NW_20010718_Analyst Reaffirms Accumulate Recommendation

July 18, 2001

OAKBROOK TERRACE, Ill. and BRUSSELS, Belgium – July 18, 2001 – VASCO Data Security International, Inc. (Nasdaq NM & Nasdaq Europe: VDSI; www.vasco.com) announced that Bank Degroof has issued an updated research note on VASCO reaffirming its “accumulate” recommendation. The updated research concluded that, “Even if we cannot exclude that VASCO will be impacted by the slow down of ICT expenses, we believe the share is oversold.”

Copies of the updated report are available from Mr Christophe Piron of Bank Degroof by calling +32 2 287 95 43, or by e-mail at [email protected].

Please note that any opinions, estimates or forecasts regarding the performance and value of VASCO Data Security International, Inc. shares made here and in the full research note referred to here are the author’s alone and do not represent opinions, forecasts or predictions of VASCO Data Security International, Inc., or its management. VASCO Data Security International, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

VASCO secures the enterprise from the mainframe to the Internet with infrastructure solutions that enable secure e-business and e-commerce, protect sensitive information, and safeguard the identity of users. The Company's family of Digipass® and VACMAN® products offers end-to-end security through strong authentication and digital signature, true and secure Single Sign-On, access control, and web portal, LAN, and enterprise security, while sharply reducing the time and effort required to deploy and manage security. VASCO's customers include hundreds of financial institutions, blue-chip corporations, and government agencies in more than 50 countries. More information is available at www.vasco.com.

Forward Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “believes,” “anticipates,” “plans,” “expects,” and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

Reference is made to the Company's public filings with the US Securities and Exchange Commission for further information regarding the Company and its operations.

For more information contact:

Mike Lange, +1 630 932 8844, [email protected]

Investor Relations:
Annemieke Blondeel, +1 800 238 2726 or +44 208 308 7080, [email protected]