Safe-T Group Ltd (SFET) and ImageWare Systems, Inc. introduced the Zero Trust Network Access(ZTNA) Solution which is the first-ever biometric-based solution after which SFET stock price pushed by 11.66% to reach $1.82 a share today as of this writing. Safe-T stock was up by 2.52% with a $1.630 per share price at the previous closing. So here is what you need to know.
What’s happening?
Safe-T Group Ltd is the cybersecurity solution provider around the globe.SFET stock now has been the hot topic among investors as it has announced the availability of its joint first-ever biometric-based Zero Trust Network solution (ZTNS) between Safe-T Data A.R Ltd, a wholly subsidiary of Safe-T Group Ltd, and ImageWare Systems, Inc. that provides defense-grade biometric identification and authentication to access data related to different parameters
ZTNA collects the data of individuals and verifies them biometrically either through cloud or on-premises in order to ensure the true identity of a person. When the user is biometrically authenticated then he/she can access the desired resource.
Why ZTNA is needed?
The coronavirus pandemic has changed the structure of the world in many aspects. Many businesses were shifted from offline to online. The concept of work from home or remote work has been introduced due to COVID-19. Distributed offices and remote work have risen the need for an efficient security system to secure the organizational resources as virtual private networks and passwords are no longer effective as far as organizational data security is concerned.ZTNA provides an additional layer of security by providing the features of biometric identification and restricted access to resources.
SFET’s Earnings overview:
SFET has announced recently that it will release its fourth-quarter and full-year financial results of 2020 on March 22, 2021, at 8:30 AM EST. SFET generated $3,591,000 revenue in the first nine months of 2020 which is 65% higher than the revenue of the same period of 2019. Third-quarter revenue reached $1,426,000 with a 6% increase as compared to the same tenure of 2019.
Conclusion:
SFET stock price was bullish in the previous closing and ZTNA news has added more hype to the. SFET stock price. The management is optimistic that ZTNA will prove to be the best security system for distributed offices. The safe-T stock has overall reflected significant growth over the year and fourth-quarter earnings results ahead will further decide the fate of the SFETstock.