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CynergisTek Awarded Six-Figure Contract to Provide Red Team and Security Assessment Services for Large Credit Union
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
CynergisTek (AMEX:CTEK) has secured a contract worth nearly $300,000 to provide Red Team and Security Assessment services for a major U.S. federal credit union. With cybersecurity being paramount for financial institutions, this partnership emphasizes CynergisTek's reputation for delivering quality service in a competitive market. The assessment process will include evaluating social engineering practices and conducting penetration testing to identify vulnerabilities. CEO Mac McMillan highlighted the significance of this win, showcasing the company’s expanding client base beyond healthcare.
Positive
Awarded a contract worth nearly $300,000, enhancing revenue.
Demonstrates ability to secure contracts outside traditional healthcare sector.
Reputation for excellent service supports competitive standing in cybersecurity market.
Negative
None.
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, has been selected for a new contract by one of the largest U.S. based federal credit unions valued at nearly $300,000 to provide Red Team and Security Assessment services.
Cybersecurity is a top-tier priority for financial institutions and competition for their business is intense. Highly regulated by the National Credit Union Association (NCUA) to ensure the protection of member’s financial assets and transactions, the credit unions look to partner with companies that share their priority for security.
CynergisTek was awarded the contract due to its reputation in the market for delivering excellent service. CynergisTek’s Red Team services will evaluate the organization’s social engineering practices and conduct internal and external, and web application penetration testing to identify any vulnerabilities where they could be at risk for a cyber-attack. By bringing in a third-party to conduct a security risk assessment the organization will receive an unbiased and thorough assessment that will lay out a remediation roadmap prioritized by level of risk to the business.
“I credit this new client win to the breadth of experience our Red Team and Security Consultants bring to the table and the focus from our entire company to drive our mission of ensuring that every interaction is meaningful and leaves our clients with the feeling they have learned something,” said Mac McMillan, CEO and President at CynergisTek. “Working with this federal credit union highlights that our reach continues to gain traction outside of our traditional healthcare client base, demonstrating that our focus on data security resonates regardless of industry, and that CynergisTek is an ally that organizations can turn to for guidance as they build resilience into their security programs.”
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.
