CyberCatch Launches Innovative Anti-Ransomware Solution

Rhea-AI Summary

CyberCatch Holdings, Inc. (TSXV: CYBE) has launched an innovative AI-enabled anti-ransomware solution to combat the growing ransomware epidemic. The solution focuses on implementing critical cybersecurity controls as prescribed by NIST IR 8374 Ransomware Risk Management Framework. Key features include:

1. Ensuring organizations have all mission-critical cybersecurity controls in place
2. Continuous monitoring and testing to maintain safety and compliance
3. Options for baseline safety (top 25 controls) or full safety (69 controls)

CyberCatch's CEO, Sai Huda, emphasized the urgent need for this solution, citing the spike in median ransom payments from $200,000 in 2023 to $1.5 million mid-year in 2024. The company expects rapid adoption across organizations of all sizes, potentially accelerating sales growth.

Positive

• Launch of innovative AI-enabled anti-ransomware solution
• Potential for rapid adoption across various organization sizes
• Expected acceleration of sales growth for the company
• Unique approach focusing on implementing critical cybersecurity controls

Negative

• None.

Vancouver, British Columbia and San Diego, California--(Newsfile Corp. - September 10, 2024) - CyberCatch Holdings, Inc. (TSXV: CYBE) ("CyberCatch'' or the "Company"), a cybersecurity company offering an AI-enabled platform solution for compliance and cyber risk mitigation, announced today the launch of its unique anti-ransomware solution. Ransomware is an epidemic and victims paid over $1 billion in ransom payments in 2023, the most in history, according to Chainalysis, and ransomware attacks continue to mount in 2024 with a spike in the median ransom payment increasing from $200,000 in 2023 to $1.5 million mid-year in 2024. "Ransomware attacks differ from other cybersecurity threats and events, with an immediate, significant impact on business operations, and must be combatted by recognizing it as a mission critical risk and addressed with targeted mitigation," said Sai Huda, CEO, CyberCatch.

"CyberCatch's AI-enabled anti-ransomware solution is unique because it focuses on ensuring the organization has all of the mission critical cybersecurity controls in place to combat ransomware and these controls will be effective when ransomware will rear its ugly head, and it is not if, but when. This is what is missing in organizations today and why there is a ransomware epidemic. CyberCatch's solution is the first of its kind in the marketplace and we expect it to be rapidly adopted, no matter an organization's size or type given the urgent need, and accelerate sales growth for the Company," continued Sai Huda.

Organizations need to implement 69 cybersecurity controls as prescribed in NIST IR 8374 Ransomware Risk Management Framework to become resilient to a ransomware attack. Minimally, an organization needs to implement the top 25 controls in NIST IR 8374, as curated by CyberCatch, to attain a baseline risk mitigation level.

CyberCatch's anti-ransomware solution enables the organization to quickly attain baseline safety or full safety and stay safe and compliant with continuous monitoring and testing, and avoid falling victim to a ransomware attack and suffer significant financial and operational loss.

To learn more, check out customer case studies and request demo, visit CyberCatch.

About CyberCatch
CyberCatch Holdings, Inc. (TSXV: CYBE) provides a proprietary, AI-enabled Software-as-a-Service (SaaS) solution that provides continuous compliance and cyber risk mitigation to organizations in critical segments, so they can be safe from cyber threats. The CyberCatch platform focuses on solving the root cause of why cyberattacks are successful: security holes from control deficiencies. It first helps implement all mandated and necessary controls, then the platform automatically and continuously tests the controls from three dimensions (outside-in, inside-out and social engineering) to find control failures so one can fix them promptly to stay compliant and safe from attackers. Learn more at: https://www.cybercatch.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Investor Relations
Phone: 1-866-756-2923
Email: info@cybercatch.com

SOURCE CyberCatch

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222744

FAQ

What is CyberCatch's new anti-ransomware solution and how does it work?

CyberCatch's new anti-ransomware solution is an AI-enabled platform that ensures organizations implement critical cybersecurity controls based on NIST IR 8374 Ransomware Risk Management Framework. It offers options for baseline safety (top 25 controls) or full safety (69 controls) and provides continuous monitoring and testing to maintain security and compliance.

How much have ransomware payments increased according to CyberCatch (TSXV: CYBE)?

According to CyberCatch (TSXV: CYBE), the median ransomware payment has increased from $200,000 in 2023 to $1.5 million mid-year in 2024, highlighting the growing severity of the ransomware threat.

What impact does CyberCatch (TSXV: CYBE) expect its new anti-ransomware solution to have on sales?

CyberCatch (TSXV: CYBE) expects its new anti-ransomware solution to be rapidly adopted by organizations of all sizes, potentially accelerating the company's sales growth due to the urgent need for such protection in the market.

When did CyberCatch Holdings, Inc. (TSXV: CYBE) announce its new anti-ransomware solution?

CyberCatch Holdings, Inc. (TSXV: CYBE) announced the launch of its new anti-ransomware solution on September 10, 2024.