Cybeats Technologies has announced a software as a service (SaaS) agreement for its SBOM Studio product with one of the largest European telecom providers, that has a $30 billion market cap.
Open source software makes up over 80% 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 who is diligent, proactive and transparent with their cybersecurity practices.
After entering new market verticals, Cybeats manages to partner with some of the largest and most prolific organisations 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 MDM’s and four of the global top 10 in ICS. The Company therefore expects that its entry into the telecom industry could mark commercial traction in this new sector, as demonstrated by its proven track 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 fueled by regulation. Regulators in Europe are no longer standing by as organisations, including in the telecom space, fail to choose a proactive approach to their cybersecurity that aims to protect devices, users and national security interests,”said Justin Leger, the CEO at 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% of their gross sales. This enhanced oversight by the EU 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 an entry point into this regulated sector, and amidst cybersecurity mandates on the use of SBOM in the EU.
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