Mr. Justin Leger reports

CYBEATS SIGNS CYBERSECURITY DEAL WITH TOP 3 EUROPEAN TELECOM LEADER

Cybeats Technologies Corp. has entered into a SaaS (software-as-a-service) agreement for its SBOM Studio product with one of the largest European telecommunications providers, that has a $30-billion market cap.

Open-source software makes up over 80 per cent of the software in use in modern applications. SBOM Studio helps its customers understand the security risks stemming from their software, including the third party and open-source components. The telecom multinational has over 280 million customers, who expect that their personal data and digital safety will be in the hands of an organization that is diligent, pro-active and transparent with its cybersecurity practices.

After entering new market verticals, Cybeats manages to partner with some of the largest and most prolific organizations within the sector. Cybeats accomplished this in both the medical device manufacturing (MDM) and industrial control systems (ICS) sectors, where Cybeats has already secured three of the global top 10 MDMs and four of the global top 10 in ICS. The company therefore expects that its entry into the telecom industry could mark significant commercial traction in this new sector, as demonstrated by its proven record.

"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 fuelled by regulation. Regulators in Europe are no longer standing by as organizations, including in the telecom space, fail to choose a pro-active approach to their cybersecurity that aims to protect devices, users and national security interests," said Justin Leger, chief executive officer, Cybeats.

European companies that fail to comply with new cybersecurity requirements, including certain software bill of materials (SBOM) reporting, could face administrative fines of up to $15-million, or 2.5 per cent of their gross sales. This enhanced oversight by the EU (European Union) fortifies the go-to-market thesis for SBOM Studio, supporting its commercial expansion through several markets in the G7. Cybeats signed this initial one-year contract on March 15, 2024, which marked a significant entry point into this tightly regulated sector, and amidst impactful cybersecurity mandates on the use of SBOM in the EU.

About Cybeats Technologies Corp.

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. The platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats -- software made certain.

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