Cybeats Announces Two-Year Commercial Engagement with Global Leader in Digital Advertising Technology
Toronto, Ontario--(Newsfile Corp. - December 30, 2022) - Cybeats Technologies Corp. (CSE: CYBT) ("Cybeats'' or the "Company") is pleased to report a two-year agreement with a global leader in digital media quality and advertising technology, for a software license to Cybeats' SBOM Studio cybersecurity platform.
"This engagement further validates the broad and industry agnostic value that Cybeats offers, and in this case, supporting the security efforts of an Ad Tech leader who is combating the costly impacts of Ad fraud. SBOM Studio provides valuable cost-saving and operational efficiencies to cybersecurity teams, benefiting a diverse range of organizations from multiple sectors," said Yoav Raiter, CEO, Cybeats. "With this technology leader having chosen Cybeats, they've taken a proactive approach in managing their software supply chain risks, in order to protect their platforms, customers and brands."
The client is a Nasdaq listed technology firm, and a leader in a rapidly evolving digital ad landscape. The client purchased a multi-year Software as a Service (SaaS) license to Cybeats SBOM Studio, for which the commercial engagement commenced in early December, involving approximately $180,000 CAD in revenue. Ensuring that ads are viewable by real people, in safe and suitable environments, their mission is to be the global benchmark for trust and transparency in digital media quality for the world's leading brands, publishers, and platforms.
Ad fraud is one of the largest forms of online cyber-crime, projected to cost advertisers more than $100 billion by 20231. It's estimated that between 40% and 70% of all ad views are fraudulent, and on some sites nearly 9 out of 10 visitors are fraudulent2. Ad fraud is deliberate attempts to publish ads that have no potential to be viewed by a human user. Attackers set up a page of ads and have bots visit to generate fake traffic. Since it looks like the ads were viewed, the advertising network still gets paid.3
Cybeats SBOM Studio
Cybeats' SBOM Studio was developed to support organizations to manage SBOMs, support SBOM distribution to clients, and provide a single pane of glass to cybersecurity vulnerabilities. SBOM Studio accelerates vulnerability management, reduces the cost of protection, and improves compliance. SBOM Studio is required by software producers and consumers that rely on thousands of product software. SBOM Studio supports the cultural change of organizations through the adoption of new and transparent software development processes. SBOM Studio is agnostic to the SBOM generation tool and improves the accuracy of SBOM by validating imported SBOM and correcting them.
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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