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CynergisTek (AMEX:CTEK) announces the renewal of two six-figure Vendor Security Management contracts with a nationally recognized health system in the northeast and a community healthcare system in the southeast. These contracts, valid for three years, represent a revenue increase from previous terms and highlight a 100% renewal rate in Q1, signaling customer trust in CynergisTek’s enhanced services amid escalating cybersecurity threats targeting healthcare supply chains. The firm emphasizes the growing need for robust vendor security management in the healthcare sector.
Positive
Two six-figure contract renewals with long-term clients indicate strong customer relationships.
Revenue increase from previous contract values demonstrates growth potential.
100% renewal rate in Q1 highlights customer trust and satisfaction with CynergisTek's services.
Increased recognition of vendor security needs in healthcare supports market demand.
Negative
None.
Two long-term clients and award-winning comprehensive health care systems in the northeast and southeast regions renew vendor security contracts with CynergisTek
AUSTIN, Texas--(BUSINESS WIRE)--
CynergisTek (NYSE American: CTEK), leading cybersecurity, privacy, compliance, and IT audit firm helping organizations in highly regulated industries navigate emerging security and privacy issues, announces two six-figure Vendor Security Management (VSM) contract renewals, one with a nationally recognized health system in the northeast, and the other with a community healthcare system in the southeast region. Both contracts are valid for three years and saw a revenue increase from their previous values.
“Supply chain vendors have become an increasingly popular target for cybercriminals and hackers attacking healthcare. Understanding the risk that these vendors present is an important part of managing risk across the entire attack surface. These two long-term renewals are also significant as we have seen a 100% renewal rate in Q1 thus far, supporting growth in pre-sold revenues. This is also a direct indication that our customers value our enhanced services, rely on our expertise, and trust our capability to help them minimize the impact of disruption to their business,” said Mac McMillan, President & CEO of CynergisTek. “We recognize the industry's need to focus on vendor security management and serve our community to help build and strengthen their proactive programs.”
The healthcare industry relies heavily on third parties to provide a variety of services that help drive their business and support their operations, but cybercriminals regularly target these vendors to gain unauthorized access to enterprise systems. CynergisTek’s VSM service is used to assess and manage an organization’s third-party privacy and security concerns from business associates who have access to protected health information (PHI). In today’s threat landscape, there is increasing recognition of the need for the healthcare community to take a proactive approach to cybersecurity. Organizations need to ensure greater due diligence in understanding their security posture and in overseeing the privacy practices of their business associates. Both clients’ ongoing renewal of their VSM contracts demonstrates their concern regarding vendor security and the confidence they have in CynergisTek’s managed services to address this issue.
“CynergisTek’s unique collaborative approach to its managed services is manifested in our partner philosophy of consulting and advisory support. Our analysts and consultants work side by side with their client counterparts to perform this critical function. This allows our clients to have a higher degree of confidence in their supply chain,” said Andrew Mahler, VP of Compliance & Privacy Services for CynergisTek.
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 is CynergisTek's recent announcement regarding contracts?
CynergisTek announced the renewal of two six-figure Vendor Security Management contracts with healthcare systems, valid for three years, reflecting revenue increases.
How much revenue is generated from the renewed contracts by CynergisTek?
The renewed contracts with healthcare systems are six-figure deals, indicating a significant revenue boost.
What does the 100% renewal rate in Q1 signify for CynergisTek?
The 100% renewal rate signifies strong customer satisfaction and trust in CynergisTek’s services.
Why are vendor security contracts important for CynergisTek?
These contracts are crucial as they enhance CynergisTek's revenue and emphasize the importance of cybersecurity in healthcare.
