CynergisTek Continues to Assist Healthcare Clients Manage Third-Party Supply Chain Security Risks
March 15 2022 - 7:00AM
Business Wire
Two long-term clients and award-winning comprehensive health
care systems in the northeast and southeast regions renew vendor
security contracts with CynergisTek
CynergisTek (NYSE American: CTEK), leading cybersecurity,
privacy, compliance, and IT audit firm helping organizations in
highly regulated industries navigate emerging security and privacy
issues, announces two six-figure Vendor Security Management (VSM)
contract renewals, one with a nationally recognized health system
in the northeast, and the other with a community healthcare system
in the southeast region. Both contracts are valid for three years
and saw a revenue increase from their previous values.
“Supply chain vendors have become an increasingly popular target
for cybercriminals and hackers attacking healthcare. Understanding
the risk that these vendors present is an important part of
managing risk across the entire attack surface. These two long-term
renewals are also significant as we have seen a 100% renewal rate
in Q1 thus far, supporting growth in pre-sold revenues. This is
also a direct indication that our customers value our enhanced
services, rely on our expertise, and trust our capability to help
them minimize the impact of disruption to their business,” said Mac
McMillan, President & CEO of CynergisTek. “We recognize the
industry's need to focus on vendor security management and serve
our community to help build and strengthen their proactive
programs.”
The healthcare industry relies heavily on third parties to
provide a variety of services that help drive their business and
support their operations, but cybercriminals regularly target these
vendors to gain unauthorized access to enterprise systems.
CynergisTek’s VSM service is used to assess and manage an
organization’s third-party privacy and security concerns from
business associates who have access to protected health information
(PHI). In today’s threat landscape, there is increasing recognition
of the need for the healthcare community to take a proactive
approach to cybersecurity. Organizations need to ensure greater due
diligence in understanding their security posture and in overseeing
the privacy practices of their business associates. Both clients’
ongoing renewal of their VSM contracts demonstrates their concern
regarding vendor security and the confidence they have in
CynergisTek’s managed services to address this issue.
“CynergisTek’s unique collaborative approach to its managed
services is manifested in our partner philosophy of consulting and
advisory support. Our analysts and consultants work side by side
with their client counterparts to perform this critical function.
This allows our clients to have a higher degree of confidence in
their supply chain,” said Andrew Mahler, VP of Compliance &
Privacy Services for CynergisTek.
About CynergisTek, Inc.
CynergisTek (www.cynergistek.com),
is a top-ranked cybersecurity consulting firm helping organizations
in highly-regulated industries, including those in healthcare,
government, and finance navigate emerging security and privacy
issues. CynergisTek combines intelligence, expertise, and a
distinct methodology to validate a company's security posture and
ensure the team is rehearsed, prepared, and resilient against
threats. Since 2004, CynergisTek has been dedicated to hiring and
retaining experts who bring real-life experience and hold advanced
certifications to support and educate the industry by contributing
to relevant industry associations. For more information, visit
www.cynergistek.com or follow us on
Twitter or LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements
relating to the business of CynergisTek, Inc. These forward-looking
statements are within the meaning of Section 27A of the Securities
Act of 1933, as amended (the “Securities Act”) and Section 21E of
the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) and can be identified by the use of forward-looking
terminology such as “believes,” “expects,” “anticipates,” “would,”
“could,” “intends,” “may,” “will,” or similar expressions. Such
forward-looking statements involve known and unknown risks and
uncertainties, including but not limited to uncertainties relating
to product/services development; long and uncertain sales cycles;
the ability to obtain or maintain proprietary intellectual property
protection; future capital requirements; competition from other
providers; the ability of the Company’s vendors to continue
supplying the Company with supplies and services at comparable
terms and prices; the Company’s ability to successfully compete and
introduce enhancements and new features that achieve market
acceptance and that keep pace with technological developments; the
Company’s ability to maintain its brand and reputation and retain
or replace its significant customers; cybersecurity risks and risks
of damage and interruptions of information technology systems; the
Company’s ability to retain key members of management and
successfully integrate new executives; the Company’s ability to
complete acquisitions, strategic investments, entry into new lines
of business, divestitures, mergers or other transactions on
acceptable terms, or at all; potential risks and uncertainties
relating to the existing and ultimate impact of COVID-19, including
the geographic spread, the severity of the virus, the duration of
the COVID-19 outbreak, actions that may be taken by governmental
authorities to contain the COVID-19 outbreak or to treat its
impact, and the potential negative impacts of COVID-19 on the
global economy and financial markets, and other factors that may
cause actual results to be materially different from those
described herein as anticipated, believed, estimated or expected.
Certain of these risks and uncertainties are or will be described
in greater detail in the Company’s Form 10-K and Form 10-Q filings
with the Securities and Exchange Commission, which are available at
http://www.sec.gov. Given the risks and uncertainties, readers
should not place undue reliance on any forward-looking statement
and should recognize that the statements are predictions of future
results which may not occur as anticipated. Many of the risks
listed above have been, and may further be, exacerbated by the
COVID-19 pandemic, including its impact on the healthcare industry.
Actual results could differ materially from those anticipated in
the forward-looking statements and from historical results, due to
the risks and uncertainties described herein, as well as others not
now anticipated. CynergisTek is under no obligation (and expressly
disclaims any such obligation) to update or alter its
forward-looking statements whether as a result of new information,
future events, or otherwise.
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CynergisTek Investor Relations Contact: CynergisTek, Inc.
Bryan Flynn (512) 402-8550 x7 InvestorRelations@cynergistek.com
CynergisTek Media Contact: CynergisTek, Inc. Trinity
McPherson (443) 853-8468 trinity.mcpherson@cynergistek.com
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