Drescher
Telephone: (604) 685-1017
Fax: (604) 685-5777

Website: http://ovtz.com/
TSXV: https://money.tmx.com/en/quote/OVT/company#profile-section-company-spoke
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Frankfurt Borse: https://www.boerse-frankfurt.de/equity/oculus-visiontech

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements and information within the meaning of applicable securities laws (collectively, "forward-looking statements"), including the United States Private Securities Litigation Reform Act of 1995. All statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, statements as to the intended uses of the proceeds received from the Offering. Often, but not always, forward-looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "schedules", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to, among others, the change of business focus of the management of Oculus, the inability of Oculus to pursue its current business objectives, the ability of the Company to obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, including TSXV final acceptance of the Offering and any planned future activities, and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the Company's industry, may also adversely affect the future results or performance of the Company. These forward-looking statements are made as of the date of this news release and Oculus assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although Oculus believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate.

Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in Oculus' periodic reports filed from time-to-time with the United States Securities Exchange Commission and Canadian securities regulators. These reports and Oculus' public filings are available at www.sec.gov in the United States and www.sedar.com in Canada.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118185

News Provided by Newsfile via QuoteMedia

OVT:CA
Oculus VisionTech

Oculus VisionTech

Overview

Oculus VisionTech (TSXV:OVT,OTCQB:OVTZ,FSE:USF1) is a technology company focused on developing innovative data privacy solutions within the growing data governance and compliance markets. The company’s Forget Me Yes solution is a software as a service (SaaS) platform that aims to streamline how companies handle data and navigate complex regulatory environments. Oculus VisionTech is targeting the global RegTech market that is expected to reach US$55.28 billion by 2025 expanding at a compound annual growth rate (CAGR) of 52.8 percent according to Markets and Markets.

Today’s companies are expected to keep pace with modern data protection regulations. While these regulations vary by jurisdiction, modern governments continue to assess and pass new laws regarding data privacy. For example, Europe’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) represent two of the most stringent systems of data regulation in the world. These regulations empower individuals and organizations with the right to access and request the deletion of personal information—otherwise known as the right to be forgotten, or the right of erasure.

Regulations like the GDPR and the CCPA allow individuals to submit what’s known as a data subject access request (DSAR), which must be fulfilled within a certain timeframe and cannot require a fee. A DSAR response on behalf of an organization typically includes access to personal data, a lawful basis for its possession, and the names of third parties that share its access, among other relevant details.

The GDPR is arguably the most challenging compliance framework businesses could encounter. The average cost of compliance for organizations across all industries is US$5.47 million, however, these costs can vary significantly based on the digital infrastructure needed for compliance. The growth of the data governance market can be attributed to growing privacy concerns among the public as well as the risk of non-compliance penalties, which are often substantial. The importance of data privacy and protections took the mainstream by storm in 2018 when data analytics firm Cambridge Analytica was revealed to be harvesting the Facebook data of tens of millions of users. The data was then allegedly used to influence the United States’ Presidential Election. While the cost of the Cambridge Analytica scandal remains incalculable, a recent GDPR breach survey estimates more than 175 million Euros has been collected in GDPR fines since 2018.

On average, non-compliance costs businesses upwards of US$4 million. Importantly, non-compliance costs more than twice the cost of maintaining compliance, incentivizing companies to get ahead of the regulatory challenges involved with handling digital data. Oculus VisionTech is hoping to streamline compliance with a data privacy tool that guarantees the right to be forgotten by targeting long-term data storage that has been held for backup and recovery purposes. “Our Right-To-Be-Forgotten platform will address the requirements of data privacy regulation implementing a modern platform to ensure compliance across an organization’s entire array of data processing capabilities,” said CEO Rowland Perkins. “We are excited to incorporate innovative data protections into the Oculus product offering. As a developer of next-generation data protection and security offerings, we see a synergy between Oculus and the Right-To-Be-Forgotten Platform and our team will be examining unique applications and market opportunities for Oculus.”

Since the GDPR was implemented in May 2018, organizations have been forced to adapt to comprehensive compliance legislation and growing privacy concerns. In addition to the GDPR, the COVID-19 pandemic has forced both public and private sectors to rethink data privacy once more. In particular, the rapid transition between in-office and remote work has forced many IT departments to remain compliant while large portions of the workforce transition to remote workspaces. As businesses continue to rely heavily on digital systems to maintain and protect their data, Oculus VisionTech aims to provide secure solutions to both protect and permanently delete sensitive information.

