(Alliance News) - Brandshield Systems PLC on Thursday said it has extended a contract with an unnamed cryptocurrency specialist.
Shares in Brandshield rose 7.7% at 22.61 pence in London on Thursday.
Israel-based cybersecurity specialist Brandshield said the contract is with "a leading, global financial institution specialising in cryptocurrency and blockchain."
Under the terms of the contract Brandshield will continue to provide anti-phishing services and protect the customer against "fraudulent online activity".
The customer has elected to retain confidentiality.
Brandshield said that the contract extension extends its protective coverage of the financial sector and deepens its presence in cryptocurrency.
"We are delighted to have extended the ongoing contract with this valued client into what is now a material contributor to our annual recurring revenue. The financial sector continues to suffer from an unprecedented increase in the prevalence of fraudulent activity and Brandshield has continued to develop a broad and growing range of clients within it," said Brandshield Chief Executive Yoav Keren.
"The cryptocurrency and blockchain industry has always been a prominent target for online fraud and phishing activities. The latest rapid growth in the cryptocurrency space, is a catalyst for fraudulent activities affecting companies and users active in the field.
"We are witnessing a rapid increase in demand for the Brandshield solution in the financial industry in particular with consistent growth continuing in other sectors such as pharmaceuticals, fashion, entertainment, consumer goods and sports and leisure."
By Will Paige; willpaige@alliancenews.com
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