Relay Medical Applauds White House Executive Order On Improving Cybersecurity; Highlights SBOM Studio
Relay Medical Corp. (RYMDF) praises a recent executive order by President Biden prioritizing cybersecurity, mandating the use of a Software Bill of Materials (SBOM) to enhance software supply chain integrity. This aligns with Relay's Cybeats cybersecurity platform, already designed for SBOM implementation. With growing concerns over cyber attacks, the federal government seeks to partner with the private sector to adapt to evolving threats. Relay is scaling its SBOM solution and appointed Chuck Brooks as a Special Advisor, highlighting its potential in the projected $154.59 billion Critical Infrastructure Protection market.
- Relay Medical supports the U.S. executive order prioritizing cybersecurity, which enhances its market alignment.
- Cybeats, acquired by Relay, offers a solution for the growing SBOM cybersecurity market, projected to reach $154.59 billion by 2028.
- Appointment of Chuck Brooks to the Board strengthens Relay's credibility in cybersecurity.
- None.
TORONTO, May 18, 2021 (GLOBE NEWSWIRE) -- Relay Medical Corp. (“Relay” or the “Company”) (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2) – applauds a recent US executive order issued by the Biden Administration to strengthen the nation’s cybersecurity practices.
Last week, the United States President Joe Biden outlined a policy making cybersecurity a top priority and essential that the Federal Government lead by example for all Federal Information Systems to exceed the standards and requirements set forth by the order. The order’s primary mandate is to enhance the integrity of software supply chains by requiring a Software Bill of Materials (SBOM), a solution that is already at the core of Relay Medical’s Cybeats’ cybersecurity platform.
“The SBOMs gain greater value when collectively stored in a repository that can be easily queried by other applications and systems. Understanding the supply chain of software, obtaining an SBOM, and using it to analyze known vulnerabilities are crucial in managing risk,” stated Joseph Biden, President of the United States of America in the Executive Order on Improving the Nation’s Cybersecurity. “The term “Software Bill of Materials” or “SBOM” means a formal record containing the details and supply chain relationships of various components used in building software. Software developers and vendors often create products by assembling existing open source and commercial software components. The SBOM enumerates these components in a product. It is analogous to a list of ingredients on food packaging. An SBOM is useful to those who develop or manufacture software, those who select or purchase software, and those who operate software. Developers often use available open source and third-party software components to create a product; an SBOM allows the builder to make sure those components are up to date and to respond quickly to new vulnerabilities. Buyers can use an SBOM to perform vulnerability or license analysis, both of which can be used to evaluate risk in a product. Those who operate software can use SBOMs to quickly and easily determine whether they are at potential risk of a newly discovered vulnerability. A widely used, machine-readable SBOM format allows for greater benefits through automation and tool integration.”
The complete Executive Order can be found here:
“Following the recent numerous, and notable cyber attacks on critical infrastructure in the US, it is not surprising to see this order in support of a federal security standard for software and the companies that supply the government,” stated Yoav Raiter, CEO, Relay Medical Corp. “This order is in direct support of Relay’s recent acquisition and exactly what the Cybeats platform addresses as part of its cybersecurity suite.”
Relay Medical acquired Cybeats in late March1 and has since been scaling the solution to meet the growing needs of cybersecurity across multiple industries. The Company has begun pilots of an SBOM solution which directly addresses many facets of the Order including removing barriers to information sharing when detecting, responding and investigating threats.
Most recently, Relay appointed Chuck Brooks to the Board as a Special Advisor.2 His thought leadership has been recognized as a two-time Presidential appointee and he was a member of the Department of Homeland Security.
Market
Currently, security experts often use Critical infrastructure protection (CIP) solutions to protect infrastructure from cyber-attacks. In 2021, the CIP market size was USD 96.30 billion and is projected to reach USD 154.59 billion by 2028.3 As the federal government plans to partner with the private sector, they will need to adapt to the continuously changing threats to ensure its products operate securely. Cybeats has a leading solution for the new SBOM cybersecurity market which provides visibility to new vulnerabilities as Cybeats and is complementary to existing solutions offered by large companies.
Cybeat SBOM Studio
Cybeats is a cybersecurity platform for IoT developers that offers rich SBOM functionality to ensure that open source and third-party software components are up to date and secure. Cybeats not only highlights vulnerabilities during the development cycle of the product, the platform also suggests a plan on how to address the cybersecurity vulnerabilities in the most efficient and effective form. After the IoT product is in the market Cybeats allows operators to use the SBOM Studio functionality to quickly and easily determine whether devices are at potential risk of a newly discovered vulnerability. Cybeats continuously monitors the IoT product operation and learns its behavior; in the case there is a security breach, Cybeats responds quickly to new vulnerabilities, reports to operators and can terminate attacks reducing IoT device down time.
About Relay Medical Corp.
Relay Medical is a technology innovator headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and AI data science and IoT security sectors.
Website: www.relaymedical.com
Cybeats is a wholly owned subsidiary of Relay Medical Corp. Website: www.cybeats.com
For Media Inquires: Destine Lee, media@relaymedical.com, 647-872-9982
Contact:
W. Clark Kent
President
Relay Medical Corp.
Office. 647-872-9982 ext. 3
TF. 1-844-247-6633 ext. 3
investor.relations@relaymedical.com
Bernhard Langer
EU Investor Relations
Office. +49 (0) 177 774 2314
Email: blanger@relaymedical.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com
1 https://www.relaymedical.com/blog/2021/3/18/relay-medical-closes-acquisition-of-iot-cybersecurity-firm-cybeats-technologies-inc
2 https://www.relaymedical.com/blog/2021/5/4/relay-welcomes-global-cybersecurity-thought-leader-expert-and-influencer-chuck-brooks-to-cybeats-advisory-board
3 https://www.globenewswire.com/fr/news-release/2021/02/18/2177844/0/en/Critical-Infrastructure-Protection-CIP-market-to-Reach-USD-154-59-billion-by-2028.html
FAQ
What is the significance of the recent executive order for Relay Medical Corp (RYMDF)?
How does Relay Medical (RYMDF) plan to address the cybersecurity needs set by the executive order?
Who was appointed as Special Advisor to Relay Medical Corp (RYMDF) following the executive order?
What is the projected growth of the Critical Infrastructure Protection market related to Relay Medical (RYMDF)?
