BrandShield will help members remove online threats such as rogue pharmacies and counterfeit websites, including those related to COVID-19 vaccines
BrandShield, a leading provider of cyber solutions from brand protection to online threat hunting, has announced that it has been awarded a contract with the Pharmaceutical Security Institute (“PSI”).
Based in Washington, D.C, PSI was set up in 2002 by the Security Directors from fourteen major pharmaceutical companies. Working with its members, PSI has developed improved systems to identify the extent of the problem of counterfeit medicinal products and to assist in coordinating international inquiries.
Removing online threats
BrandShield has entered into a contract with PSI on a joint programme to focus on helping to detect and remove online threats on behalf of several of PSI’s members, such as rogue pharmacies, counterfeit sales of drugs on online marketplaces, and social media phishing campaigns, and other fraudulent online activities. These members include some involved in developing COVID-19 vaccines.
London Stock Exchange listing
The contract is another major step in the development of BrandShield. BrandShield recently announced it had raised £3.2 million in new funding and is expected to list via a reverse takeover of Two Shields Investments plc on the Alternative Investment Market of the London Stock Exchange, with completion expected on or around 1 December 2020. The new funding will help BrandShield capitalise on the increasing number of new business opportunities it sees, in part caused by the acceleration of online criminal activity caused by the pandemic.
US growth
The contract with PSI also adds to BrandShield’s growing presence in the US. Around two-thirds of BrandShield’s sales are in the US, where, along with Europe and Asia, its products and services are increasingly in demand. BrandShield already works with many global brands and customers that operate in a variety of sectors including financial services, pharmaceuticals, fashion, technology, sports and entertainment. Earlier this year, BrandShield announced it had neutralised over 150 phishing websites targeting the Levi Strauss & Co’s brand.
Criminals capitalising on COVID-19
Yoav Keren, BrandShield CEO, said: “One of the biggest sectors being targeted by online scammers and con artists is pharmaceuticals. Cybercriminals across the world are trying to capitalise on peoples’ fears about COVID-19 to push counterfeit medicines or launch phishing campaigns by impersonating well-known pharma companies. Fake medicines are a real threat to the health and safety of patients around the world. With, hopefully, vaccines becoming available in the coming months, it is vital the industry gets to grip with online threats. We are excited to be working with the Pharmaceutical Security Institute in helping some of their members fight this danger.
Future ambitions
“We see this contract as another example of how large companies are addressing brand protection and online threats by using our services. With our imminent reverse onto AIM and the associated fundraising, we look forward to moving from an under the radar solution during our development phase to becoming the premier provider on the market. I believe that within the next few years all companies will need a solution to counter these developing online threats and we are very well positioned to help them.”
