SOURCE: Lockbox

Lockbox

May 14, 2013 11:00 ET

Lockbox Cloud Privacy Service Launches Into U.S. Market

Company Introduces New Financial Services Solution With U.S. Launch

SAN FRANCISCO, CA--(Marketwired - May 14, 2013) - Australian-based cloud privacy service, Lockbox, announced their entry into the U.S. market today at Finovate San Francisco. In conjunction with their entry into the U.S., the company launched a new solution for the financial services market. Cloud security and privacy continues to be top of mind for organizations of all sizes as breaches increase and costs escalate.

Company founders, CEO, Peter Long, and CTO, Rick Harvey are internationally recognized security and privacy experts. The Lockbox development team includes specialists in cryptography who are renowned for leading the Bouncy Castle encryption technology used in the Google Android operating system. 

"Our mission is to make the cloud accessible to every business that needs to communicate sensitive documents, so that they can benefit from the economies of cloud-scale with more confidence than they have in current technology options," said CEO Peter Long. "We plan to completely disrupt the status quo for how documents are transferred by small to mid-size financial services firms. Lockbox offers enterprise-level security and privacy technology without expensive IT hardware or dedicated staff requirements."

The Lockbox Cloud Privacy Service

The Lockbox privacy and security service combines document-level encryption and client-side key management technology to ensure confidential documents remain secure and private. Lockbox differentiates itself from other cloud services by focusing on client-side encryption which puts control of document encryption in the hands of the user. Each document is locked prior to leaving the user's computer, as it travels through the cloud and when it's delivered to the recipient. Users have complete control over the security and privacy of their documents and not even Lockbox has access to encryption keys. The Lockbox Client Portal is easily set-up and requires only a single line of html code to be added to a business' website for deployment.

Online security breaches cost companies both in terms of damages to their brand and reputation, as well as financially, with regulatory bodies in the U.S. doling out fines to companies that compromise their customer's personal data. The Ponemon Institute, a research center dedicated to privacy, data protection and information security policy, reported that in 2011 the typical data breach resulted in $5.5 million in organizational costs.

"Some of our most serious data breach events occur with smaller data sets but the information is really sensitive and confidential," said Dr. Larry Ponemon, of the Ponemon Institute. "There's an expectation of greater security and greater information stewardship when the organization is heavily regulated, and financial services and healthcare are at the top of that," he commented in Baseline magazine.

Financial services firm, Exemplar Financial Network, recently commenced rolling out Lockbox Client Portal to more than 125 financial professionals across the U.S. Exemplar CEO David Hubbard invested in Lockbox because of the ease of integration, the service it helps his team provide to clients and the ability to meet the regulation requirements of his financial services firm. Hubbard commented, "I have been investigating secure file transfer services and could not find one that truly offered full protection to my clients and my firm until I found Lockbox. I believe that only Lockbox offers the full security and privacy my industry requires."

Lockbox Client Portal for financial services is an annual subscription and starts at just $500 year. The service is available now at lock-box.com

The U.S. headquarters of Lockbox is based in Silicon Valley. For more details on Lockbox, visit lock-box.com.

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