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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 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.
Cybeats Technologies Corp. has joined the U.S. Cybersecurity and Infrastructure Security Agency's 'Secure by Design' initiative, enhancing its commitment to high security standards. This initiative unites industry leaders, including Amazon, Cisco, Google, IBM, Microsoft, and Palo Alto Networks, to elevate cybersecurity across diverse tech sectors. As one of the 68 initial companies to pledge, Cybeats aims to advance enterprise software security by ensuring secure configurations and features like MFA, logging, and SSO are enabled by default. This move aligns Cybeats with CISA's seven key security goals, fostering a culture of transparency and accountability.
Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) recapped its participation at the RSA conference, held in San Francisco from May 6-9, 2024. The event emphasized the need for proactive tools to automate and accelerate cyber threat identification, prioritization, and remediation. Cybeats showcased their SBOM Studio which streamlines these processes, making them more efficient.
During the event, Cybeats launched the 'BCA Marketplace,' a platform designed to simplify the purchasing process for Binary Composition Analysis and SBOM tools, ensuring rapid compliance with industry standards. The company also co-hosted its 3rd annual 'SBOM Meetup,' engaging with technology executives to discuss AI, security, and software transparency, leading to several commercial leads.
With regulatory bodies like CISA, NIST, FDA, and the EU driving market needs, Cybeats believes it is well-positioned to meet these challenges and anticipates high demand for its innovative solutions.
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