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CynergisTek Announces Six-Figure Contract Renewal With Mid-Atlantic Health Network for Vendor Security Management Services
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CynergisTek (AMEX: CTEK) has renewed a six-figure Vendor Security Management (VSM) contract for three more years with a leading Mid-Atlantic healthcare network. This agreement reflects the growing need for managing third-party risks amidst rising cybersecurity threats. CEO Mac McMillan emphasized the increasing demand for visibility and support in supply chain security, especially following significant data breaches in the sector. CynergisTek has been providing VSM services since 2013, showcasing the value and confidence clients place in their risk management capabilities.
Continued revenue from long-standing partnerships boosts financial stability.
Strengthened position in the growing cybersecurity market.
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Longstanding client renews VSM contract for ongoing management of business associate risk
AUSTIN, Texas--(BUSINESS WIRE)--
CynergisTek (NYSE American: CTEK), a leading cybersecurity, privacy, compliance, and IT audit firm helping organizations in highly regulated industries navigate emerging security and privacy issues, recently announced a six-figure Vendor Security Management (VSM) contract renewal for an additional three years with one of the Mid-Atlantic region’s leading networks of healthcare providers. CynergisTek will continue to support this client’s goal of implementing and maintaining an effective third-party risk management program while alleviating their internal workload and demand on resources.
“The need for greater visibility into supply chain risk and across the entire attack surface continues to grow and become more important while the resources necessary for meeting this increased demand continue to be scarce,” said Mac McMillan, CEO of CynergisTek. “Our analysts and consultants can provide dedicated support to assist organizations with this critical requirement. Renewals like this one demonstrate the confidence our clients have in our services and support the continued growth we are seeing in managed service support.”
“Today, the risk that each organization’s supply chain poses to its data and business is significant, and it’s only getting worse as cybercriminals expand their focus on the leverage that can be exacted by disrupting these critical suppliers. Recent breaches of prominent companies such as Kaseya and Kronos demonstrate the pressure that can be exerted on healthcare providers who have embraced remote and cloud service providers. Couple this with the number of critical staff now working remotely and depending on third-party communications to execute their tasks, and you have some real headaches for hospital CIOs and CISOs,” said Andrew Mahler, Vice President of Compliance and Privacy Services at CynergisTek. “Our managed service assists these organizations in evaluating third-party risks to build confidence in their readiness to support healthcare’s mission. We can not only accomplish it faster, but our analysts and consultants can concentrate on this critical risk area for our clients.”
This long-standing VSM service agreement with the regional healthcare network was initially signed in 2013, and its continuous renewal demonstrates the ongoing value of CynergisTek’s services. Third-party vendors represent a growing risk to healthcare organizations as they are producing a greater number of data breaches. Clients can rely on CynergisTek’s VSM solution to evaluate and monitor their business associates, as well as hold them accountable for maintaining HIPAA compliance and mitigating security risks. A proactive approach to vendor security protects patient data and operations while also fostering favorable supply chain partnerships.
About CynergisTek, Inc.
CynergisTek (www.cynergistek.com) 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.
This release contains certain forward-looking statements relating to the business of CynergisTek, Inc. 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 COVID-19, including the geographic spread, the severity of the virus, the duration of the COVID-19 outbreak, 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, 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. 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.
