VersaBank (TSX: VB), a Canadian electronic branchless bank, today launched DRT Cyber Inc. (“DRT Cyber”), a new Washington, D.C.-based subsidiary, and named Governor Tom Ridge as Chairman of DRT Cyber. DRT Cyber will identify significant cyber security threats and develop innovative solutions to address the rapidly growing cyber threats facing financial institutions, multinational corporations as well as government entities.
Gov. Ridge is Chairman of Ridge Global LLC. He provides clients with solutions to cyber security, international security and risk management issues. Following the tragic events of September 11th, 2001, Tom Ridge became the first Assistant to the President for Homeland Security and, on January 24, 2003, became the first Secretary of the U.S. Department of Homeland Security.
With the ever increasing cyber threats to financial services, corporations and government entities, DRT Cyber will follow in the innovative path on which VersaBank was founded and focus on developing innovative cyber security solutions for the ever expanding digital world. Versabank’s other subsidiary, VersaVault Inc., is now a wholly owned subsidiary of DRT Cyber and is DRT Cyber’s first product. As previously announced, VersaVault entered into a license agreement with Chairmans Financial B.V., a company registered in the Netherlands operating in financial services. The license agreement permits Chairmans to use the VersaVault name and brand, and to offer global clients secure storage of digital assets, encryption, authentication and related services. VersaVault allows customers to conveniently, securely and privately store their digital valuables, including cryptocurrencies, in the digital equivalent of a safety deposit box.
David Taylor, President & CEO of VersaBank, and its subsidiary, DRT Cyber, stated: “DRT Cyber will focus on identifying other areas where cyber threats are significant and expects to bring to market much needed solutions by way of organic innovation and by acquiring complementary cyber security companies servicing this rapidly growing industry. I am also delighted to announce the appointment of Tom Ridge as Chairman of DRT Cyber, who has a very impressive and extensive background in security, having led the U.S. through the challenging days post-9/11, and of being appointed by the President to secure the U.S. against future threats, including the creation of the Department of Homeland Security. As Chairman of DRT Cyber, Governor Ridge will focus on identifying the most impactful cyber threats and on leading the company on developing innovative cyber solutions for financial institutions, multi-national corporations and governmental departments and agencies, all of which are increasingly challenged with guarding against cyber threats on a daily basis.”
Said Gov. Ridge: “The ‘digital forevermore’ is a relatively new yet permanent condition. The greatest threat today to U.S. and global security and the economy is the digital world. So I’m pleased to take on this new role with DRT Cyber at this critical time. VersaBank has made tremendous strides in the fight against cyber threats in developing a sophisticated and strong solution for safeguarding digital assets with the VersaVault. It is a storage solution I happen to think the digital world will embrace.”
About DRT Cyber
DRT Cyber Inc., a wholly owned subsidiary of VersaBank, was formed to identify significant cyber security threats and to develop innovative solutions to address the rapidly growing volume of cyber threats which financial institutions, multi-national corporations and governmental departments and agencies, are increasingly challenged with guarding against on a daily basis. DRT Cyber will operate from Washington D.C., and service clients globally. Visit DRT Cyber’s website at: https://drtcyber.com
VersaBank adopted an electronic branchless model in 1993, becoming the world’s first branchless financial institution. It holds a Canadian Schedule I chartered bank license and obtains its deposits, and the majority of its loans and leases, electronically. VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A and VB.PR.B, respectively. Visit VersaBank’s website at: https://www.versabank.com
Forward Looking Information
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. This information is based on certain assumptions regarding software development, expected growth, results of operations, performance, and business prospects and opportunities (collectively, the “Assumptions”). While VersaBank considers these Assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Forward-looking information is subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what VersaBank currently expects. These risks, uncertainties and other factors include, but are not limited to: the timing and market acceptance of future products, competition in VersaVault’s markets, the development of appropriate and secure software in respect of VersaVault, the ability of VersaVault to provide a safe and private vault for digital assets, VersaBank’s reliance on customers, fluctuations in currency and exchange rates, commodity prices or interest rates, changes in the law or regulations and VersaBank’s ability to protect its intellectual property (collectively, the “Risks”). For more exhaustive information on these Risks you should refer to VersaBank’s filings with the securities regulatory authorities, including VersaBank’s most recently filed annual information form, which is available on SEDAR at www.sedar.com. Other than as required under securities laws, we do not undertake to update any forward-looking information at any particular time. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.