SOURCE: Wave Systems Corp.

Wave Systems Corp.

February 14, 2011 08:15 ET

South Carolina Department of Revenue Selects Wave to Protect Taxpayer Information

State Protects Business and Personal Tax Data With Self-Encrypting Drives

LEE, MA--(Marketwire - February 14, 2011) -  Wave Systems Corp. (NASDAQ: WAVX) (www.wave.com) today announced that the South Carolina Department of Revenue (SCDOR) has chosen Wave's EMBASSY® software to manage data security for its fleet of laptops. Agency personnel routinely handle confidential taxpayer data -- from property records to social security numbers and tax returns. The state chose self-encrypting drives (SEDs) to ensure this data is always protected, while also giving users significant performance advantages over software encryption.

"The South Carolina Department of Revenue is staying true to its mission of operating in a manner that instills the highest public confidence by selecting what we view as the best encryption solution on the market today," commented Brian Berger, Wave's Executive Vice President of Marketing and Sales. "We believe that South Carolina tax payers can feel confident that their state officials have made a good decision in safeguarding their personal data. This deployment of Wave products and SEDs can serve as a blueprint for state agencies looking to upgrade to the strength of hardware encryption."

The mission of the SCDOR is to impartially administer the revenue and regulatory laws of the state, recommending improvements and providing guidance in fostering compliance with regulatory laws. The agency administers 32 taxes (in addition to alcohol beverage licensing and business registrations), and collects roughly $6.1 billion in annual revenue. The agency is comprised of departments that include Auditing, Collection Services, Human Resources and Legislative Services, among others.

SCDOR ordered both software licenses and accompanying maintenance agreements for Wave's flagship EMBASSY Remote Administration Server (ERAS). ERAS gives IT the power to turn on each SED in seconds (as opposed to up to 24 hours per PC with software-based encryption), setting security policies and providing detailed event logs to demonstrate that data was fully encrypted if a laptop should become lost or stolen.

The agency was presented with two other encryption options before choosing SEDs with Wave EMBASSY software as the 'standard build' on each new employee laptop. Self-encrypting drives can offer greater security and performance over software encryption, as the heavy processing draw of encryption is moved to the hard drive's independent processor.

About Wave Systems Corp.
Wave provides software to help solve critical enterprise PC security challenges such as strong authentication, data protection, network access control and the management of these enterprise functions. Wave is a pioneer in hardware-based PC security and a founding member of the Trusted Computing Group (TCG), a consortium of more than 100 companies that forged open standards for hardware security. Wave's EMBASSY® line of client- and server-side software leverages and manages the security functions of the TCG's industry standard hardware security chip, the Trusted Platform Module (TPM) and supports the TCG's "Opal" self-encrypting drive standard. Self-encrypting drives are a growing segment of the data protection market, offering increased security and better performance than many existing software-based encryption solutions. TPMs are included on an estimated 300 million PCs and are standard equipment on many enterprise-class PCs shipping today. Using TPMs and Wave software, enterprises can substantially and cost-effectively strengthen their current security solutions. For more information about Wave and its solutions, visit http://www.wave.com.

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This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.

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