Lorica Launches Innovative AI Data Privacy Solution with Industry Leaders at the Helm

Secure AI removes the vulnerability of data leaks during computation: Lorica delivers commercial products to address the coming "quantum event horizon"

TORONTO, June 24, 2024 /CNW/ - Lorica Cybersecurity, the leader in private artificial intelligence (AI) and a B2B software company that specializes in a new form of encryption technology, today announced the launch of Secure AI, a breakthrough solution that enables AI data processing without compromising privacy or security. With encryption from start to finish, organizations can now fully leverage AI to extract insights from sensitive data sets and collaborate in key fields such as medical research without the risk of data exposure while at rest, in transit and in use.

Data at rest is stored on a device or system; data in transit is moving between devices or networks, like downloads or sending emails; and data in use is actively being processed or accessed by a system or application. Secure AI changes everything because current systems can only protect information at rest or in transit, but Secure AI allows for the encryption and protection of user data and inferences throughout the data lifecycle.

This means Secure AI can, for example, analyze medical records and sensitive health data, including patient information, genomics, and clinical trial results, while maintaining strict confidentiality at all times. For the financial services industry, Secure AI can help institutions protect user data during transactions and identify fraud and anti-money laundering threats. This combination allows for enhanced data security and improved monitoring capabilities to combat illicit financial activities.

Secure AI also addresses the security implications of advancing technologies such as quantum computing. While quantum computing has the potential to solve complex problems at an unprecedented speed and scale, revolutionizing industries such as AI, finance, and drug discovery, that same speed and scale can be applied to the calculations needed to defeat encryption. This is a direct threat to current security methods.

"The looming 'quantum event horizon' poses an existential threat to existing encryption standards, as the speed and capacity of quantum processing render many current commercially important encryption methods breakable," says Glenn Gulak, Lorica Co-Founder. "This critical juncture demands a game-changing solution, and no other offering on the market today matches Lorica's ability to enhance AI capabilities while ensuring complete privacy and security."

Industry Veterans Join Lorica in Leadership Positions

Along with the launch of Secure AI, Lorica also announced several high-profile additions to its leadership team and advisory board. Former FreshBooks President Mark Girvan takes over as CEO. Leslie Rechan, former President & CEO of Halogen and Solace, comes aboard as Executive Chair.

The company's new advisory board is also comprised of renowned industry veterans and experts across cybersecurity and AI:

• Saad Saade, Vice President, IT Labour Strategy, Contract Strategy, Bell Canada
• Bjorn Austraat, CEO and Founder, Kinetic Cognition
• Porter Shomo, Former Regional Vice President, Alteryx
• Chris Peikert, Professor of Computer Science and Engineering at the University of Michigan Ann Arbor

"Joining Lorica at this pivotal time presents a once-in-a-generation chance to have a profound impact on the future of data security," says Mark Girvan, CEO, Lorica Cybersecurity. "Organizations want to leverage the full potential of AI to drive innovation and growth, but they've been constrained by legitimate data privacy concerns and vulnerabilities. We're proud to remove the roadblocks to safely adopting AI to solve humanity's greatest challenges, enabling unprecedented collaboration in healthcare, national security and financial innovation.

Recent investments by the Canadian government in advancing quantum computing technology and efforts in the United States to transition to post-quantum cryptography underscore the critical need to bolster this nation's competitive edge in quantum information science while safeguarding against potential cyber, economic, and national security risks posed by quantum computers. Lorica's Secure AI solution emerges as a cutting-edge development poised to revolutionize data security in this evolving landscape.

A Leader in Advanced Privacy-Enhancing Technologies

Secure AI is the latest offering by Lorica Cybersecurity. The company's Private Pursuit™ platform, installed on standard enterprise-grade servers, is a pioneering solution designed to empower organizations with comprehensive cybersecurity capabilities. This innovative platform offers advanced threat detection, proactive risk management, and robust data protection, delivering quantum safe security that none of the so-called "end-to-end encrypted" products advertised today achieve. With its user-friendly interface and customizable features, Lorica products are designed to be easy to use by practitioners and data science teams, and no prior knowledge of cryptography is required.

Lorica is focused on privacy enhancing technologies (PET) and fully homomorphic encryption (FHE). With a team of leading cryptography experts, Lorica has spent the last five years engineering proprietary high-performance FHE technology.

For more information, please visit www.loricacyber.com.

About Lorica Cybersecurity:
Lorica makes private AI possible through end-to-end encrypted data processing. Its Secure AI solution allows organizations to enhance AI capabilities without compromising privacy or security. Lorica's cutting-edge Private Pursuit™ platform enables organizations and their partners to execute confidential AI inference and database searches in any compute environment to protect sensitive customer, client or citizen data. Learn more at www.loricacyber.com.

SOURCE Lorica Cybersecurity Inc.

Media Contact: Aliya Jiwan-Thawer, AJT Communications, [email protected], 416-999-3355