(Source: Cybeats Technologies Corp.)
  • Cybeats (CSE:CYBT) signed a software as a service (SaaS) agreement for its software bill of materials product with one of the largest European telecom providers
  • Cybeats’ SBOM Studio can help its customers understand the security risks stemming from their software, including the third-party and open-source components
  • European companies that fail to comply with new cybersecurity requirements, including certain SBOM reporting, could face administrative fines of up to C$21.9 million or 2.5 per cent of their gross sales
  • Cybeats Technologies Corp. closed trading at $0.34 per share

Cybeats (CSE:CYBT) stock closed more than 83 per cent higher on Monday on news of its cybersecurity deal with a top European telecom leader.

The Toronto-based cybersecurity company has signed a software as a service (SaaS) agreement for its software bill of materials (SBOM) product with one of the largest European multinational telecom providers, which has a C$30 billion market cap and more than 280 million customers.

Cybeats’ SBOM Studio can help its customers understand the security risks stemming from their software, including the third-party and open-source components. Open source software makes up more than 80 per cent of the software in use in modern applications. 

“Engaging a global leader in the telecom sector is a significant step in our commercial journey. When building SBOM Studio, Cybeats ensured the product was industry agnostic, allowing for a diverse customer base and scalable reach, especially in high-potential verticals fueled by regulation,” Cybeats’ CEO, Justin Leger, said in a news release. “Regulators in Europe are no longer standing by as organizations, including in the telecom space, fail to choose a proactive approach to their cybersecurity that aims to protect devices, users and national security interests.”

European companies that fail to comply with new cybersecurity requirements, including certain SBOM reporting, could face administrative fines of up to C$21.9 million or 2.5 per cent of their gross sales. This E.U. oversight fortifies the go-to-market thesis for the company’s SBOM Studio, supporting its commercial expansion through several markets in the G7.

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. closed trading at $0.34 per share. Though its stock is 86 per cent higher over past month, it is down 68 per cent since this time last year.

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