Cybeats Signs Cybersecurity Deal with Top 3 European Telecom Leader

Rhea-AI Summary

Cybeats Technologies Corp. signs a cybersecurity deal with a top 3 European telecom leader, marking a significant milestone in the company's commercial journey. The SaaS agreement for SBOM Studio1 product aims to enhance cybersecurity practices in the telecom sector, leveraging Cybeats' industry-leading software. With a focus on regulatory compliance and security risks, Cybeats expects substantial commercial traction in this new market vertical.

TORONTO, April 15, 2024 /PRNewswire/ - Cybeats Technologies Corp. ("Cybeats'' or the "Company")(CSE: CYBT) (OTCQB: CYBCF), a Company offering industry-leading cybersecurity software, is pleased to announce a SaaS ("software as a Service") agreement for its SBOM Studio¹ product with one of the largest European telecom providers, that has a $30 Billion market cap.

Open source software makes up over 80% of the software in use in modern applications². SBOM Studio helps its customers understand the security risks stemming from their software, including the third-party and open-source components. The telecom multinational has over 280 million customers, who expect that their personal data and digital safety will be in the hands of an organization who is diligent, proactive and transparent with their cybersecurity practices.

After entering new market verticals, Cybeats manages to partner with some of the largest and most prolific organizations within the sector. Cybeats accomplished this in both the Medical Device Manufacturing ("MDM") and Industrial Control Systems ("ICS") sectors, where Cybeats has already secured three of the global top 10 MDM's and four of the global top 10 in ICS. The Company therefore expects that its entry into the telecom industry could mark significant commercial traction in this new sector, as demonstrated by its proven track record.

"Engaging a global leader in the telecom sector is a significant step in our commercial journey. When building SBOM Studio, Cybeats ensured the product was industry agnostic, allowing for a diverse customer base and scalable reach, especially in high-potential verticals fueled by regulation. Regulators in Europe are no longer standing by as organizations, including in the telecom space, fail to choose a proactive approach to their cybersecurity that aims to protect devices, users and national security interests," said Justin Leger, CEO, Cybeats. 

European companies that fail to comply with new cybersecurity requirements, including certain Software Bill of Materials ("SBOM") reporting, could face administrative fines of up to €15 million or 2.5% of their gross sales.³ This enhanced oversight by the EU fortifies the go-to-market thesis for SBOM Studio, supporting its commercial expansion through several markets in the G7.⁴ Cybeats signed this initial one year contract on March 15, 2024 which marked a significant entry point into this tightly regulated sector, and amidst impactful cybersecurity mandates on the use of SBOM in the EU.

About Cybeats

Cybeats is a cybersecurity company providing 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 

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	1 https://www.cybeats.com/sbom-studio
	2 State of Dependency Management 2023 | Endor Labs. (n.d.). https://www.endorlabs.com/learn/state-of-dependency-management-2023
	3 https://shorturl.at/jTUX5
	4 https://shorturl.at/hqBEI

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

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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SOURCE Cybeats Technologies Corp.

FAQ

What is the significance of Cybeats signing a cybersecurity deal with a top 3 European telecom leader?

The deal marks a significant milestone in Cybeats' commercial journey, showcasing the company's ability to partner with major organizations in the telecom sector.

What is the purpose of the SaaS agreement for SBOM Studio1 product?

The agreement aims to enhance cybersecurity practices in the telecom sector by helping customers understand security risks related to their software.

What are the potential consequences for European companies failing to comply with new cybersecurity requirements?

European companies failing to comply could face administrative fines of up to €15 million or 2.5% of their gross sales.

When was the initial contract signed between Cybeats and the European telecom leader?

The initial one-year contract was signed on March 15, 2024, marking a significant entry point into the tightly regulated telecom sector.

How does the EU's enhanced oversight impact Cybeats' commercial expansion?

The EU's oversight, including SBOM reporting requirements, supports Cybeats' commercial expansion through various markets in the G7.

What is the focus of Cybeats' SBOM Studio product?

SBOM Studio helps customers understand security risks associated with their software, including third-party and open-source components.

What is the market cap of the European telecom provider Cybeats signed the deal with?

The European telecom provider has a market cap of $30 billion.

How many customers does the telecom multinational have?

The telecom multinational has over 280 million customers.

Who is the CEO of Cybeats Technologies Corp.?

Justin Leger is the CEO of Cybeats Technologies Corp.