RCS - PCI-PAL PLC - Breach of confidentiality agreement by Sycurio Ltd

PCI- PALAnnouncement

07/06/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230607:nRSG8594Ba&default-theme=true

RNS Number : 8594B  PCI-PAL PLC  07 June 2023

 

 

07 June 2023

 

RNS Reach

 

 

PCI-PAL PLC

("PCI Pal", "the Company" or "the Group")

 

Breach of confidentiality agreement by Sycurio Ltd

 

PCI-PAL PLC (AIM: PCIP), the global cloud provider of secure payment solutions
for business communications, has today made the following press release in
relation to its ongoing patent dispute with its competitor, Sycurio Limited
("Sycurio") (formerly Semafone Limited).

 

Press Release

 

On Friday 26 May 2023, Sycurio's US lawyers informed the Company that in April
2022 its client Sycurio breached the terms of confidentiality agreements that
had been put in place between PCI Pal and Sycurio to protect information
provided as part of the unfounded, ongoing patent litigation ("Confidentiality
Agreements"). In its disclosure to PCI Pal, Sycurio's US lawyers confirmed
that Sycurio had illegitimately shared confidential information with Sycurio
personnel who were not covered by the Confidentiality Agreements.

 

Furthermore, Sycurio have acknowledged that a number of their personnel,
including senior product staff and board members, both internal and external,
were involved in a board meeting during which Sycurio considered competitor
technology and call flows, and that PCI Pal's confidential information "may"
have been used in this session. This session also involved personnel from
Sycurio's private equity owners, Livingbridge LLP.

 

Background

 

As part of the ongoing patent litigation in the UK, PCI Pal was obliged to
prepare an explanation of how its patented technology had been implemented
across its customer base and provide explanations as to how the systems are
configured. As is required, the information was shared with Sycurio under
strict Confidentiality Agreements.

 

The PCI Pal Board is shocked that Sycurio, who are themselves a provider of
data security solutions, should have such weak controls that a data breach
such as this could have happened. Furthermore, the PCI Pal Board is surprised
at the time it has taken for it to be discovered and reported. It has taken
Sycurio over a year to inform PCI Pal of the breach, therefore the full extent
of how this confidential information has been used by Sycurio since April 2022
is not yet known.

 

PCI Pal is consulting with its lawyers to establish the best way to ascertain
the full extent of the information breach, which will require further
disclosures from Sycurio, and how to deal with the legal implications of the
breach, which may or may not lead to further legal action against Sycurio or
other recipients of the information.

 

For further information, please contact:

 

 PCI-PAL PLC                                                 Via Walbrook PR
 James Barham - Chief Executive Officer

 William Good - Chief Financial Officer

 finnCap (Nominated Adviser and Broker)                      +44 (0) 20 7227 0500
 Marc Milmo/Simon Hicks/Fergus Sullivan (Corporate Finance)

 Sunila de Silva (Corporate Broking)

 Walbrook PR                                                 +44 (0) 20 7933 8780
 Tom Cooper/Nick Rome                                        +44 (0) 797 122 1972
                                                             PCIPAL@walbrookpr.com

 

About PCI Pal:

 

PCI Pal is a leading provider of Software-as-a-Service ("SaaS") solutions that
empower companies to take payments from their customers securely, adhere to
strict industry governance, and remove their business from the significant
risks posed by non-compliance and data loss. Our products secure payments and
data in any business communications environment including voice, chat, social,
email, and contact centre. We are integrated to, and resold by, some of the
worlds' leading business communications vendors, as well as major payment
service providers.

 

The entirety of our product-base is available from our global cloud platform
hosted in Amazon Web Services ("AWS"), with regional instances across EMEA,
North America, and ANZ.

 

For more information visit www.pcipal.com (http://www.pcipal.com) or follow
the team on Linkedin: https://www.linkedin.com/company/pci-pal/
(https://www.linkedin.com/company/pci-pal/)

 

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAUNANROKUNRAR