Social Security Administration Exercises First Option Year on Contract to Deploy Telos Corporation’s Xacta

Rhea-AI Summary

Telos Corporation (NASDAQ: TLS) has announced that the Social Security Administration (SSA) has exercised the first option year of its contract for the Xacta cybersecurity solution. This contract, originally awarded in September 2019, enhances SSA's cyber risk management by allowing ongoing assessments and continuous monitoring of systems. The Xacta solution improves data collection, risk management decisions, and compliance monitoring, transitioning SSA to more dynamic cybersecurity authorizations. The contract renewal is expected to bolster Telos's position in the cybersecurity sector.

Positive

• Xacta solution contract with SSA renewed for the first option year.
• Enhancements to SSA's cybersecurity assessment and management processes.
• Transition to continuous cybersecurity monitoring signifies long-term engagement.

Negative

• None.

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ASHBURN, Va., Feb. 16, 2021 (GLOBE NEWSWIRE) -- Telos^® Corporation (NASDAQ: TLS), a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, today announced that the Social Security Administration (SSA) has exercised the first option year on the contract, including options, for its Xacta^® solution. SSA contracted Telos in September 2019 for a security assessment and authorization (SA&A) software solution to enhance the ongoing assessment and authorization of systems, and continuous monitor cybersecurity processes for the agency. The base year contract concluded in September 2020, leaving four option years, the first of which is now underway.

Xacta enhances effectiveness of the collection and analysis of real-time data regarding SSA information systems, including vulnerabilities, configuration standards and audit logs, as well as hardware and software inventories, thereby supporting organizational risk management decisions. The solution also enables more frequent and comprehensive enterprise- and system-level assessments of cybersecurity risk, empowering SSA to transition from static three-year security authorizations to ongoing authorization processes. Xacta offers FISMA reporting capabilities, a configurable approval process for tracking and managing remediation plans, and a customizable process template interface for creation and workflow management.

“We’re pleased to serve the hardworking men and women at SSA and look forward to the opportunity to enhance the cyber risk management processes for the agency,” said John B. Wood, CEO and chairman, Telos.

The Xacta enterprise cyber risk management and compliance automation solution helps organizations meet the complex challenges of managing IT risk with continuous compliance monitoring, security assessment and ongoing authorization. For more information about Xacta, including various use cases, visit www.telos.com/xacta.

About Telos Corporation
Telos Corporation (NASDAQ: TLS) empowers and protects the world’s most security-conscious organizations with solutions for continuous security assurance of individuals, systems, and information. Telos’ offerings include cybersecurity solutions for IT risk management and information security; cloud security solutions to protect cloud-based assets and enable continuous compliance with industry and government security standards; and enterprise security solutions for identity and access management, secure mobility, organizational messaging, and network management and defense. The company serves military, intelligence and civilian agencies of the federal government, allied nations and commercial organizations around the world. 

Media:
Mia Wilcox
Merritt Group on behalf of Telos Corporation
Email: wilcox@merrittgrp.com         
Phone: (610) 564-6773

Investors:
Brinlea Johnson
The Blueshirt Group on behalf of Telos Corporation
brinlea@blueshirtgroup.com 

FAQ

What is the significance of SSA exercising the option year for Telos' contract?

The exercise of the option year indicates continued reliance on Telos' Xacta solution for enhancing SSA's cybersecurity management, providing stability and potential revenue growth for Telos.

How does the Xacta solution benefit the SSA?

Xacta enhances SSA's capability to assess and manage cybersecurity risks continuously, improving real-time data analysis and compliance.

When was the original contract for Xacta awarded to Telos?

The original contract was awarded in September 2019.

What is the stock symbol for Telos Corporation?

The stock symbol for Telos Corporation is TLS.

What are the main features of the Xacta solution?

Xacta offers features such as continuous monitoring, real-time data collection, configurable reporting, and a customizable workflow management interface.