Oculus VisionTech’s management team consists of industry experts who have held high-level positions at corporations such as Sony, HP, and Amazon Web Services. The company plans to leverage its experience and expertise in the tech industry while continuing to develop and market its innovative products and services. President and founder Michael Johson in particular is a tech industry veteran, creating Oculus VisionTech after spending time as the Business Development Director with the Archival Solutions Division at Sony Electronics.

Company Highlights

  • Forget Me Yes platform is designed to secure, protect and delete sensitive information used by corporations with data-heavy business models
  • The RegTech market is expected to reach US$55.28 billion by 2025 expanding at a compound annual growth rate (CAGR) of 52.8 percent
  • The average cost of compliance for organizations across all industries is US$5.47 million
  • The approximate cost to non-compliant businesses is double the estimated cost of implementing compliant systems and platforms
  • The growth of the data governance market can be attributed to growing privacy concerns, especially those driven by the Cambridge Analytica scandal
  • Forget Me Yes platform is compliant with the GDPR, the most stringent data privacy protection legislation in the world
  • President and CEO Michael Johnson brings significant experience to the team, including time spent as Development Director with the Archival Solutions Division at Sony Electronics
  • Recent agreement with NOX Co. Ltd. to introduce the ComplyScanTM cloud-backup compliance reporting and Forget-Me-YesTM data privacy management products through Japan and Asia-Pacific (APAC) wide sales channels.
  • Agreement with Nitech to introduce the ComplyScanTM cloud-backup compliance reporting and Forget-Me-YesTM data privacy management products to their Western US-based SMB and Enterprise customers.

“Forget Me Yes” Platform

Data privacy has always been important, however, increasing public awareness and government action have turned privacy into a highly-publicized issue. Growing concerns about how personal data was being used by massive corporations came to a head in the first half of 2018, when Facebook’s Cambridge Analytica scandal captured the attention—and outrage—of the media, the public, and most importantly, regulators around the world.

In May 2018, the GDPR took effect for any organization operating within the European Union as well as its business partners. In practice, the data protection methods outlined by the GDPR can be costly and burdensome, however, the costs of fines and repairs to non-compliant systems can be even heavier.

Streamlining Compliance

Oculus VisionTech is developing a SaaS platform designed to meet the complex compliance requirements set forth by the GDPR and similar data governance legislation. The platform guarantees the right to be forgotten by ensuring that personal data is stored in a way that neither the customer nor a third-party service may gain direct access. The Forget Me Yes platform does this by “remembering” what information to “forget” through the encrypted protections and automatic systems of deletion.

The platform will follow what is commonly referred to as zero-knowledge protocol with end-to-end encryption, whereby only the subscriber can access their personal data. The Forget Me Yes platform is designed to help businesses avoid non-compliance fines while satisfying consumer concerns over data protection and privacy.

Next Steps

The Forget Me Yes platform is on track for deployment by the first quarter of 2021. The worldwide market for privacy management software reached US$5.2 billion in 2018 and is expected to grow at a CAGR of 13.7 percent between 2019 and 2027. The global market for GDPR services alone is expected to reach US$4.04 billion by 2025 with a CAGR of 23.4 percent.

The global market for data compliance management may continue to grow due to the rapid transition between in-person and remote work catalyzed by the COVID-19 pandemic. As organizations continue the search for data privacy tools that are easy to implement while remaining reliably effective, Oculus VisionTech is aiming to fulfill this need with its upcoming SaaS platform.

Management Team

Rowland Perkins – President, CEO, and Director

Mr. Perkins was formerly the President & Chief Executive Officer of ebackup Inc. (2001-2015) (a private corporation), a digital cloud data service provider specializing in cloud services, data backup and business continuity. Mr. Perkins has over 45 years of business experience and 30 years with various public companies. Mr. Perkins is a director of one other publicly trade company: Corvus Gold Inc, since August 2010, he is a former director of Xiana Mining Inc. (TSXV) from 2011 to 2018, and of International Tower Hill Mines Ltd. from 2005 to 2010. Mr. Perkins is also a director of Blue Rhino Capital Corp. and Lamaska Capital Corp. Mr. Perkins has a degree in Economics from the University of Manitoba.

