Relay Addresses New U.S. Infrastructure Bill Providing $2 Billion for Cybersecurity; Energy Department, Homeland Security and Cyber Support for Small Businesses
Toronto, Ontario--(Newsfile Corp. - November 19, 2021) - Relay Medical Corp. (CSE: RELA) (OTCQB: RYMDF) (FSE: EIY2) ("Relay" or the "Company") addresses the U.S. infrastructure bill signed into law by the President yesterday that will provide close to $2 Billion for cybersecurity and related provisions.1
The White House announced that the legislation is the 'largest investment in the resilience of physical and natural systems in American history' to make the U.S. safer and its infrastructure more resilient to the impacts of cyber-attacks.
"This is a significant government expenditure and resource allocation that further frames the needs of the cybersecurity sector, especially at the infrastructure and supply chain level. The sector is ripe for disruption and experiencing significant growth. Cybeats is very well situated to service government-related sectors with its timely and invaluable cyber products," said Yoav Raiter, CEO, Cybeats.
Allocation of Federal Funding
The Federal Emergency Management Agency cyber grant program will distribute $1 Billion over four years to state and local governments. The legislation will also provide $100m over four years, set aside for when the Department for Homeland Security (DHS) declares any significant incidents. DHS will also receive $158m for cybersecurity R&D.
The U.S. Energy Department will see two $250m programs for rural and municipal utility security and a second for grid security research and development. This has been an area of particular high focus this year after the cyberattack on the Colonial Pipeline back in May.2
The Small Business Development Center Cyber Training Act3 aims to provide small businesses with the resources required to fight cyber threats on their own and help Small Business Development Centers better assist small businesses with cybersecurity-linked issues.
Cybeats, SBOM & National Security
The SBOM inclusion in the executive order was intentionally mandated for the government and private industry, though the two sectors see SBOMs in different ways. Government agencies see SBOMs as a means to reduce national security risks, whereas the private industry might see SBOMs as a cost or economic issue. Private companies will start experiencing pressures to reduce brand reputation risks and protecting IP and trade secrets via SBOM4. Software vendors can expect to see customers start demanding SBOMs in their contracts. Cybeats' SBOM Studio is poised to play a valuable part in supply chain security and supporting National cybersecurity efforts.
RECENT NEWS: Cybeats was recently highlighted in a Forbes Article: https://bit.ly/3nFVY25
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About Relay Medical Corp.
Relay Medical is a technology innovator headquartered in Toronto, Canada focused on the development of novel solutions in the diagnostics, AI data science and IoT security sectors.
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. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
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