Business
HUB Wins €15 Million Project with a Prominent Swiss Aviation Vendor
Management estimates the project to span over 3 years and potentially expand in scope and service revenues TEL AVIV, Israel, Dec. 06, 2023 (GLOBE NEWSWIRE) --
About this update from Hub Cyber Security Ltd.
[{"type":"text","content":"Management estimates the project to span over 3 years and potentially expand in scope and service revenues\nTEL AVIV, Israel, Dec. 06, 2023 (GLOBE NEWSWIRE) -- via IBN -- HUB Cyber Security Ltd. (Nasdaq: HUBC), a developer of Confidential Computing cybersecurity solutions and services (\"HUB\"), is announcing today that it has agreed to provide services in connection with a framework agreement with a prominent Swiss aviation vendor at an initial scope of approximately EURO 15.5 million, with potential expansions over the next three years. According to the agreement, HUB is to provide a wide range of solutions and services for cyber data security alongside ongoing systems safety and reliability analysis. Specifically, HUB has been tasked to secure a unique aviation project involving an advanced electric and hydrogen powered, vertical-take-off-and-landing (VTOL) airplane. Among other services, HUB is to provide its confidential computing cybersecurity solutions to assess and prevent failure conditions at the aircraft level, identification of potential risks and failure points, data collection and system reliability prediction. For the first phase of the project, the vendor is expected to pay an approximate total of EURO 15.5 million based on milestone payments over the course of the project. HUB CEO, Noah Hershcoviz, commented: ”Once again, this vote of confidence validates our core technology and we look forward to additional wins and announcements in the near future. We believe that long-term projects with global top-tier clientele will make all the difference on our turnaround. My team and I are dedicated to the business and bringing clear tangible results to secure long-term investors’ confidence in our brand.” For further information or inquiries, please contact: [email protected] About HUB Security Ltd. HUB Cyber Security Ltd. (\"HUB \" or the “Company”) was established in 2017 by veterans of the elite intelligence units of the Israeli Defense Forces. The Company specializes in unique Cyber Security solutions protecting sensitive commercial and government information. The Company debuted an advanced encrypted computing solution aimed at preventing hostile intrusions at the hardware level while introducing a novel set of data theft prevention solutions. HUB Security operates in over 30 countries and provides innovative cyb...