- Cybeats (CSE:CYBT) stock opened almost 7 per cent higher on Thursday on news of its cybersecurity deal with one of the world’s largest water technology providers
- The company has signed a software as a service agreement for its software bill of materials product with the U.S.-based water technology provider that has a market cap of more than $30 billion and operates in more than 150 countries
- This new contract follows warnings issued this month by President Joe Biden and top officials about increasing cyberattacks on U.S. water infrastructure by state-sponsored foreign actors
- Cybeats Technologies Corp. opened trading at $0.23 per share
Cybeats (CSE:CYBT) stock opened almost 7 per cent higher on Thursday on news of its cybersecurity deal with one of the world’s largest water technology providers.
The Toronto-based cybersecurity company has signed a software as a service agreement for its software bill of materials (SBOM) product with the U.S.-based water technology provider that has a market cap of more than $30 billion and operates in more than 150 countries.
Cybeats’ SBOM Studio assists customers in identifying security risks associated with their software, including those from third-party and open-source components. Open-source software constitutes more than 80 per cent of the software used in modern applications.
This new contract follows warnings issued this month by President Joe Biden and top officials about increasing cyberattacks on U.S. water infrastructure by state-sponsored foreign actors. Because of these heightened risks to U.S. entities, such as Cybeats’ new client, organizations are now seeking cybersecurity solutions to enhance the protection of critical systems. On May 20, the U.S. Environmental Protection Agency issued a warning about urgent cybersecurity threats and vulnerabilities to drinking water systems. The Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency has also been enhancing protections over the nation’s water systems, which have been increasingly targeted. As a result, further action by the industry is now considered to be imperative.
“The water infrastructure sector presents an immense opportunity for our growth, driven by a surge in regulatory focus on software transparency through SBOM,” Cybeats’ CEO, Justin Leger, said in a news release. “Both industry regulators and companies now recognize the essential need to increase software transparency. SBOM Studio offers a comprehensive solution that addresses the industry’s urgent cybersecurity challenges and operational demands.”
Cybeats Technologies Corp. is an SBOM management and software supply chain intelligence technology provider. It enables organizations to manage risk, meet compliance and secure software from procurement and development through operation.
Cybeats Technologies Corp. opened trading at $0.23 per share.
Join the discussion: Find out what everybody’s saying about this stock on the Cybeats Technologies Corp. Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo: Cybeats Technologies Corp.)