Anton J. Drescher – CFO, Secretary, and Director

Mr. Drescher has been a Chartered Professional Accountant, Certified Management Accountant since 1981. He is currently involved with several public companies including as: a director (since 1991) of International Tower Hill Mines Ltd., a public mining company listed on the TSX and the NYSE-MKT; a director (since 1996) and Chief Financial Officer (since 2012) of Xiana Mining Inc., a public mineral exploration company listed on the TSXV; a director (since 2007) and the Chief Financial Officer of Oculus VisionTech Inc., a public company involved in watermarking of film and data listed on the TSXV and the OTC Bulletin Board; a director (since 2014) of CENTR Brands Corp., a public company listen on the CSE; a director (since 2020) of Blue Rhino Capital Corp., a public company listen on the TSXV; a director (since 2020) of Lamaska Capital Corp., a public company listed on the TSXV. Mr. Drescher is also the President (since 1979) of Westpoint Management Consultants Limited, a private company engaged in tax and accounting consulting for business reorganizations, and the President (since 1998) of Harbour Pacific Capital Corp., a private company involved in regulatory filings for businesses in Canada.

Michael Johnson – President and Co-Founder

Mr. Johnson is a business development executive who co-founded and is currently President of OCL Technologies Inc., a wholly-owned subsidiary of Oculus VisionTech. A data protection and compliance market entrepreneur, he has been actively involved in the creation of regulatory-compliant data storage solutions for the Financial Services, Healthcare, Government, Insurance and Media & Entertainment markets. Prior to OCLT, Michael was a Business Development Director with the Archival Solutions Division at Sony Electronics, providing thought-leadership for the introduction of ExaByte-class enterprise storage solutions to the Autonomous Vehicle/IoT, Big Data and high-performance compute markets worldwide.

Tom Perovic – Director and CTO

Mr. Perovic has over 30 years of experience in high technology management, from research and development to high-level and top development and executive positions in businesses including automotive industry, in particular in developing and releasing autonomous driving AD Perception products , and ADAS (Advanced Driver Assistance Systems), based on AI – Machine/Deep learning models, for major OEMs, including Daimler, BMW, Toyota, Honda Ford and GM, electronics (embedded hardware, imaging/video processing based products), real-time automotive grade, functional safety compliant embedded software development, running on intelligent RTOS (Real Time Operating System), sensor fusion (camera, LiDAR, Radar, ultrasonic) data capture, and real-time processed by deep learning Neural Networks, Internet centric streaming video content (movies) watermarking products for the entertainment industry, machine vision, IP based video communications, PCB production/development equipment, professional video (TV broadcasting), Internet imaging, security video surveillance, contract manufacturing, material handling/logistics and production/distribution. He has been a co-founder, President and CTO of ASPRO Technologies, a digital security/surveillance technology start-up from 1992-2002, General Manager of Magna International Inc. and Global Director of Engineering at Magna Electronics (Magna Vectrics) from 2002 to 2018 where he was responsible for restructuring since a takeover, P/L, development strategy, operational team building and leadership, and since 2018 till present Sr. Director, Toronto Automotive Center of Excellence (TACoE), LeddarTech Inc, LiDAR high technology company. He established TACoE AI based AD/ADAS/Perception division of LeddarTech from scratch, including building the scientific, engineering, and vehicle integration and quality teams, OPEX and CAPEX. Tom has been instrumental in several technology companies M&A process.

Kevin Yorio – Investor Relations

Kevin Yorio has been working in the technology sector for 20 years. Mr. Yorio started CCG Telecom in 2004 and has grown it to be an international provider of telecommunications products and services. CCG Telecom primarily focuses on Voice Over IP services specifically Microsoft Teams. Mr. Yorio also has a background in raising money for emerging public companies on the OTC Bulletin Board, and TSX Venture exchange. In addition to CCG Telecom Mr. Yorio also owns other small business’ interest. Mr. Yorio lives in Westerly Rhode Island.

Oculus VisionTech Launches in AWS Marketplace

Oculus VisionTech Launches in AWS Marketplace

Customers worldwide now gain access to Forget-Me-Yes(R), providing companies large and small, with an easy way to become data privacy compliant

Oculus VisionTech Inc. (TSXV: OVT) (OTCQB: OVTZ) (FSE: USF1), an emerging data compliance software innovator, through its wholly-owned subsidiary ComplyTrust® Inc., announced today the availability of their Forget-Me-Yes® (FMY) data privacy solution in AWS Marketplace, a digital catalog with thousands of software listings from independent software vendors that make it easy to find, evaluate, purchase, and deploy software that runs on Amazon Web Services, Inc. (AWS).

