SOURCE: Nicaragua Rising, Inc.

March 22, 2010 08:30 ET

Ceelox Announces Solution to Recent Wave of Cyber Attacks Using Compromised Bank Credentials to Initiate Unauthorized Wire Transfers

TAMPA, FL--(Marketwire - March 22, 2010) - Ceelox, Inc. announces a solution set to fight recent cyber attacks aimed at unauthorized wire transfers. Two factor identity authentication utilizing biometrics can be provided through the use of Ceelox ID Server Edition™ and Ceelox ID Online™. Ceelox is a majority-owned operating subsidiary of Nicaragua Rising, Inc. (OTCBB: NCRG) (the "Company" or "Nicaragua"). 

A notice was issued jointly on March 12 by the U.S. Department of Justice, the New York State Intelligence Center, New York State Police, the New York State Office of Homeland Security, the U.S. Secret Service, the Multi-State ISAC and the Financial Services ISAC entitled "Information and Recommendations Regarding Unauthorized Wire Transfers Relating to Compromised Cyber Networks." (www.bankinfosecurity.com/external/Wire-transfer-fraud-recommendations-2010.pdf)

Bill Nelson, Executive Director of the Financial Services Information Sharing and Analysis Center (FS-ISAC), says the cyber alert on wire fraud is an important one that businesses and banks should pay close attention to because of the number of attacks happening around the country to businesses and government entities.

The majority of these attacks require the attacker to compromise the target computer, install a keylogger, retrieve the keylogger's information, and force the target user to answer banking security questions. Cyber criminals target small to medium-sized businesses because they lack the complex security of a large corporation, but maintain a larger cash balance than most individuals. Attacks by hackers have hit both private businesses and government entities with fraudulent wire transfer losses that average from $100,000 to $200,000 per victim and one recent loss of $3 million.

According to the notice, best practices for increased cyber security include: Employ advanced authentication techniques for user logins (two-factor authentication) and utilizing a username (something you know) along with biometrics (something you are). Ceelox ID Server Edition and Ceelox ID Online provide two factor authentication. 

In nearly all the recent cases, cybercriminals compromise a bank customer's valid bank authentication credentials and replay them to gain access to the customer's account and then begin siphoning off funds. With other vendor 2-factor authentication solutions compromised credentials can be replayed and steal depositor's funds. "With our biometric access authentication and patent pending solution, cybercriminals cannot replay compromised credentials," said Gerry Euston, Ceelox Chief Executive Officer.

Ceelox ID Online™ is a software portal that easily and quickly integrates into a financial institution's systems. Ceelox ID Online™ provides an additional layer of security that sits on top of a financial institution's existing security. With two-factor authentication, any financial institution significantly enhances the security of online banking, wire transfer and ACH applications. However, with Ceelox ID®, biometric two-factor authentication is integrated into the design creating the most definitive real time authentication tool available. In addition, the Ceelox patent pending solution eliminates replay attacks, which have been the source of the recent wave of cybercrime. 

About Nicaragua Rising, Inc.
Nicaragua Rising, Inc., through its majority-owned operating subsidiary, Ceelox, Inc., is a developer of biometric security and encryption software solutions for financial institutions, healthcare companies, utilities, government agencies and other organizations for whom information access are key concerns. Its security and encryption tools are easy to deploy, simple to use, cost-effective and affordable for organizations of all sizes. 

Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure outlined in our Form 8-K filed with the Securities and Exchange Commission on February 12, 2010 and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

For more information visit our website at www.ceelox.com

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