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Cybeats Technologies Corp. (CYBCF) is a global leader in cybersecurity technology, offering industry-leading solutions in SBOM management and software supply chain intelligence. The company recently announced its inclusion in the 'Secure by Design' initiative by the U.S. Cybersecurity and Infrastructure Security Agency (CISA), highlighting its commitment to enhancing security standards across various tech sectors. With a focus on securing enterprise software realms, Cybeats is at the forefront of promoting secure configurations and transparency in software supply chains. Their innovative platform provides customers with visibility and transparency into their software supply chain, empowering them to manage risk, ensure compliance, and secure their software throughout its lifecycle.Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) has announced a commercial reseller agreement with Capyx, an IT services provider in Belgium. Capyx will act as a value-added reseller, offering Cybeats' SBOM Studio and vulnerability management services in Belgium and Luxembourg. This partnership aims to help organizations meet European regulations like NIS2, EU Cyber Resilience Act (CRA), and Digital Operational Resilience Act (DORA).
To celebrate Cybersecurity Awareness Month, Cybeats and Capyx will host the Cybeats x Capyx: SBOM Summit, Belgium 2024. The event will focus on software supply chain security, SBOM management, and compliance with European regulations. Cybeats recently launched 'SBOM Consumer', a new product for organizations to collect, analyze, and manage SBOMs, improving security practices in sectors like healthcare and utilities.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) has been enlisted by the U.S. Department of Defense to deploy its SBOM Studio platform. The technology will be used by multiple components of the US military, including the U.S. Army and U.S. Naval Air Systems Command. This deployment solidifies Cybeats' position as a trusted provider of cybersecurity solutions to the U.S. government, bringing its Software Bill of Materials (SBOM) management solution to three branches of the U.S. military.
The market for Cybeats' solutions has been propelled by Executive Order 14028, which outlined SBOM mandates and enhanced supply chain risk management across the U.S. government. SBOM Studio will identify software supply chain risks in real time, track and manage software vulnerabilities, and help ensure compliance with the executive order.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) has launched SBOM Consumer, a new product designed for organizations of all sizes to collect and analyze Software Bill of Materials (SBOM). This product addresses the growing market demand for solutions that leverage SBOMs to manage third-party software risk and respond to software supply chain attacks.
Key features of SBOM Consumer include:
- SBOM validation and quality assessment
- Continuous vulnerability monitoring
- Contextualized threat intelligence
- Real-time alerting capabilities
- Integration with asset management and risk solutions
The launch comes as the U.S. Army announces new SBOM requirements for software vendors by February 2025, positioning Cybeats to support this effort and strengthen national cybersecurity.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) has secured a renewed and expanded contract with a Fortune 500 client in the industrial control systems (ICS) sector for its SBOM Studio. This marks the company's fifth major client in the infrastructure space, with a 15% contract expansion. Cybeats has maintained a 100% client retention rate for approximately two years, demonstrating strong satisfaction with its technology.
The company's SBOM Studio helps clients achieve improved cybersecurity outcomes and ROI by automating software vulnerability lifecycle and SBOM management. Cybeats serves a diverse blue-chip customer base and is emerging as a pioneer in SBOM management solutions. The industrial cyber sector is driven by regulations such as NERC CIP, ISA 62443, and Executive Order 14028, which emphasize the importance of cybersecurity in critical infrastructure.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) has announced a new pilot engagement with a top-five global medical device manufacturer (MDM). This development highlights the company's growing presence in the medical device sector, as Cybeats is already serving three of the top ten largest global MDMs worldwide. The company's SBOM Studio product addresses urgent cybersecurity market needs, particularly in light of new FDA requirements for the use of Software Bills of Materials (SBOMs) in the healthcare sector.
SBOM Studio has demonstrated significant ROI for clients, with one Fortune 500 client reporting a 75% reduction in effort for software-based projects, translating to approximately $50,000 USD in savings per project. The global healthcare cybersecurity market, currently valued at $18 billion, is expected to grow at 14.2% annually, reaching over $35 billion by 2028.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) reported significant revenue growth for fiscal 2023 and Q1 2024. Key highlights include:
- 693% year-over-year revenue increase from $147,954 in 2022 to $1,172,747 in 2023
- 121% Q1 2024 revenue increase to $482,756 compared to Q1 2023
- SBOM Studio recognized as the only commercial service for managing SBOMs in NSA and U.S. Department of Defense 2023 best cyber practices report
- Multiple multi-year, seven-figure contracts closed
- New CEO appointment and strategic partnerships established
- 9% decrease in total expenses for 2023
- SOC 2 Type II certification achieved
Cybeats attributes its growth to increasing cyber attacks, regulatory focus on software supply chain security, and rising demand for software transparency. The company's SBOM Studio has demonstrated significant ROI for clients, with one Fortune 500 client reporting 75% savings in effort for software-based projects.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) has unveiled new Artificial Intelligence Bill of Materials (AIBOM) capabilities, enhancing its cybersecurity offerings. This development allows customers to ingest, analyze, and secure AI components, addressing the growing risks associated with AI adoption in software supply chains.
The AIBOM solution aligns with recent AI regulations in the EU and US, including the EU Artificial Intelligence Act and new guidelines from CISA and the Department of Homeland Security. These regulations emphasize the need for AI system identification, origin tracking, and risk assessment, positioning Cybeats' SBOM Studio as a key solution in this evolving landscape.
The global AI governance market, valued at $124 Billion in 2022, is expected to grow at a CAGR of 36%, indicating a positive market trend for Cybeats' new AI capabilities.
On June 26, 2024, Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) provided an update regarding its default status report under National Policy 12-203. The company had previously announced on April 30, 2024, that it failed to file its annual financial statements and management discussion and analysis for the year ended December 31, 2023. Cybeats reiterated that there have been no material changes since the initial default announcement and it anticipates filing the required documents by June 28, 2024. Failure to meet this deadline could result in a cease trade order on Cybeats’ securities by Canadian regulatory authorities.
Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) has provided an update on its default status following previous announcements on April 18, April 30, May 15, and May 28, 2024. The company has not yet filed its annual financial statements and management discussion for the year ending December 31, 2023, which were due by April 29, 2024. Cybeats plans to submit these documents by June 30, 2024. If it fails to meet this deadline, Canadian regulatory authorities may impose a cease trade order on its securities. The company will continue to provide bi-weekly updates until the documents are filed.
Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) highlights recent commercial successes in the infrastructure sector, showcasing client renewals and expanded contracts. The company boasts a 100% client retention rate and has secured four of the global top 10 companies in the industrial control systems (ICS) sector as clients. These clients include multinational companies with market capitalizations of $130 billion, $60 billion, and $50 billion. New clients include a $30 billion water technology firm and a $20 billion electrical infrastructure company. Cybeats attributes its success to its SBOM Studio, which streamlines vulnerability management from open-source and third-party software, addressing regulatory pressures in U.S. and EU critical infrastructure sectors. The company reports a 144% net revenue retention and high conversion rates on pilot projects. Cybeats continues to lead in ICS cybersecurity, driven by industry standards like NERC CIP, ISA 62443, and Executive Order 14028.
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