REG - Narf Industries PLC - $1.3m USAF Contract For AI-Powered Social Cyber

Narf IndustriesAnnouncement

27/08/2024 07:00

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RNS Number : 6876B  Narf Industries PLC  27 August 2024

27 August 2024

NARF INDUSTRIES PLC

('NARF', the 'Company', or the 'Group')

$1.3 million U.S. Air Force Contract for AI-Powered Social Cyber Solution

Significant Milestone in Narf's Accelerated Commercialization Plan

Narf Industries plc (LSE: Narf), the cybersecurity group specializing in
high-end threat intelligence and critical infrastructure security, is pleased
to announce the award of a circa $1.3 million contract to implement its
cutting-edge social engineering threat intelligence solution in the U.S. Air
Force's Platform One Iron Bank Project.

This contract award represents the first milestone in the Company's strategy
to accelerate its shift from project based work to a more lucrative Software
as a Service ("SaaS") revenue model (as previously announced on 1 May 2024).
It also further demonstrates Narf's capabilities to be uniquely effective in
battling a new generation cyber threat to the global open-source software
("OSS") supply chain.

Iron Bank provides container hardening standards and transparency into
container images used within the Platform One ecosystem. These standards and
transparency are available to the Department of Defense ("DoD") community to
enable a secure software supply chain for all software engineers. These
packages are used in systems throughout the DOD digital infrastructure,
including command and control operations, weapon systems, and global logistics
operations. Iron Bank plays a critical role in the DOD's software supply chain
security ("SSCS") for OSS.

Under the new contract, Narf will integrate its breakthrough threat
intelligence solution into Iron Bank's Development, Security, Operations
("DevSecOps") infrastructure. This integration aims to protect against
advanced cyberattacks employing social engineering tactics to introduce
malware and to take-over OSS projects and compromises the software supply
chain. Narf's suite of advanced detection and infiltration algorithms will be
crucial in enhancing Iron Bank's security measures.

Narf will apply its solution to the high rate, high volume data sources
involved in the DevSecOps pipelines that build thousands of software
containers. Leveraging AI techniques from its government funded intellectual
property portfolio, Narf's suite of advanced detection and infiltration
algorithms will automate data curation, incident summarization, and pattern
generation tasks. These advancements will significantly reduce the manual
workload for analysts, enhance the effectiveness of Iron Bank personnel, and
expedite the triage of new threats to maintain project trustworthiness.

Steve Bassi, Narf President and CEO said: "In February, we identified Social
Cyber as a leading candidate in our R&D portfolio for commercialization.
By May, we announced plans to accelerate this work in response to a
significant global cyber threat incident. In June, we outlined a strategic
plan that included a crucial milestone: achieving near-term validation of
demand from a major customer. I am proud to report that our team has achieved
this milestone months ahead of schedule. With this validation, we are now
swiftly moving forward with engagements from additional customers and partners
to reinforce our leadership in these multi-billion-dollar cybersecurity market
segments."

For further information visit www.narfgroup.com or contact:

 

 Narf Industries plc         John Herring      jh@narfgroup.com
 Joint Broker                Simon Bridges     Tel: +44 (0) 207 523 8000

 Canaccord Genuity Limited   Harry Rees
 Joint Broker                Peter Krens       Tel: +44 (0)207 186 9030

 Tennyson Securities plc
 Financial PR, UK            Paul Dulieu       narf@stbridespartners.co.uk

 St Brides Partners          Isabel de Salis

 

About NARF Industries plc

Narf Industries (LSE: NARF) (OTCQB: NFIN.F) is a US based leading provider of
cybersecurity research, solutions, and services to government entities. With a
steadfast commitment to protecting national security and critical
infrastructure, it offers comprehensive expertise in addressing the evolving
cyber threats faced by its clients.

 

 

 

 

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