Source: Cybeats Technologies Corp.
  • Cybeats Technologies Corp. (CYBT) has expanded its three-year commercial engagement with an existing Fortune 500 SBOM Studio client
  • Market Research estimates that cybersecurity will exceed 10 per cent of IT industry spending in the next five years, reaching a market size of over $60 billion
  • Cybeats’ SBOM Studio enables organizations to manage their software bill of materials (SBOMs) securely
  • Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology
  • Cybeats Technologies Corp. (CYBT) opened trading at C$0.97

Cybeats Technologies Corp. (CYBT) has expanded its three-year engagement with an existing Fortune 500 SBOM Studio client to include its newest product feature.

“Pioneering this new product feature with one of our largest existing commercial clients demonstrates our team’s relentless dedication to customer needs. We expect our current and growing pipeline of prospective clients, some of whom we met with at the recent MWC conference in Barcelona, will see the value of upgrading their commercial engagements to include our newest product feature,” said Bob Lyle, CRO Cybeats Technologies.

The SBOM Studio platform features a continually growing feature set that promotes secure software development and transparency while providing valuable intelligence. 

At the current rate of growth, damage from cyberattacks will amount to about $10.5 trillion annually by 2025 – a 300 percent increase from 2015 levels. Strategic Market Research predicts the global cybersecurity market to reach $478 billion by 2030, up from $216 billion in 2021, reflecting a 9.5 per cent CAGR. McKinsey estimates that organizations globally spent $150 billion in 2021 on cybersecurity, reflecting 12.4 per cent annual growth.

Presently, cybersecurity accounts for ~7 per cent of IT industry spending. Strategic Market Research estimates this will exceed 10 per cent in the next five years, reaching a market size of over $60 billion by 2027. Hybrid working and the work-from-home culture are among the key drivers of this market growth. More than 70 per cent of the software companies in the United States surveyed by Strategic Market Research say that they will increase their cybersecurity spending in the near future.

About SBOM Studio

Cybeats’ SBOM Studio enables organizations to efficiently manage, distribute, and view their software bill of materials (SBOMs) in a single interface.

About Cybeats

Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. 

Cybeats Technologies Corp. (CYBT) opened trading at C$0.97.


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