cyan AG and First Investment Bank (Fibank) start cooperation

19/03/2020
cyan AG and First Investment Bank (Fibank) start cooperation
  • cyan develops customized mobile app for Fibank (third largest Bulgarian bank)
  • Product launch planned for June 2020
  • cyan planning to enter new, significant customer contracts in the second quarter despite the impact of Covid-19

Munich, March 19, 2020 - The Bulgarian Fibank and cyan start a cooperation. The aim is to offer Fibank's customers optimum protection against internet threats. For example, cyan's new security solution can be used to check smartphones and tablets for security threats such as viruses, trojans and other malware.

The launch of the joint product will already take place in June. Initially, the app will be made available to Fibank's premium customers and shortly afterwards to all existing customers.

cyan is also impacted by the economic consequences of Covid-19. Local restrictions, such as travel restrictions, can lead to delays in installations, on-site technical workshops and the finalization of contracts.

On the other hand, the relocation of large parts of the working population to the home office also creates opportunities for cyan. The increase in data traffic, partially via unsecured networks, will create a significantly higher demand for corresponding security solutions. Many large telecommunications companies already recognize the massive increase in phishing and malware and want to offer suitable products for protection to their customers.

The B2B solution from cyan for reducing data volumes by filtering out unwanted marketing data and "background noise" is also enjoying a strong increase in popularity these days as the networks of many MVNOs are extremely busy and sometimes overloaded due to the shift to the home office.

Peter Arnoth, CEO of cyan AG: "The shift to the home office is a great opportunity for cyan to convince telecom companies of our network-integrated solutions for the mass market. After a successful 2019, for which we will present preliminary figures in March, we plan to conclude further customer contracts in the coming months, despite all the restrictions imposed by Covid-19. We remain optimistic about this year."

About Fibank:
First Investment Bank, Fibank for short, is a Bulgarian universal bank and is headquartered in the capital Sofia. In terms of total assets, it is the third largest credit institution in the country. It was founded on October 8, 1993. Fibank is also represented by subsidiaries in other Balkan states such as Albania and Northern Macedonia.

About cyan:
cyan (XETR:CYR) is a leading global provider of intelligent, white-labeled IT security solutions and telecom services, with more than 15 years of experience in the IT security industry. The company's primary business lines include the provision of cyber security solutions for end customers of mobile network operators and fixed-line internet service providers (MNO), for mobile virtual network operators (MVNO) as well as for the banking sector and insurers. cyan's solutions are integrated into the business partner's infrastructure and then offered under its own name ("white-labeled") to its end customers ("B2B2C").

Today, the group has more than 50 international customers, through whom cyan's products are sold to around 8 million end customers. cyan offers a service along the entire value chain, from the platform to data optimization and cyber security. The company also operates its own research & development center with the goal of recognizing trends in the industry at an early stage and to create the best possible product solutions. In December 2018 cyan concluded a global group contract with Orange for its cyber security solutions. Cooperation partners include Aon, the world's leading insurance broker, and Wirecard, the payment service provider.

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