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Oculus VisionTech Announces Forget-Me-Yes on Salesforce AppExchange, the World's Leading Enterprise Cloud Marketplace

Oculus VisionTech Announces Forget-Me-Yes on Salesforce AppExchange, the World's Leading Enterprise Cloud Marketplace

OVT's customers can now benefit from continuous data privacy compliance

Oculus VisionTech Inc. (TSXV: OVT) (OTCQB: OVTZ) (FSE: USF1), through its' wholly-owned subsidiary ComplyTrust® Inc. (CTI), today announced it has launched Forget-Me-Yes® (FMY) on Salesforce AppExchange, empowering customers with cost-effective insurance for automating DSAR deletion-request compliance for Brazil's LGPD, California's CCPACPRA, China's PIPL, Colorado's CPA, Europe's GDPR and Virginia's CDPA data privacy legislation. OVT is an emerging data compliance software innovator and new Salesforce ISV partner.

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is oculus visiontech owned by facebook

Oculus VisionTech Announces ComplyScan Preliminary Release

Oculus VisionTech Inc. (TSXV: OVT) (OTCQB: OVTZ) (FSE: USF1), an emerging data compliance software innovator, through its wholly-owned subsidiary ComplyTrust® Inc., announces the ComplyScanTM cloud-backup compliance reporting product preliminary release that will be marketed and distributed through the ComplyTrust®suite of products.

ComplyScanTM is a cloud-native application that provides automated monitoring and reporting of cross-account backup and restore workloads for Amazon Web Services (AWS) EC2/EBS backup services. ComplyScanTM includes a user-friendly dashboard that provides global visibility across the entire cloud backup/restore footprint simplifying RPO/RTO/Vault compliance management of scheduled and on-demand backup and restore jobs.

ComplyScan's automated alerting will assist CloudOps managers to quickly respond to identified problem areas to help prevent and mitigate data compliance issues, while providing analytics into overall cloud data protection costs.

ComplyScanTM is the latest edition to the Oculus VisionTech's line of regulatory required compliance and security product(s) targeting the cloud-native and hybrid cloud markets. The initial ComplyScanTM software stack employs AWS Backup API, DynamoDB, Kibana, AWS Lambda, QuickSight, S3, SNS and Slack notification services.

"ComplyScan's pro-active data compliance management will be a welcome addition to the cloud data protection landscape", said Rowland Perkins, CEO at Oculus VisionTech.

For more information, view the ComplyScan video today at https://www.youtube.com/watch?v=V9NYkUqM6Xk

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TSXV:OVT

Oculus VisionTech Reports 2021 Annual General Meeting Results

Oculus VisionTech Inc. (TSXV: OVT) (OTCQB: OVTZ) (FSE: USF1) is pleased to announce the results of the 2021 Annual General Meeting ("AGM"). The AGM was held on October 15, 2021 in Vancouver, British Columbia. All resolutions put forward at the meeting were approved by shareholders. A total of 58,197,790 common shares, representing 64.01% of the votes attached to all outstanding shares as at the record date of the meeting, were represented at the AGM. The following individuals were elected, by ballot, as directors of the Company: Anton J. Drescher, Fabrice Helliker, Maurice Loverso, Rowland Perkins, Tom Perovic, and Ron Wages.

The detailed results of voting by ballot in respect of the election of directors were as follows:

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Oculus VisionTech Announces New "Forget-Me-Yes" Shopify Connector

Oculus VisionTech Inc. (TSXV: OVT) (OTCQB: OVTZ) (FSE: USF1), an emerging data compliance innovator, through its brand, ComplyTrust®, today announced Shopify connector support in the latest release of the "Forget-Me-Yes®" (FMY) data privacy solution. This is the latest software release update in the scheduled product road map and it enables the ComplyTrust®, team to now market and sell the "Forget-Me-Yes®" software-as-a-service to the Shopify eCommerce platform customer base.

This new software release now incorporates the ability to connect and query Shopify eCommerce databases. With over 1 million+ customers worldwide, Shopify now represents 11% of the worldwide eCommerce marketshare according to Statista in 2021.

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5 Biggest Canadian Cybersecurity Stocks in 2022

It's no secret how important cybersecurity is for preventing serious cyber attacks capable of compromising sensitive information belonging to companies and individuals.

