Corero Network Security PLC Significant Contract Win (6789Q)

TIDMCNS

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(R) 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] 
                                              382 
 
     Cenkos Securities plc                   Tel: [phone] 
                                              8900 
     Bobbie Hilliam - NOMAD 
      Alex Aylen - Corporate Broking 
 
     Redleaf Communications                  Tel: [phone] 
                                              4747 
     David Ison/Elisabeth Cowell/Ian          [e-mail] 
      Silvera 
 
 
 

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(R) 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

This information is provided by RNS

The company news service from the London Stock Exchange

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September 14, 2017 02:01 ET (06:01 GMT)