SHARE

Root9b Technologies Inc (OTCMKTS:RTNB) has uncovered a planned cyber attack, targeting several financial institutions. The attack had been planned by the Sofacy group, a well know group of Russian hackers. The company made the discovery, while performing surveillance for one of its clients. The news comes as a reflection of the company’s services, which is undergoing restructuring.

Root9b is one of the leaders amongst cyber security service providers. The company mostly works for commercial and government clients and also provides training. While performing surveillance, the company spotted a malware, which is commonly associated with nationwide attacks. This is the first time that an attack has been uncovered, prior to its launch. The CEO of Root9b, Eric Hipkins, stated that his team did a great job in safeguarding the international banking community. He also confirmed that the relevant authorities and concerned institutions have been updated on the developments.

The CEO also took this opportunity to clarify that none of the concerned institutions are clients of Root9b. However, the company felt it as their duty to alert them of the terrible future. He also disclosed that the company is making use of its HUNT platform, which identifies, pursues and mitigates cyber attacks. This is a one of a kind system in the entire industry.

Recently, Root9b reported its 1Q2015, with a 97.8% increase in revenue, reporting $9.5 million. Unfortunately, the increase in revenue was mostly due to the contribution received by the acquisition of IPSA International. The loss in operations increased from $1.6 million to $2.7 million, when compared to the same period in the preceding year. However, the company did report a net income of $0.3 million, compared to no income in the preceding year. The 1Q2015 was mostly highlighted by the acquisition of IPSA and the development of a new facility, “The Adversary Pursuit Center”, which would allow the company to perform surveillance of clients remotely.

Root9b Technologies Inc (OTCMKTS:RTNB) closed at $2.25, after losing 3.02% on May 22. The company has 72.45 million shares being traded in the market, with a 52-week range of $0.61-$2.51.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:

https://www.journaltranscript.com/disclaimer

LEAVE A REPLY