Between 2021 and 2028, the global cybersecurity market is projected to grow at a compound annual growth rate of 12 percent to reach a value of US$366.1 billion, according to Fortune Business Insights. The research firm attributes this expected growth to “the surging number of e-commerce platforms and the growing integration of machine learning, internet-of-things, and cloud (technologies).”

Because of this outlook, the Canadian government is increasing its investment in cybersecurity. For example, it has launched the Cyber Security Innovation Network program, which includes C$80 million in investment over four years. “A strong cybersecurity sector will cement Canadians' trust in the digital economy,” a press release states.

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10 Top Cloud Security Companies

Cloud security is not only a hot commodity, but a necessary one, and businesses are steadily increasing their adoption of services provided by the top cloud security companies.

Research firm Markets and Markets estimates that the overall global cloud-managed services market was worth US$86.1 billion in 2021, and is projected to reach US$139.4 billion by 2026.

“Innovation management solutions are rapidly gaining acceptance worldwide by large enterprises and SMEs due to various benefits, including the rise in digitization and emerging trend of workplace transformation, reduced costs, efficient collaborations, and reduced time to market new products,” its report states.

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Top NASDAQ Security Stocks

Click here to read the previous top NASDAQ security stocks list.

Security is becoming a growing global concern, both online and in the real world.

Diverse companies are stepping up to provide solutions for individuals and businesses, and some of them are seeing impressive share price gains as they meet increasing demand for consumer safety.

With this landscape in mind, the Investing News Network is profiling the top NASDAQ security stocks by share price performance. Data was generated on December 29, 2021, using TradingView's stock screener, and details were current at that time. Companies with market caps above US$50 million were considered.

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8 ASX Cybersecurity Stocks

Cybersecurity is a growing threat globally, and demand for threat protection is increasing in tandem.

In Australia, the cybersecurity market is projected to grow at a rate of 15.2 percent over the next five years compared to only 2.5 percent growth in the general Australian technology industry.

With many companies shifting to work-from-home models over the last two years due to the COVID-19 pandemic, there's been extra pressure on the cybersecurity sector, making it an industry that should see continued elevated growth for the foreseeable future. Read on to learn more about the cybersecurity landscape in Australia.

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4 Cybersecurity ETFs for Investors

Cybersecurity ETFs have gained traction in the last few years thanks to a rise in data breaches and cyberattacks.

The term cybersecurity originated in 1989, and today is defined as the measures taken to protect a computer or computer system against unauthorized access or cyberattack threats.

The number of security incidents is increasing every year, along with the costs companies must pay. In fact, according to a 2021 research report from IBM (NYSE:IBM), a single data breach event could cost an organization US$4.24 million — up 10 percent from the previous year and the highest cost in the 17 years since the first report was issued.

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Investing in Less-lethal Security Solutions for Public Safety: An Industry Overview

2020 saw an unprecedented level of civil unrest and mass demonstrations in the name of social justice and political corruption. Despite some attributing this year of tumultuous public protest to the increased stress and uncertainty brought on by the COVID-19 pandemic, a spike in violent demonstrations around the world is not a random occurrence.

According to the Global Peace Index, peacefulness has declined by 2.5 percent since 2008, with 81 GPI countries recording a deterioration. Likewise, while 43 countries reported lower levels of terrorism in 2020, a staggering 97 countries stated an increase. In an attempt to tackle growing violence and the need for crowd control, government bodies, military organizations and public institutions are calling for non-lethal security solutions for public safety.

This increase in violence worldwide means that security solutions for public safety are a growing market that continues to attract increasing amounts of investment in less-lethal security. With the global less-lethal weapons market expected to reach US11.9 billion by 2027, investing in this line of security and public safety suggests significant upside potential for investors.

Defining less-lethal devices

Less-lethal devices or security solutions refer to technology devices that are designed to be less likely to cause death when deployed against people. These less-lethal alternatives to more conventional weapons like firearms have two primary applications: crowd control and one-on-one-suspect apprehension.

For each of these situations, technology subcategories exist based on the technology modalities, such as chemical, kinetic and conducted energy. Again, these technologies can be separated into two dominant types, direct contact weapons, like batons or chemical agents and directed energy weapons like handheld Tasers or weaponized sound waves.

These technologies are designed to have impacts that are generally temporary in nature or reversible effects. When law enforcement or military forces need to quickly disperse large crowds or disable precision targets, less-lethal weaponry is often effectively deployed.

