VANCOUVER, BC and SAN DIEGO, Sept. 13,
2023 /CNW/ -- CyberCatch Holdings,
Inc. ("CyberCatch" or the "Company") (TSXV:
CYBE), an innovative cybersecurity company offering an artificial
intelligence ("AI") enabled platform solution for continuous
compliance and cyber risk mitigation, is pleased to announce the
launch of its SEC Compliance Manager solution to enable compliance
with SEC's new Cybersecurity Incident Reporting and Risk Management
Rule.
Cybersecurity risk is one of the most significant risks facing
just about every single company, and SEC noted in the Rule that it
takes on average:
- 42 days to discover breaches
- 80 days to disclose a breach after discovery
- $9.44 million is the average cost
of a data breach
The new SEC Rule impacts 8,474 companies and mandates reporting
and disclosure of a material cybersecurity incident within four
business days and disclosure of cybersecurity risk management,
strategy and governance, including board oversight over
cybersecurity risk management.
The Rule became effective September
5, 2023. Reporting of material cybersecurity incidents
is mandatory effective December 18,
2023, and disclosure of cybersecurity risk management is
mandatory for companies with fiscal year ending on or after
December 15, 2023.
CyberCatch's SEC Compliance Manager solution contains the 25
controls in the Rule in order to attain compliance, along with an
automated cybersecurity assessment workflow engine for gap
analysis, supporting compliance evidence repository for each
control, charts and graphs and an AI-enabled cybersecurity advisor
with tips, insights and guidance to quickly and effectively attain
and maintain compliance.
"CyberCatch's SEC Compliance Manager is a unique, first to
market solution. Now thousands of companies can efficiently and
effectively attain and maintain compliance with SEC's new
cybersecurity regulation. The 25 controls that are necessary, are
not obvious in the Rule, however are captured and incorporated into
our solution. Also, the built-in AI-enabled cybersecurity advisor
with deep and unique insights is a force-multiplier value
proposition for customers," said Sai Huda, founder, chairman and
CEO, CyberCatch.
The SEC Compliance Manager solution is offered as a
Software-as-a-Service (SaaS) with an annual SaaS fee based on the
size of the organization. For further information, visit:
cybercatch.com/sec
About CyberCatch
CyberCatch Holdings, Inc.
(TSXV:CYBE) is a cybersecurity company that provides a proprietary,
artificial intelligence-enabled (AI) Software-as-a-Service (SaaS)
solution that enables continuous compliance and cyber risk
mitigation to organizations in critical segments, so they can be
safe from cyber threats. The CyberCatch platform focuses on solving
the root cause of why cyberattacks are successful: security holes
from control deficiencies. It first helps implement all mandated
and necessary controls, then the platform automatically and
continuously tests the controls from three dimensions (outside-in,
inside-out and social engineering) to find control failures so one
can fix them promptly to stay compliant and safe from attackers.
Learn more at: https://www.cybercatch.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information, please contact:
John Martin, Investor
Relations Manager
Phone: 1-866-753-2923
Email: info@cybercatch.com
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SOURCE CyberCatch