UPDATE: Sycurio responds to PCI-PAL confidentiality breach charges

(Alliance News) - Sycurio Ltd on Thursday responded to PCI-PAL PLC's allegation of a breach last year of confidentiality agreements related to ongoing litigation, saying the statement "contains material inaccuracies" and reasserting that it has a "strong" case.

PCI-PAL, a secure cloud payment software solutions provider based in Suffolk, England, said on Wednesday that Sycurio's US lawyers had informed PCI-PAL on May 26 that terms of confidentiality agreements were breached in April 2022. Sycurio is a Surrey, England-headquartered payment software provider and a competitor of PCI-PAL.

The agreements were made as part of litigation in the UK with Sycurio alleging that PCI-PAL infringed on its US patents. PCI-PAL said Sycurio had illegitimately shared confidential information with personnel not covered by the agreements, and that Sycurio "may" have used confidential information in a board meeting when internal and external personnel were present.

PCI-PAL said it was "shocked" that Sycurio "should have such weak controls that a data breach such as this could have happened," and "surprised" at the length of time taken to discover and report the alleged breach.

In response, Sycurio on Thursday said: "We are aware of PCI-Pal’s statement which contains material inaccuracies and is the subject of ongoing legal correspondence. This statement is in the context of a court case, beginning on June 12 in the UK High Court, in which Sycurio is suing PCI-Pal for infringement of its proprietary technology.

"Sycurio has issued Court proceedings to protect its patent rights for the benefit of investors, customers, partners and employees and to prevent infringing use of our patented technologies by others. We maintain our position that we have a strong legal case."

Shares in PCI-PAL were untraded at 56.21 pence on Thursday morning. They last traded on Wednesday afternoon. The stock is down 15% over the past 12 months.

By Emma Curzon, Alliance News reporter

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