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Midwest Health System Signs $525,000 Managed Service Expansion to Multi-Year Partner Program with CynergisTek
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Rhea-AI Summary
CynergisTek (AMEX: CTEK) announces an expansion of its Resilience Partner Program (RPP) with a major Midwest health system, increasing its recurring contract by $500,000. This addition includes over twenty subsidiaries, enabling better risk management and response to cyber threats. CEO Mac McMillan emphasizes the need for a risk-first approach in healthcare cybersecurity, especially in light of rising ransomware incidents. The contract underlines the growing demand for RPP as the industry pivots towards comprehensive risk management solutions.
Positive
Expansion of contract by $500,000 enhances recurring revenue.
Addition of over twenty subsidiaries strengthens client relationships.
Growing demand for Resilience Partner Program reflects market needs.
Negative
None.
Major health system expands service agreement by adding university medical center, pharmacies, and assisted living facilities to its CynergisTek Resilience Partner Program
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, announces a half-million-dollar recurring contract expansion with a leading Midwest health system, adding more than twenty subsidiaries to the client’s existing Resilience Partner Program agreement.
CynergisTek’s Resilience Partner Program (RPP) helps organizations identify operational risk, remediate high priority vulnerabilities, and achieve active readiness to respond efficiently and effectively to cyber threats and disruptions. In years past, healthcare organizations worried about protecting patient data, now it’s about ransomware attacks shutting down operations and locking systems for days, if not weeks, adversely impacting patients. A trickle-down effect happens from stopping patient care to causing a significant financial impact on the health system’s bottom line, as seen with the attack on Scripps Health, where they reported a $113 million in revenue loss.
“The healthcare industry needs to shift its thinking from a compliance first approach to a risk first approach,” said Mac McMillan, CEO and President at CynergisTek. “Organizations need to combine both offensive and defensive measures to more fully address today’s threat and our RPP is designed to do just that. We’ve worked closely with this Midwest health system’s security team to identify and address their risk. Adding these additional subsidiaries allows them to extend their enterprise risk management process across their entire attack surface. The industry understands ransomware attacks aren’t slowing down and as a result, we’re seeing an uptick in demand for our Resilience Partner Program because a newer mindset in how to tackle risk is emerging, focused on building the ability to better anticipate and withstand attacks minimizing impacts.”
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.
