December 13, 2022
TORONTO, December 13, 2022 – Cybeats Technologies Corp. (“Cybeats'' or the “Company”)(CSE: CYBT) is pleased to report a trial engagement for its cybersecurity platform with one of top five largest diversified video game and entertainment software companies in the world.
The trial engagement is for Cybeats SBOM Studio, an enterprise SBOM Management and software supply chain intelligence technology platform. SBOM Studio provides organizations, including large video game companies, the capability to efficiently manage SBOMs and software vulnerabilities, and provides proactive mitigation of cybersecurity risks to their software and valuable assets.
“This is another strong vote of confidence from another Fortune 500 company based on the value of our SBOM Management solution,” said Yoav Raiter, CEO, Cybeats. “Penetrating the large, booming gaming industry is an important new vertical unlocked for Cybeats as our SBOM Studio solution can help gaming organizations proactively protect their valuable platforms and users data from the growing risk of software supply chain attacks.”
“SBOM Studio has broad applications globally, for organizations of all sizes and industry verticals, as every company is a software company at some level,” said Bob Lyle, CRO, Cybeats. “The rapid growth of gaming and shift to online and cloud-based platforms over the past decade makes them attractive targets for cyberthreats, because of their valuable user data, which will only intensify as they become more involved in consumers’ digital assets like NFTs or Crypto.”
Over the past decade, the gaming industry has grown into the largest entertainment industry in the world, valued at $220 Billion USD in 2022 and expected to expand at a compound annual growth rate (CAGR) of 12.9% from 2022 to 2030. With that growth, cyber-attacks in the gaming sector have increased by 167% in the last year, according to a new report by cybersecurity firm Akamai. The growing amount of data collected by gaming companies also makes them attractive targets for cyber criminals who seek financial gains or simply want to execute malicious attacks on companies or players. Cyber criminals also look to steal virtual goods, sell fake non-fungible tokens (NFTs) and carry out distributed denial-of-service (DDoS) attacks on gaming platforms.
SBOM Studio provides organizations with the capability to efficiently manage SBOMs and software vulnerabilities and provides proactive mitigation of risks to their software supply chain. Key product features include robust software supply chain intelligence, universal SBOM document management and repository, continuous vulnerability, threat insights, precise risk management, open-source software license infringement and utilization, and secure SBOM exchange with regulatory authorities, customers and vendors, at reduced cost.
A software supply chain is composed of the components, libraries, tools, and processes used to develop, build, and publish a software artifact. Software vendors often create products by assembling open source and commercial software components. An SBOM is a nested inventory, a list of ingredients that make up software components, and have emerged as a key building block in software security and software supply chain risk management.
Cybeats is a leading SBOM Management and software supply chain intelligence technology provider, helping organizations manage risk, meet compliance and secure software from procurement, development through operation. Our platform provides customers with deep visibility and universal transparency into their software supply chain, as a result enables them to increase operational efficiencies and revenue. Cybeats. Software Made Certain. Website: https://cybeats.com
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James Van Staveren
Phone: 1-888-713-SBOM (7266)
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend "," believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Under the parent company, Scryb Inc., company filings are available at sedar.com.
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