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IronNet Signs Contract to Enhance Cybersecurity of U.S. Navy’s Naval Sea Systems Command (NAVSEA) Following Successful Pilot Program
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Rhea-AI Summary
IronNet has secured an initial federal contract with the U.S. Navy’s Naval Sea Systems Command (NAVSEA) to enhance cybersecurity services. This follows a successful pilot program utilizing the IronNet Collective Defense Platform. The contract, valued at $1.2 million in annual recurring revenue and involving 17 Defense Industrial Base (DIB) clients, aims to mitigate cyber threats against the Department of Defense. With a reported 263% increase in cybersecurity vulnerabilities since 2016, this partnership is vital in protecting the Navy’s intellectual property and improving network security across DIB contractors.
Positive
Initial federal contract with U.S. Navy valued at $1.2 million ARR.
Pilot program demonstrated successful application of IronNet's cybersecurity solutions.
Collective Defense Platform enhances threat visibility and intelligence sharing among DIB participants.
Addresses increasing cybersecurity vulnerabilities in the Defense Industrial Base.
Negative
Potential risks associated with the execution of the federal contract.
Concerns over IronNet's ability to continue as a going concern amidst competitive pressures.
Agreement addresses cyber threats against the Defense Industrial Base (DIB) by using the IronNet Collective Defense℠ Platform to improve threat visibility and anonymized intelligence sharing
MCLEAN, Va.--(BUSINESS WIRE)--
IronNet, Inc. (NYSE: IRNT) (“IronNet”), an innovative leader Transforming Cybersecurity Through Collective Defense℠, today announced the execution of an initial federal contract to provide cybersecurity services for the U.S. Navy’s Naval Sea Systems Command (NAVSEA), the largest of the United States Navy's five "systems commands." The agreement was entered into following the completion of a successful pilot program that provided the IronNet Collective Defense Platform to NAVSEA.
As nation-state cyber threats against the Department of Defense (DoD) Defense Industrial Base (DIB) program continue to grow, IronNet enhances the cybersecurity protection and prevention of third-party and supply chain cyber risk across the DIB. This support aligns with the DoD’s efforts to encourage DIB entities to report information and share anonymized cyber threat indicators that they believe are valuable in alerting the government and others in order to better counter threat actor activity. The IronNet Collective Defense Platform will enable each contractor in the NAVSEA DIB program to increase its visibility of threats on the network, while also interconnecting them in real time under a private IronNet Collective Defense Community for NAVSEA.
“We are proud to support the United States military’s cybersecurity capabilities,” said General (Ret.) Keith Alexander, CEO and founder of IronNet. “This partnership comes at a critical moment when global cyber threats are at an all-time high. The IronNet Collective Defense Platform gives the Navy a best-in-class solution, enabling threat intelligence gained in one environment to be crowdsourced anonymously and at network speed among other organizations—especially smaller ones with fewer resources for identifying and assessing threats quickly. This initial contract, which has an annual recurring revenue (ARR) value of $1.2 million to IronNet, includes 17 DIB customers and should help us to establish a base with a branch of the U.S. military upon which we are working to expand.”
The pilot program revealed that small- and medium-sized businesses in the DIB especially are potentially vulnerable and soft targets for adversaries to gain operational advantage. The Collective Defense approach to DIB cybersecurity is designed to ensure that participating DIB organizations no longer have to protect their networks in isolation; within the secure Collective Defense platform, they can pool resources, including the work of cyber analysts across organizations who are seeing and defending against the same cyber attacks hitting the sector. This partnership will raise the security posture of the U.S. Navy, as outlined in the 2019 Secretary of the Navy Cybersecurity Readiness Review, and comes in response to the fact that the DIB at large has experienced a 263% increase in cybersecurity vulnerabilities since 2016 (National Defense Industrial Association (NDIA) Vital Signs report, February 2, 2022).
The IronNet Collective Defense Platform is built on the IronDefense offering: an advanced network detection and response (NDR) solution that uses artificial intelligence and machine learning to increase the visibility of the threat landscape while improving detection efficacy in a network environment through automated correlations-based detections. SOC teams equipped with IronDefense can be more efficient and effective with existing cyber defense tools and analyst capacity.
The IronNet Collective Defense Platform serves as an early warning system for all participating companies and organizations, strengthening network security through correlated alerting, automated triage, and extended hunt support. IronNet recently updated its platform to further improve alert fidelity and analyst workflow by enhancing embedded risk scoring for easier alert prioritization. These enhancements result in significantly reduced alert loads and false positives, as well as shortened mean time to investigation.
With the IronNet Collective Defense Platform, NAVSEA will have greater visibility of the current threat landscape, with situational context, and will be able to improve the effectiveness of existing defenses and cybersecurity tools used by its DIB contractors. Providing continuous monitoring of known and unknown threats supports Cybersecurity Maturity Model Certification (CMMC) requirements.
The IronNet Collective Defense Platform provides actionable, timely, and relevant cyber attack intelligence earlier in an intrusion before a threat has a significant impact, which should allow DIB companies and the Navy to better protect U.S. Naval intellectual property.
About IronNet, Inc.
Founded in 2014 by GEN (Ret.) Keith Alexander, IronNet, Inc. (NYSE: IRNT) is a global cybersecurity leader that is transforming how organizations secure their networks by delivering the first-ever Collective Defense platform operating at scale. Employing a number of former NSA cybersecurity operators with offensive and defensive cyber experience, IronNet integrates deep tradecraft knowledge into its industry-leading products to solve the most challenging cyber problems facing the world today.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding IronNet’s ability to provide visibility and detection of malicious behaviors and to help defend against increased cyber threats facing the globe and the company’s strategy to expand its offerings among branches of the U.S military. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside IronNet’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: IronNet’s ability to continue as a going concern; risks and uncertainties associated with a potential filing for relief under the United States Bankruptcy Code; IronNet’s inability to recognize the anticipated benefits of collaborations with IronNet’s partners and customers; IronNet’s ability to execute on its plans to develop and market new products and the timing of these development programs; the rate and degree of market acceptance of IronNet’s products; the success of other competing technologies that may become available; the performance of IronNet’s products; potential litigation involving IronNet; and general economic and market conditions impacting demand for IronNet’s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” in IronNet’s Annual Report on Form 10-K for the year ended January 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on May 2, 2022, IronNet’s most recent Quarterly Report on Form 10-Q for the quarter ended July 31, 2022, filed with the SEC on September 14, 2022, and other documents that IronNet files with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IronNet does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
