Cyber Security Legislation Will Help Protect U.S. Economy, Says VirnetX Researcher
February 05 2010 - 2:10PM
PR Newswire (US)
Single Wave of Infrastructure Cyber Attacks Could Exceed $700
Billion in Damages SCOTTS VALLEY, Calif., Feb. 5
/PRNewswire-FirstCall/ -- "The Cyber Security Research and
Development Act passed today by the U.S. House of Representatives
is long overdue because even one cyber attack against key
infrastructures could paralyze the U.S. economy," stated Dr. Victor
Larson, Director of Research and Development for VirnetX Holding
Corporation (NYSE Amex: VHC) (http://www.virnetx.com/), a
California-based secure real-time communications company with a
Central Intelligence Agency (CIA)-derived patented technology
portfolio. Dr. Larson pointed out that recent research by the U.S.
Cyber Consequences Unit (http://www.usccu.us/), a non-profit
research institute that assesses the economic impact of cyber
attacks, stated that a single wave of cyber attacks on critical
infrastructures could exceed $700 BILLION which is the equal of 50
hurricanes hitting America at one time. According to Dr. Larson,
"The recent cyber attacks on Google, Inc. and other U.S. companies
by hackers raises the need for securing the Internet with
high-level security solutions that must include new sophisticated
secure communications technology. These attacks are a wakeup call
for companies because security issues with the Internet could cause
loss of revenue. Even more important is that lack of security is a
barrier to providing products and services over the Internet which
can be an important market channel. Until security issues are
solved the overall growth of Internet-based commerce and services
could slow." Larson also commented, "The real issue today is that
the Internet infrastructure and the operating systems of the
computers must be secured in new and fundamental ways. The present
Internet was never designed with security in mind. Its overwhelming
adoption for commerce and system control has attracted the criminal
element. The Internet must morph into a network that has security
at its core. This must be achieved seamlessly so that we transition
into the next generation secure network without adversely impacting
the Internet capability we currently have. The four players that
will make this transition a reality are the Internet Service
Providers (ISP), Cellular Phone Service Providers (CSP), the
operating system providers for every Internet attached device, and
the Secure Domain Name System (SDNS) that seamlessly enables
authenticated secure connections between all the devices on the
network." About VirnetX VirnetX Holding Corporation, based in
Scotts Valley, CA, is engaged in commercializing its patent
portfolio by developing a licensing program, as well as developing
software products designed to create a secure environment for
real-time communications such as instant messaging and Voice over
Internet Protocol. The Company's patent portfolio includes over 48
U.S. and international patents and pending applications that
pertain to LTE/4G security specifications and provide the
foundation for the Company's unique GABRIEL Connection Technology.
For more information, please visit http://www.virnetx.com/ Safe
Harbor Agreement Statements in this press release that are not
statements of historical or current fact constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
unknown factors that could cause the actual results of the Company
to be materially different from the historical results or from any
future results expressed or implied by such forward-looking
statements. In addition to statements which explicitly describe
such risks and uncertainties, readers are urged to consider
statements labeled with the terms "believes," "belief," "expects,"
"intends," "anticipates," or "plans" to be uncertain and
forward-looking. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in the Company's reports and
registration statements filed with the Securities and Exchange
Commission, including those under the heading "Risk Factors" in the
Company's Annual Report on Form 10-K filed with the SEC on March
31, 2009 and most recently in the Company's Quarterly Report on
Form 10-Q filed with the SEC on November 9, 2009. Contacts: Greg
Wood VirnetX Holding Corporation 831.438.8200 Dr. Victor Larson
VirnetX Director of Research & Development DATASOURCE: VirnetX
Holding Corporation CONTACT: Greg Wood, +1-831-438-8200, , or Dr.
Victor Larson, Director of Research & Development, , both of
VirnetX Holding Corporation Web Site: http://www.virnetx.com/
http://www.usccu.us/
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