Cybeats Technologies Corp., is pleased to report on an expanded commercial engagement with an existing Fortune 500, SBOM Studio1 client. The product expansion is for the full 3-year duration of the SaaS (“Software as a service”) agreement.
Cybeats’ SBOM Studio management platform is designed for organizations of all sizes to optimize the value of software bill of materials (SBOMs) and maintain compliance with regulatory requirements. The SaaS platform boasts an innovative and continually growing feature set that promotes secure software development, transparency, and provides valuable intelligence. The early commercial validation of this new feature demonstrates the Company’s ability to bring innovative solutions to market with speed, and satisfying urgent market needs.
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“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
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 levels2. Strategic Market Research predicts the global cybersecurity market to reach $478 billion by 2030, up from $216 billion in 2021, reflecting a 9.5% CAGR.3 McKinsey estimates that organizations globally spent $150 billion in 2021 on cybersecurity, reflecting 12.4% annual growth. Presently, cybersecurity accounts for ~7% of IT industry spend. Strategic Market Research estimates this will exceed 10% in the next five years, reaching a market size of over $60 billion by 2027. Hybrid working and work-from-home culture is one of the key drivers of this market growth. Currently, over 70% of the software companies in the United States surveyed by Strategic Market Research say that they will increase their cybersecurity spend in the near future.4
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