Cybeats announces extension of commercial agreement with existing fortune 500 Client By CIOTechOutlook Team

Cybeats announces extension of commercial agreement with existing fortune 500 Client

CIOTechOutlook Team | Tuesday, 14 March 2023, 09:13 IST

As a current Fortune 500, SBOM Studio1 client, Cybeats Technologies Corp. is thrilled to announce on an expanded commercial partnership. Over the whole three-year term of the SaaS ("Software as a Service") agreement, the product extension is offered.

For enterprises of all sizes to maximise the value of software bill of materials (SBOMs) and ensure regulatory compliance, Cybeats has developed the SBOM Studio management platform. The SaaS platform features a cutting-edge feature set that is constantly expanding, encouraging secure software development, transparency, and the provision of useful intelligence. This new feature's early commercial validation shows how quickly the company can develop novel solutions and meet pressing market demands.

"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

By 2025, the yearly cost of harm from cyberattacks, at the present rate of growth, will be nearly $10.5 trillion, a 300 percent rise from 2015 levels2. According to Strategic Market Research, the worldwide cybersecurity market will grow from $216 billion in 2021 to $478 billion in 2030, representing a 9.5% CAGR. 3 According to McKinsey, firms will spend $150 billion on cybersecurity worldwide in 2021, an increase of 12.4% annually. Currently, the IT industry spends 7% of its budget on cybersecurity. According to Strategic Market Research, this will grow by more than 10% over the following five years, reaching a market size of more than $60 billion by 2027.

One of the main factors influencing the growth of this market is the culture of hybrid work and work-from-home. According to a recent poll by Strategic Market Research, more than 70% of American software companies plan to raise their spending on cybersecurity in the near future.