QuintessenceLabs Sees Additional Investment from Westpac Group to Strengthen Partnership
Expanded quantum cybersecurity services include advanced key and policy management to reduce the risk of identity theft, customer data breaches and privacy concerns
Canberra, Australia – 24 January 2017 – QuintessenceLabs today confirmed it has received an additional capital investment from Westpac Group, increasing the company’s stake from approximately 11 percent to 16 percent. QuintessenceLabs is expanding the services provided to the leading financial institution, strengthening the ongoing partnership between the two organisations.
The expanded services QuintessenceLabs will provide Westpac and its technology partners include quantum cybersecurity combined with advanced key management and policy management solutions, designed to reduce the risk of identity theft, customer data breaches and privacy concerns.
“We welcome the expansion of our partnership with Westpac, which to date has been very beneficial to both parties,” said Vikram Sharma, founder and CEO of QuintessenceLabs. “QuintessenceLabs shares Westpac’s desire to use our world-class cybersecurity technology to help even more organisations keep their data safe and private, whether that data is stored or moving between entities.”
“As a major financial institution, data security and protecting our customers is of paramount importance,” said Dave Curran, Westpac Group CIO. “This increased commitment is a further signal of the importance of QuintessenceLabs technology to our capability with respect to data security.”
In 2015, Westpac announced it had taken a stake in QuintessenceLabs, boosting the Group’s security capabilities and providing Westpac Group with access to a pipeline of innovations being developed by QuintessenceLabs both here in Australia and in the United States.
Since then, the two companies have worked closely to develop cybersecurity solutions tailored to the needs of the financial industry, improving security, ensuring compliance with internal and regulatory requirements and cutting down the time and costs associated with encrypting sensitive data.
QuintessenceLabs offers a suite of unrivaled cybersecurity products, including the flagship Trusted Security Foundation (TSF). TSF is a highly secure platform, incorporating the security of a FIPS 140-2 Level 3 hardware security module (HSM) with advanced key and policy management, and a high-speed true random number generator from a quantum source, delivering the strongest foundation for encryption and data security. QuintessenceLabs’ TSF works seamlessly with most encryption products, making implementation of security deployments easy and cost-effective.