Safe-T Group stepping up cybersecurity in a world of remote work

Its ZoneZero network offering is designed to shield network vulnerabilities Operates on the priciple of "verify first, access later" to protect clients from cybersecurity threats Recently launched IP proxy services What Safe-T Group does: Safe-T Group Ltd.(NASDAQ:SEFT) (TASE:SFET) provides companies with network access solutions and intelligent data collection in order to mitigate attacks on business-critical services and sensitive data, while ensuring uninterrupted continuity.  Since the beginning of the coronavirus (COVID-19) pandemic, the way business is done has perhaps forever changed, with remote staff being the rule instead of the exception. When everyone was in an office, employees connecting to the corporate network in the office were under the control of the organization, fully trusted and broadly granted access with just a username and password.  Now it isn’t so simple. Access for any given user, whether within its client organization or from the organization out to the internet, is secured according to Safe-T’s “validate first, access later” philosophy of Zero Trust network access (ZTNA). This means that no one is trusted by default from inside or outside the network, and verification is required from everyone trying to gain access to resources either on the network or in the cloud. The idea is to reduce what’s known as an organizations’ attack surface, thus improving the ability to defend against cyberthreats. That begins with Safe-T’s ZoneZero, a perimeter access orchestration platform that allows clients to implement a new software-defined perimeter (SDP) solution, enhance a virtual private network (VPN) in or add multi-factor authentication (MFA). The company also has launched a new free consumer VPN application that will be available on all operating systems. Additionally, it has jumped into the defense security market and launched a Proxy-In-a-Box solution targeted at law enforcement and homeland security organizations. It offers the first-ever biometric-based ZTNA solution, developed in a collaboration between the company's subsidiary, Safe-T Data AR Ltd, and ImageWare Systems Inc (OTCQB:IWSY), a provider of defense-grade biometric identification and authentication. How is it doing:  In May 2021, the company reported that its first-quarter revenue increased 28% year-over-year. For the three months ended March 31, the company generated $1,347,000 in revenue, versus $1,088,000 in the year-ago quarter.  Safe-T attributed the revenue jump mainly to the first-time consolidation of Chi Cooked LLC’s revenues, which resulted in an increase of the proxy services revenues, and higher sales of its Zero Trust solutions. The company acquired Chi Cooked, which specializes in cloud-based global IP proxy services, in late 2020.  In addition during the quarter, the company raised more than $13 million in capital through warrants and a registered direct offering.  Heading further into 2021, the company has strengthened its partnership with the US government. Its ZoneZero network solution has been made more readily available for purchase by government agencies after receiving US General Services Administration (GSA) registration approval under the federal government's Multiple Award Schedule (MAS) for Industrial Products and Services. The GSA serves as the acquisition and procurement arm of the US government. Through GSA's MAS, federal agencies can now buy Safe-T's ZTNA solutions and gain secure access for their departments, agencies, and third-party businesses. Safe-T's ZoneZero solution is seen as an ideal fit for the defense and federal sectors, as secure access is vital for all business aspects. ZoneZero applies zero trust security models by implementing authentication first, access later concepts, with strong and continuous authentication and multifactor authentication to all resources. Recently, the company's solutions were added as an approved vendor to NASA's Scientific and Engineering Workstation Procurement (SEWP), a government-wide contract authorized by the Office of Management and budget.  Inflection points: Continued growth of IP proxy network Deployment of ZTNA solution developed with ImageWare More acquisitions and mergers What the boss says: “Chi Cooked presented an excellent quarter with revenue growth and profitability,” said CEO Shachar Daniel in a recent statement. “The successful acquisition of Chi Cooked, which joins the successful acquisition of NetNut in 2019, provides us with a high level of confidence in the success of our next potential acquisitions, on which we have been working hard over the past few months.” He added: “Looking towards to the second quarter, we estimate a continued organic increase in our performance. I am confident that our strategy in addition to the acquisition and merger strategy will lead the company to continued successes in the distant and near future and to the continuation of the positive trend." Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham