A Global Medical Device Manufacturer and A Midwest Investment Firm Expand and Increase Spend with CynergisTek’s IT Audit Group with Two Six-Figure Contracts

Rhea-AI Summary

CynergisTek (NYSE American: CTEK) announces the expansion of its IT Audit Group with new Professional Service agreements totaling $416k for a medical device manufacturer and a REIT firm in the Midwest.

The medical device manufacturer contract saw a 37% increase for data protection and privacy risk advisory services. Additionally, a six-figure contract was signed for IT General Computer Control Audit services to enhance the client's IT operations and security. This expansion reflects the firm's growing demand in cybersecurity and compliance services.

Positive

• Signed contracts totaling $416k with a medical device manufacturer and a REIT firm.
• 37% increase in contract value for ongoing data protection and privacy services.
• Secured six-figure contract for IT General Computer Control Audit services.

Negative

• None.

CynergisTek announces its IT Audit Group expands Professional Service agreements for a medical device manufacturer and an investment firm

AUSTIN, Texas--(BUSINESS WIRE)-- CynergisTek, Inc. (NYSE American: CTEK), leading cybersecurity, privacy, compliance, and IT audit firm helping organizations in highly regulated industries navigate emerging security and privacy issues, increases its IT Audit and Privacy professional services support for a global leader in medical device manufacturing and a Real Estate Investment Trust (REIT) Firm located in the Midwest.

CynergisTek has signed two contracts totaling $416k to support both clients with professional services. There was a 37% increase to the medical device manufacturer’s contract for expanded, ongoing data protection and privacy risk advisory support services. CynergisTek’s IT Audit Group has also signed a six-figure contract with a real estate investment firm to provide IT General Computer Control Audit services, which will provide the client with high-level assessments of their IT system operations and security controls, as well as recommendations for functional improvement.

Internal audit of programs and controls is a critical component of implementing successful privacy and security protections for operations, systems, and data. Audit provides another set of eyes looking at controls from an objective viewpoint. “Our IT Audit Group, formerly known as Backbone Consultants, continues to demonstrate its value to our clients, whether it’s conducting independent EPCS certifications for critical systems, conducting SOC2 or PCI readiness consulting, or, as in this case, augmenting organizations’ internal audit teams to carry out this important function,” said Mac McMillan, CEO of CynergisTek. “Our audit consultants know their craft and are experts at integrating with their customers to provide the expertise they need or additional bandwidth to accomplish more.”

“Our IT Audit Services help clients to validate the maturity of their IT control environment and achieve their compliance obligations. From a privacy perspective, we also specialize in providing our clients with expert privacy guidance to help them maintain and manage their data responsibly and securely. As in the case with this medical device manufacturer, organizations continue prioritizing the management of their data and taking control of their compliance regulations,” said Walter Zuniga, Managing Partner of CynergisTek’s IT Audit Group.

About CynergisTek, Inc.

CynergisTek’s IT Audit Group provides clients with staff augmentation, audit readiness consultation, and compliance auditing, with audit services that measure them against HIPAA, SOX, GDPR, GLBA, PCI, and general IT audit standards. CynergisTek’s IT Audit Group also specializes in providing privacy and cybersecurity insight to organizations in every industry sector. CynergisTek is a top-ranked cybersecurity consulting firm helping organizations in highly-regulated industries, including those in healthcare, government, and finance navigate emerging security and privacy issues. CynergisTek combines intelligence, expertise, and a distinct methodology to validate a company's security posture and ensure the team is rehearsed, prepared, and resilient against threats. Since 2004, CynergisTek has been dedicated to hiring and retaining experts who bring real-life experience and hold advanced certifications to support and educate the industry by contributing to relevant industry associations. For more information, visit www.cynergistek.com or follow us on Twitter or LinkedIn.

Cautionary Note Regarding Forward Looking Statements

This release contains certain forward-looking statements relating to the business of CynergisTek. These forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “would,” “could,” “intends,” “may,” “will,” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including but not limited to uncertainties relating to product/services development; long and uncertain sales cycles; the ability to obtain or maintain proprietary intellectual property protection; future capital requirements; competition from other providers; the ability of the Company’s vendors to continue supplying the Company with supplies and services at comparable terms and prices; the Company’s ability to successfully compete and introduce enhancements and new features that achieve market acceptance and that keep pace with technological developments; the Company’s ability to maintain its brand and reputation and retain or replace its significant customers; cybersecurity risks and risks of damage and interruptions of information technology systems; the Company’s ability to retain key members of management and successfully integrate new executives; the Company’s ability to complete acquisitions, strategic investments, entry into new lines of business, divestitures, mergers or other transactions on acceptable terms, or at all; potential risks and uncertainties relating to the existing and ultimate impact of the COVID-19 pandemic, including actions that may be taken by governmental authorities to contain the COVID-19 outbreak or to treat its impact, and the potential negative impacts of COVID-19 on the global economy and financial markets; the general economic impact of the ongoing war in Ukraine, including the impact of related sanctions being imposed by the U.S. Government and the governments of other countries, and the impact of potential reprisals as a consequence of the war in Ukraine and any related sanctions; and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which are available at http://www.sec.gov. Given the risks and uncertainties, readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results which may not occur as anticipated. Many of the risks listed above have been, and may further be, exacerbated by the COVID-19 pandemic, including its impact on the healthcare industry, or the ongoing war in Ukraine. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein, as well as others not now anticipated. CynergisTek is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

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CynergisTek Investor Relations Contact:

CynergisTek, Inc.

Bryan Flynn

(512) 402-8550 x7

InvestorRelations@cynergistek.com

CynergisTek Media Contact:

CynergisTek, Inc.

Trinity McPherson

(443) 853-8468

trinity.mcpherson@cynergistek.com

Source: CynergisTek, Inc.