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CynergisTek Announces Two Six-Figure, Multi-Year Managed Cybersecurity Service Contracts with a New Client, and an Existing Renewal
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
CynergisTek (AMEX: CTEK) has expanded its services to one of its largest health system customers and secured a new partnership with a top-rated hospital. With a renewed four-year agreement for its Compliance Assist Partner Program (CAPP) and a two-year agreement for its Resilience Partner Program (RPP) focused on medical device cybersecurity, the company aims to enhance security for its clients. CEO Mac McMillan noted improvements in renewal rates and positive market reception towards new services, reflecting confidence in CynergisTek’s proactive cybersecurity approach.
Positive
Renewed four-year agreement for Compliance Assist Partner Program (CAPP) with a major client.
New two-year contract with a top-rated independent nonprofit hospital for Resilience Partner Program (RPP).
Positive market reception for newly added services enhancing cybersecurity efforts.
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CynergisTek to provide their ongoing flagship services to one of their largest health system customers, and a new top-rated hospital client
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 expands on relationship with one of the six divisions of a prestigious academic healthcare system located on the west coast and adds a top-ranked hospital located in the southeast region to their growing client base. CynergisTek has renewed an agreement with one of its top customers to provide its signature Compliance Assist Partner Program (CAPP) service, which will provide the organization with ongoing cybersecurity services, advisory services, and executive reviews of the client’s security infrastructure for another four years. CynergisTek has also signed a new agreement with a well-known independent nonprofit hospital to provide its Resilience Partner Program (RPP) service, which will provide this client with ongoing cybersecurity services specifically focused on the client’s medical device program enhancement for the next two years.
“This team is focused on growth, and we are making steady progress towards that goal. Seeing our renewal rates approach pre-COVID levels is a good sign and having clients such as these reaffirm their confidence in our support with yet another renewal and an altogether new managed service relationship tells me we are doing the right things,” said Mac McMillan, President & CEO of CynergisTek. “The market is receiving the new resilience approach positively and they are incorporating many of the new services that we have added in the last six months to their programs with several more to roll out shortly. These new services allow them to be much more proactive in their cybersecurity efforts,” he says.
CynergisTek’s CAPP and RPP managed services help organizations improve their overall security programs. Organizations like this west coast-based academic healthcare system already understand the continuous value of managed services and rely on CynergisTek’s capability to help build resilience into their programs. To this client, the value of CynergisTek’s CAPP service is evident given the longevity of their pre-existing relationship and the renewal decision to increase the commitment from 3 to 4 years. Commitments like these support CynergisTek’s incentive to expand and assist the healthcare community with strengthening their proactive approach to cyber threats, a methodology the RPP managed service offering has been built on. As the industry warms up to a proactive cybersecurity approach, attracting net new managed service partnerships, like this southeast-based nonprofit healthcare provider, will strengthen the healthcare industry as a whole and together help decrease the impacts of cyber incidents.
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.
What recent agreements has CynergisTek (CTEK) secured?
CynergisTek has renewed a four-year agreement for its Compliance Assist Partner Program and signed a new two-year contract for its Resilience Partner Program.
How does the recent expansion affect CynergisTek's market position?
The expansion is expected to strengthen CynergisTek’s market position by enhancing its cybersecurity offerings and improving client relationships.
What services are included in CynergisTek's new contracts?
The contracts include ongoing cybersecurity services, advisory services, and executive reviews of security infrastructure focusing on medical device programs.
What does the CEO of CynergisTek say about recent performance?
CEO Mac McMillan indicated that the company is making steady progress towards growth, with increasing renewal rates and positive feedback on new services.
