Welcome to our dedicated page for Cybeats news (Ticker: CYBCF), a resource for investors and traders seeking the latest updates and insights on Cybeats stock.
About Cybeats Technologies Corp. (CYBCF)
Cybeats Technologies Corp. is a global leader in cybersecurity, specializing in Software Bill of Materials (SBOM) management and software supply chain intelligence. Headquartered in Toronto, Ontario, Cybeats provides innovative solutions that help organizations manage risk, meet regulatory compliance, and secure their software ecosystems from procurement to development and operation. By offering comprehensive visibility and transparency into software supply chains, Cybeats empowers its clients to improve operational efficiency, enhance security, and drive revenue growth.
Core Offerings
At the heart of Cybeats' product suite is SBOM Studio, an industry-leading platform designed to streamline software vulnerability management, ensure regulatory compliance, and enhance supply chain transparency. SBOM Studio serves a diverse range of industries, including healthcare, industrial automation, and government sectors, enabling organizations to:
- Identify and mitigate software supply chain risks in real-time.
- Track and manage software vulnerabilities with automated risk analysis.
- Ensure compliance with evolving regulations such as the U.S. Executive Order 14028 and the EU Cyber Resilience Act.
- Facilitate secure SBOM sharing to foster trust and transparency with stakeholders.
Complementing SBOM Studio is SBOM Consumer, a solution tailored for organizations that procure and deploy software from multiple vendors. This platform simplifies SBOM ingestion, validation, and continuous monitoring, making it an essential tool for industries reliant on third-party software, such as healthcare and critical infrastructure.
Industry Leadership and Market Relevance
Cybeats has established itself as a trusted partner for some of the world's largest organizations, including Fortune 500 companies and government agencies like the U.S. Department of Defense. Its solutions align with global regulatory frameworks, providing clients with the tools needed to navigate complex compliance landscapes. In the healthcare sector, for instance, Cybeats supports medical device manufacturers (MDMs) in meeting FDA requirements for SBOMs, thereby enhancing patient safety and regulatory adherence.
The company's innovative approach extends to emerging technologies, with capabilities like AI Bill of Materials (AIBOM) management and AI Threat Intelligence Collection (AITIC). These advancements address the growing cybersecurity risks associated with artificial intelligence and software supply chains, further reinforcing Cybeats' market leadership.
Competitive Advantages
Cybeats differentiates itself through:
- Comprehensive Solutions: Offering end-to-end SBOM management for both software producers and consumers.
- Regulatory Alignment: Ensuring compliance with stringent regulations across North America and Europe.
- Proven ROI: Demonstrating measurable cost savings and efficiency gains for clients, such as reducing vulnerability management efforts by up to 75%.
- High Conversion Rates: Achieving a 90% conversion rate from product trials to long-term commercial licenses.
- Strategic Partnerships: Collaborating with industry leaders like Rockwell Automation and the U.S. Department of Defense.
Market Outlook
As global cybersecurity threats continue to rise, the demand for SBOM solutions is accelerating. Cybeats is strategically positioned to capitalize on this trend, offering scalable solutions that address both current and future market needs. With a growing customer base, recurring revenue model, and focus on innovation, Cybeats is poised to remain a key player in the cybersecurity landscape.
Conclusion
Cybeats Technologies Corp. exemplifies innovation and leadership in the cybersecurity industry. Its cutting-edge solutions, regulatory expertise, and commitment to transparency make it an indispensable partner for organizations aiming to secure their software supply chains. Cybeats. Software Made Certain.
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.
Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) has announced a significant SaaS agreement with one of the largest water technology companies in the U.S., which has a market cap of over $30 billion and operates in more than 150 countries. This deal comes amid increasing cyber threats to U.S. water infrastructure, as highlighted by recent warnings from President Joe Biden and the EPA. Cybeats' SBOM Studio software aims to enhance cybersecurity measures by addressing vulnerabilities in software components. The water sector represents a substantial growth opportunity for Cybeats, driven by heightened regulatory focus on cybersecurity and software transparency. Cybeats' solution supports industry needs by providing a comprehensive platform for Software Bill of Materials (SBOM) management.
Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) has issued a bi-weekly default status update regarding its failure to file annual financial statements and related disclosures for the year ending December 31, 2023, by the April 29, 2024, deadline. This update follows previous press releases on April 18, April 30, and May 15, 2024. The company anticipates completing these filings by June 30, 2024. If this deadline is not met, Canadian Securities Regulatory Authorities may impose a cease trade order on Cybeats' outstanding securities. The company commits to providing bi-weekly updates as required under National Policy 12-203 until compliance is achieved.
FAQ
What is the current stock price of Cybeats (CYBCF)?
What is the market cap of Cybeats (CYBCF)?
What is Cybeats Technologies Corp. known for?
What industries does Cybeats serve?
How does Cybeats' SBOM Studio help organizations?
What is the significance of SBOM Consumer?
How does Cybeats align with global regulations?
Who are some of Cybeats' key clients?
What competitive advantages does Cybeats offer?
What is Cybeats' role in AI cybersecurity?
