Parsons Unveils Industry’s First Holistic Cyber Solution for Critical Infrastructure Protection
- Successful pilot of Cyberzcape Tracker by leading utility providers in the Midwest
- The solution combines passive monitoring with active threat neutralization
- Enhances the safety and security of critical infrastructure networks
- Powered by artificial intelligence and machine learning
- None.
Insights
The introduction of Parsons Corporation's Cyberzcape Tracker represents a significant advancement in cybersecurity measures for critical infrastructure. This innovation is particularly noteworthy given the increasing frequency and sophistication of cyberattacks targeting essential services. By integrating both passive monitoring and active threat neutralization, Cyberzcape Tracker promises a more dynamic and preemptive approach to cybersecurity.
For stakeholders, the short-term implications include potential market differentiation and competitive advantage for Parsons as they offer a unique solution in an industry where security is paramount. Over the long-term, the adoption of such advanced cybersecurity measures could become a standard, influencing the broader market to enhance their security protocols, potentially leading to increased research and development costs for competitors.
However, the effectiveness of such systems must be weighed against the potential for false positives and the complexity of maintaining the AI and machine learning algorithms that drive the solution. The balance between security and operational efficiency is crucial, as any system that is too intrusive or generates excessive false alarms could disrupt the critical services it aims to protect.
The launch of Parsons Corporation's Cyberzcape Tracker could have a tangible impact on the company's market position. As cybersecurity becomes a top priority for governments and businesses alike, especially in the wake of high-profile cyberattacks, demand for comprehensive security solutions is on the rise. This product could position Parsons favorably within the critical infrastructure protection market, potentially leading to an increase in market share and revenue.
Furthermore, the successful pilot with two leading utility providers suggests that the product is not only technically viable but also has market acceptance. This early adoption by utilities, sectors known for their caution due to the high stakes involved, is a strong endorsement of the product's potential. As news of these successful pilots disseminates, it could influence investor sentiment and lead to positive stock market performance for Parsons, contingent on broader market conditions.
From a financial perspective, the development and launch of Cyberzcape Tracker by Parsons Corporation could represent a substantial investment in innovation with expectations for a significant return. The costs associated with research and development, coupled with the acquisition of IPKeys Cyber Partners, suggest a strategic allocation of capital towards growing Parsons' cybersecurity portfolio. The financial performance of Parsons will likely be influenced by the market's reception of Cyberzcape Tracker and its ability to convert this technological advancement into a revenue-generating service.
Investors will be keen to monitor the adoption rate of Cyberzcape Tracker and its impact on the company's financials. Positive reception and widespread adoption can lead to increased revenues, while also potentially reducing costs associated with cyberattacks for Parsons' clients. However, it is also important to consider the scalability of the solution and the company's ability to support a potentially rapid expansion in demand.
CHANTILLY, Va., Jan. 17, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) today announced the launch of a new holistic cyber solution – Cyberzcape Tracker – that proactively protects and neutralizes cyber threats within critical infrastructure networks. The solution is the first commercial cyber offering of its kind that combines passive monitoring with active threat neutralization within the critical infrastructure protection industry.
Recently, Cyberzcape Tracker was successfully piloted by two leading utility providers in the Midwest, unlocking a comprehensive, holistic, and programmatic contextual analysis of the network’s threat environment and then identifying and neutralizing malicious activity before impacting network integrity.
“In today’s blended global infrastructure and national security landscape, the necessity of safeguarding critical infrastructure’s cybersecurity is more crucial than ever. Protecting critical infrastructure is no longer an option; it’s an imperative,” said Robert Nawy, director, IPKCyber and Power Division at Parsons. “Society depends on interconnected digital systems and the potential consequences of cyberattacks on vital services and critical infrastructure – like the attacks on Ukraine’s power grid and the United States’ Colonial Pipeline – are serious to the health, safety, and stability of our global communities. The protection of essential sectors like energy, finance, and healthcare is not merely a technical challenge; it’s a cornerstone of national resilience and security in the face of evolving and more sophisticated digital threats.”
Cyberzcape Tracker will enhance the safety and security of customers across the critical infrastructure market, including local communities, utilities, and vital systems, while reducing the risk of effective cyberattacks on infrastructure suppliers. Powered by artificial intelligence and machine learning, Cyberzcape Tracker combines capabilities from the company’s acquisition of IPKeys Cyber Partners with operational Parsons’ cybersecurity solutions that are currently protecting networks across the global infrastructure and national security markets.
To learn more about how Parsons is designing, building, and securing global critical infrastructure, please visit: https://www.parsons.com/products/cyberzcape/.
About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.
Forward-Looking Statements:
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
Media Contact:
Chelsie McKittrick
+1 512.719.6877
Chelsie.McKittrick@parsons.com
Investor Relations Contact:
Dave Spille
+1 703.775.6191
Dave.Spille@parsons.com
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