iCONECT CA Inc. (US and Canada), the makers of the iCONECT-XERA document and multi-media review platform, iCONECT-XERA, has executed a Letter Of Intent (LOI) with LEONOVUS (TSXV:LTV) an Ottawa, CANADA based software defined storage and encryption technology company. The primary use-case for iCONECT-XERA, distributed by iCONECT Development, LLC, has traditionally been to review data for eDiscovery in litigation. Data included in eDiscovery projects are often highly confidential, as they can include both attorney work product and trade secrets. The LOI commits the firms to create a combined product offering designed to assist corporations and legal service providers to increase security of these and other sensitive data and meet regulatory requirements.
The Leonovus technology was designed with the assumption that all enterprise security systems are vulnerable to failure and that cybersecurity breaches are inevitable. Therefore, Leonovus 3.0 digitally scrambles and shreds electronic files rendering the data unreadable. It presents an illegible pile of digital nuggets to unauthorized persons and stops ransomware, while fully maintaining standards, audit and chain of custody requirements.
The encryption of working data in eDiscovery is a game-changer in the industry, as decryption latency has made it impractical. For review of the stored files, iCONECT is collaborating with Leonovus technical staff to integrate a method of reconstituting the digital nuggets and presenting documents, videos and audio to eDiscovery users as if the files were always in their native format. Corporations and legal service providers worldwide can use Leonovus’ patented military-grade encryption methodology, in combination with their iCONECT-XERA document and multi-media review platforms. All elements in iCONECT-XERA will be accessible seamlessly, including the ability to search, analyze, organize, review, communicate, and produce.
Leonovus uses FIPS 140-2 level encryption (Federal Information Processing Standard), regarded as the benchmark for US and Canadian military information encryption logs. The secure data nugget metadata is Blockchain-hardened. The resulting enterprise data storage leads to improved governance, ROI, ultra-security and reduced errors. The digital nuggets can also be distributed across multiple data storage services or devices, providing significant savings when redistributed to lower cost storage.
“We were blown away when we first saw the Leonovus technology. We immediately recognized the opportunity to create a paradigm shift in eDiscovery file storage and security,” said Ian Campbell, CEO of iCONECT.
“A Senior Product Manager for a leading eDiscovery firm told me ‘It’s not a question of IF we’ll get hacked, it’s simply a matter of when.’ Although this extra layer of security comes at a cost, it provides additional insurance against unauthorized access and manipulation of data. The ability to create this level of security without disrupting our users’ workflow is key,” said Campbell.
“The integration with iCONECT is an exciting step as they were named as one of the 50 Most Valuable Brands of the Year 2017 by Silicon Review. Their deep product knowledge, regarding the protection and management of legal documents and their market penetration, and associated workflows have given Leonovus a unique market insight for our product development team. Moreover, the real goal is to expand the sales of both companies with an unparalleled blockchain hardened data security, compliance and document review solution,” said Michael Gaffney, Chairman and CEO.
The integration with Leonovus will be available in Q3 as an add-on module for iCONECT-XERA. Both systems can be deployed behind an organization’s firewall or in a secure cloud.