eCrypt Inc Warns Businesses About High Costs of Corporate Espionage

/ Source: GlobeNewswire

BOULDER, Colo., Dec. 2, 2010 (GLOBE NEWSWIRE) -- A recent survey conducted by Symantec and the Ponemon Institute found that compliance with regulations such as HIPAA is the driving factor in increased spending on encryption technologies, but eCrypt Inc warns that while businesses use encryption to protect themselves from external attacks, they may still be vulnerable to those who have the most intimate access to sensitive data.

Spending on encryption solutions is up, in 2010 companies said 69% of their IT budgets are being dedicated to encryption solutions, an increase from 57% in 2008. But although 97% of respondents agreed that malicious employee attacks are a severe possibility, most of the data protection solutions are primarily directed at protecting data from external cyber security attacks and malicious software and spyware.   

"When it comes to protecting ourselves from internal threats, whole disk encryption and access and identity management are a good place for companies to start. However, these solutions may still be leaving a hole in the security system." commented Brad Lever, President and CEO of eCrypt Inc. "In the right application, encryption has the ability to offer business owners and C-level personnel within corporations protection against unauthorized employee access."

A 2009 Cyber-Ark survey of IT Professionals found that 35% admittedly snoop on data not relevant to their jobs, an increase from 33% in 2008. Perhaps more disconcertingly however, the study also found that malicious employees regularly help themselves to a wide array of corporate data including research and development plans, merger and acquisition plans, and financial reports. With 40% of companies reporting intellectual property losses due to corporate espionage every year and the problem costing businesses in excess of $1 trillion annually, organizations can no longer afford to look the other way.

"We mustn't ignore the importance of email privacy in mitigating the threat of corporate espionage. Encryption is a great tool for achieving that privacy." said Brad Lever. "eCrypt Mobile Mail Privacy for example, allows end users, regardless of their aptitude with encryption technology, to easily secure sensitive communications like R&D and M&A discussions, without the need for IT involvement, and at a very affordable price. Our device agnostic solution will offer the same protection to non BlackBerry smartphone users."

eCrypt Mobile Mail Privacy is available to BlackBerry® Internet Service and BlackBerry® Enterprise Server customers, and can be purchased at .

About eCrypt Inc. (ECRY.OB):

eCrypt Technologies, Inc. is an information security firm with a focus on the wireless industry. Its flagship product eCrypt Mobile Mail Privacy is a first-of-its-kind encryption software for wireless email on BlackBerry® smartphones, and is available under a perpetual license. Using the strongest encryption algorithms available for the BlackBerry® smartphone OS, eCrypt software prevents unwanted access to email messages during transmission and storage on servers and PCs. Users may communicate freely with each other knowing that no one has access to the content of their emails. 

eCrypt is BlackBerry® Alliance Associate Member and has successfully obtained a Mass Market Status for its product from the U.S. Department of Commerce, Bureau of Industry and Security. This status allows eCrypt to export and re-export the software under section 742.15(B)(2) of the Export Administration Regulations, and is recognized by the Wassenaar Arrangement.

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CONTACT: M2O MEDIA: 1.866.241.6868 eCrypt Inc INVESTORS: Brad Lever 1.866.241.6868