Cybeats Technologies Corp. - CYBCF STOCK NEWS

Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) has unveiled new Artificial Intelligence Bill of Materials (AIBOM) capabilities, enhancing its cybersecurity offerings. This development allows customers to ingest, analyze, and secure AI components, addressing the growing risks associated with AI adoption in software supply chains.

The AIBOM solution aligns with recent AI regulations in the EU and US, including the EU Artificial Intelligence Act and new guidelines from CISA and the Department of Homeland Security. These regulations emphasize the need for AI system identification, origin tracking, and risk assessment, positioning Cybeats' SBOM Studio as a key solution in this evolving landscape.

The global AI governance market, valued at $124 Billion in 2022, is expected to grow at a CAGR of 36%, indicating a positive market trend for Cybeats' new AI capabilities.

On June 26, 2024, Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) provided an update regarding its default status report under National Policy 12-203. The company had previously announced on April 30, 2024, that it failed to file its annual financial statements and management discussion and analysis for the year ended December 31, 2023. Cybeats reiterated that there have been no material changes since the initial default announcement and it anticipates filing the required documents by June 28, 2024. Failure to meet this deadline could result in a cease trade order on Cybeats’ securities by Canadian regulatory authorities.

Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) has provided an update on its default status following previous announcements on April 18, April 30, May 15, and May 28, 2024. The company has not yet filed its annual financial statements and management discussion for the year ending December 31, 2023, which were due by April 29, 2024. Cybeats plans to submit these documents by June 30, 2024. If it fails to meet this deadline, Canadian regulatory authorities may impose a cease trade order on its securities. The company will continue to provide bi-weekly updates until the documents are filed.

Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) highlights recent commercial successes in the infrastructure sector, showcasing client renewals and expanded contracts. The company boasts a 100% client retention rate and has secured four of the global top 10 companies in the industrial control systems (ICS) sector as clients. These clients include multinational companies with market capitalizations of $130 billion, $60 billion, and $50 billion. New clients include a $30 billion water technology firm and a $20 billion electrical infrastructure company. Cybeats attributes its success to its SBOM Studio, which streamlines vulnerability management from open-source and third-party software, addressing regulatory pressures in U.S. and EU critical infrastructure sectors. The company reports a 144% net revenue retention and high conversion rates on pilot projects. Cybeats continues to lead in ICS cybersecurity, driven by industry standards like NERC CIP, ISA 62443, and Executive Order 14028.

Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) has announced a significant SaaS agreement with one of the largest water technology companies in the U.S., which has a market cap of over $30 billion and operates in more than 150 countries. This deal comes amid increasing cyber threats to U.S. water infrastructure, as highlighted by recent warnings from President Joe Biden and the EPA. Cybeats' SBOM Studio software aims to enhance cybersecurity measures by addressing vulnerabilities in software components. The water sector represents a substantial growth opportunity for Cybeats, driven by heightened regulatory focus on cybersecurity and software transparency. Cybeats' solution supports industry needs by providing a comprehensive platform for Software Bill of Materials (SBOM) management.

Cybeats Technologies Corp. (CSE: CYBT, OTCQB: CYBCF) has issued a bi-weekly default status update regarding its failure to file annual financial statements and related disclosures for the year ending December 31, 2023, by the April 29, 2024, deadline. This update follows previous press releases on April 18, April 30, and May 15, 2024. The company anticipates completing these filings by June 30, 2024. If this deadline is not met, Canadian Securities Regulatory Authorities may impose a cease trade order on Cybeats' outstanding securities. The company commits to providing bi-weekly updates as required under National Policy 12-203 until compliance is achieved.

Cybeats Technologies Corp. has joined the U.S. Cybersecurity and Infrastructure Security Agency's 'Secure by Design' initiative, enhancing its commitment to high security standards. This initiative unites industry leaders, including Amazon, Cisco, Google, IBM, Microsoft, and Palo Alto Networks, to elevate cybersecurity across diverse tech sectors. As one of the 68 initial companies to pledge, Cybeats aims to advance enterprise software security by ensuring secure configurations and features like MFA, logging, and SSO are enabled by default. This move aligns Cybeats with CISA's seven key security goals, fostering a culture of transparency and accountability.

Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) recapped its participation at the RSA conference, held in San Francisco from May 6-9, 2024. The event emphasized the need for proactive tools to automate and accelerate cyber threat identification, prioritization, and remediation. Cybeats showcased their SBOM Studio which streamlines these processes, making them more efficient.

During the event, Cybeats launched the 'BCA Marketplace,' a platform designed to simplify the purchasing process for Binary Composition Analysis and SBOM tools, ensuring rapid compliance with industry standards. The company also co-hosted its 3rd annual 'SBOM Meetup,' engaging with technology executives to discuss AI, security, and software transparency, leading to several commercial leads.

With regulatory bodies like CISA, NIST, FDA, and the EU driving market needs, Cybeats believes it is well-positioned to meet these challenges and anticipates high demand for its innovative solutions.

Cybeats Technologies provided an update regarding its default status as per the National Policy 12-203 guidelines. The company confirmed it had not filed its 2023 annual financial statements and related documents by the April 29, 2024 deadline. Cybeats anticipates completing these filings before June 30, 2024. The company will continue bi-weekly updates until compliance is achieved. If the documents are not filed by this date, the Canadian Securities Regulatory Authorities may impose a cease trade order on Cybeats' securities. No other material changes were reported.