Cybeats Commences Pilot with Top 5 Global Medical Device Manufacturer

Rhea-AI Summary

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.

Positive

• New pilot engagement with a top-five global medical device manufacturer
• Already serving three of the top ten largest global MDMs worldwide
• High conversion rate on pilots into commercial contracts
• SBOM Studio demonstrated 75% effort reduction for a Fortune 500 client, saving approximately $50,000 USD per project
• Addressing urgent cybersecurity market needs in the healthcare sector
• Partnership with Health Information Sharing and Analysis Center (H-ISAC)

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - July 31, 2024) - Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) ("Cybeats'' or the "Company"), is pleased to announce a new pilot engagement with a top-five global medical device manufacturer ("MDM"). Cybeats is already serving three of the top ten largest global MDMs worldwide, and maintains a high conversion rate on pilots^[2] into commercial contracts.^[3]

"Commencing another pilot with a leader from the medical device space highlights the value and efficacy of SBOM Studio and the teams' capacity to service some of the largest companies worldwide. The product solves urgent cybersecurity market needs, especially with regulatory shifts in the healthcare sector that include mandated FDA requirements for the use of SBOMs," said Justin Leger, CEO, Cybeats.

SBOM Studio helps its clients achieve improved cybersecurity outcomes and significant ROI by automating and streamlining the software vulnerability lifecycle and SBOM management. One global Fortune 500 client of Cybeats saw a reduction of approximately 500 hours of effort for software-based projects with open-source components, representing 75% -or an estimated $50,000 USD- in savings per project. With the key benefits of vulnerability monitoring, automated risk analysis, and regulatory compliance, SBOM Studio serves a broad range of users in the software supply chain. As a global cybersecurity Company, Cybeats is proud to serve the needs of a diverse blue-chip customer base and is an emerging pioneer with the most compelling product offering for managing SBOM.^[4]

The FDA's role in regulating cybersecurity for medical devices has significantly increased as the FDA can now reject or approve premarket submissions for medical devices based on whether they meet section 524B of the Federal Food, Drug, and Cosmetic Act (FD&C Act). An important section 524B requirement is that medical device manufacturers (MDMs) provide a SBOM for the device's commercial, open source and off-the-shelf software components.^[5]

Cybeats is a proud partner of the Health Information Sharing and Analysis Center (H-ISAC)^[6]: a global organization focused on enhancing cyber and physical security in the healthcare industry.^[7] The global healthcare cybersecurity market is valued at approximately $18 billion and is expected to grow at 14.2% annually to over $35 billion by 2028^[8].

Learn more here about how Cybeats can help you to manage risk and meet evolving cyber regulatory requirements.

About Cybeats

Cybeats is a cybersecurity company providing Software Bill of Material (SBOM) management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats. Software Made Certain. Website: https://cybeats.com

SUBSCRIBE: For more information, or to subscribe to the Company's mail list, visit: https://www.cybeats.com/investors

Contact:

James Van Staveren
Corporate Development
Phone: 1-888-713-SBOM (7266)
Email: ir@cybeats.com

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the products described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available at sedarplus.ca.

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^[1] https://www.cybeats.com/sbom-studio
^[2]https://www.cybeats.com/news/cybeats-provides-corporate-update-significant-commercial-delivery-and-strategic-positioning-to-capitalize-on-sector-growth
^[3]https://www.cybeats.com/news/cybeats-signs-commercial-agreement-with-a-top-3-global-medical-device-and-diagnostics-company
^[4] https://www.cisa.gov/sbom
^[5] FD&C Act section 524B "Ensuring Cybersecurity of Devices", para. (b) (3).
^[6] https://h-isac.org/
^[7]https://www.cybeats.com/news/cybeats-partners-with-health-isac-a-global-healthcare-cyber-physical-security-organization-to-deliver-joint-commercial-solution-health-isac-sbom-studio
^[8] https://www.marketsandmarkets.com/Market-Reports/healthcare-cybersecurity-market-215097518.html

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218373

FAQ

What is the new pilot engagement announced by Cybeats Technologies Corp. (CYBCF)?

Cybeats Technologies Corp. (CYBCF) has announced a new pilot engagement with a top-five global medical device manufacturer (MDM).

How many top global medical device manufacturers does Cybeats currently serve?

Cybeats is currently serving three of the top ten largest global medical device manufacturers worldwide.

What are the key benefits of Cybeats' SBOM Studio product?

The key benefits of SBOM Studio include vulnerability monitoring, automated risk analysis, regulatory compliance, and significant ROI through automation and streamlining of the software vulnerability lifecycle and SBOM management.

What is the projected growth of the global healthcare cybersecurity market according to the Cybeats (CYBCF) press release?

The global healthcare cybersecurity market is expected to grow from its current value of $18 billion to over $35 billion by 2028, with an annual growth rate of 14.2%.

How does SBOM Studio by Cybeats (CYBCF) help clients achieve ROI?

SBOM Studio helps clients achieve ROI by automating and streamlining the software vulnerability lifecycle and SBOM management. One Fortune 500 client reported a 75% reduction in effort for software-based projects, saving approximately $50,000 USD per project.