Tactical defense and security companies like Axon Enterprise (NASDAQ:AXON), KWESST Micro Systems (TSXV:KWE,OTCQB:KWEMF) and Byrna Technologies (NASDAQ:BYRN) demonstrate versatility in less-lethal weaponry and technology devices. The KWESST Micro System is bringing to market the world’s first cartridge-based non-lethal firing system (named the Low Energy Cartridge “LEC” system ) with universal application across four market segments that currently use a variety of dated “less-lethal” solutions. Meanwhile, Wrap Technologies (NASDAQ:WRAP), created the less-lethal BolaWrap, an innovative new form of remote handcuffs that allow police officers to restrain individuals from a distance.

For police and military applications, employing these tools not only have real-life micro implications on the ground but more macroeconomic relevance as well.

Worldwide investment in less-lethal weapons is growing

Violence continues to have a significant impact on economic performance around the globe. Rises in civil unrest and organizational infighting pose significant risks to political stability and industries at every level. Investing in the technologies to combat this violence is no longer investing in a small niche market.

Market research for the U.S. estimates the nation’s less-lethal weapons market was over US$2.2 billion in 2020 alone. After years of highly publicized police shootings lining popular news headlines domestically and internationally, the political powerhouse continues to see rising levels in explosions of intense protest.

The high-profile deaths of George Floyd and Breonna Taylor in 2020 sparked unprecedented global strife and angry outcries for justice and police reform. Violent clashes between law enforcement and protesters for months demonstrated that despite significant investment into military spending, these less-lethal weapon projections come at no surprise.

Governments want to avoid unnecessary deaths. Public entities and activist organizations are pushing for less lethal tactics with the additional mounting pressure from onlookers from those in the international community.

These political protests have not been isolated to the U.S. Police shootings have become catalysts for heated demonstrations and escalated public violence worldwide. News media have depicted how violence at these levels can devastate entire cities and economic infrastructures. Applying less-lethal alternatives can be effective crowd control when force is necessary.

Following the U.S., China is forecasted to reach an estimated less-lethal weapon market size of US$2.1 billion in the year 2027, trailing a CAGR of 6.4 percent through 2027. Likewise, market research expects European markets, excluding Germany, will reach US$2.1 billion in the same time frame.

Shifts in less-lethal technology adoption

Independent task forces and legislative initiatives are making significant strides in legitimizing the use of less-lethal weapons and technology devices. Recommendations to administration according to the Council on Foreign Relations outline research and development on clear guidelines for weapon employment and leadership and coordination of this process among military services.

In violent situations, providing law enforcement and military personnel with the tools to protect not only the public but themselves is vital for any governing body. Competitors in the less-lethal weapons and defense space like AMTEC Less-Lethal Systems Inc. and KWESST Micro Systems Inc. are innovating new devices and effective security solutions for proactive public safety efforts.

The market for less-lethal products is a recurring multi-billion-dollar opportunity. Customers continue to seek better solutions as many legacy systems can be lethal, and frequently are unreliable. Thousands of fatalities have been recorded from existing cartridge-bases systems, including conducted energy devices such as Taser. Other legacy products that are “less” lethal typically fire from air guns, which are inherently unreliable as they are affected by ambient temperature and involve high-maintenance including as a result of air seals and “O” rings drying out and bursting, causing catastrophic failures. Air-based systems also entail a long logistics tail of compressors, air tanks and spare parts.

KWESST’s LEC system solves these problems with the proven reliability of a cartridge-based system in a low-cost firing platform that fires only LEC cartridges. The firing platforms are offered in various patterns that replicate the look of a real firearm, or avoid the appearance of a firearm altogether, at the user’s choice. The proprietary LEC cartridge automatically stabilizes the projectile for accuracy and distance, with an energetic actuator that controls velocity and muzzle energy well below lethal levels, and with no need for gunpowder or conventional propellant. The system’s soft frangible projectiles come with various payloads, including coloured marking agent, inert powder or a safe but powerful irritant powder that temporarily incapacitates subjects.

These less-lethal security solutions bring law enforcement into the modern age. With a growing militarization of police forces, investing in these high-tech devices and tools can present a notable economic advantage and serve a great purpose for preventing and organizing the de-escalation of violence.

Takeaway

2020 has shown that there is a rising demand for crowd control and other security solutions to ensure public safety. Worldwide increases in violence and civil unrest demonstrate this need for less-lethal weaponry and governing safety measures is not isolated to one part of the world or one nation. The growing less-lethal tactical weapons market presents investors with significant exposure to this expanding market and presents an upside potential that stands unprecedented in the coming years.

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