- Companies that experience data breaches face, on average, $4.35 million in consequential costs, demonstrating the importance of an effective cybersecurity response
- Small to medium-sized businesses (“SMBs”) generally find the costs of hiring full-time cybersecurity experts to be prohibitive, making it difficult for them to effectively protect themselves from potential cyber crimes
- Virtual chief information security officer (“vCISO”) services are filling the breach with expert cybersecurity consultancy provided on a contract basis that is far more affordable than a full-time hire
- Cybersecurity services and technology provider SideChannel Inc. provides vCISO consultancy as well as proprietary Enclave software that addresses access control needs through microsegmentation
- SideChannel recently reported that its solutions have resulted in 71 percent YOY revenue growth with vCISO-specific services rising 93 percent and recurring software & services growing 367 percent
The industry providing virtual chief information security officer (“vCISO”) services is positioned to grow, given that cybercrime is one of the fastest-growing crimes in the United States and that the average cost of a data breach is $4.35 million, but the cost of hiring a full-time staff CISO can itself run into the hundreds of thousands of dollars, a recent Forbes report notes (https://nnw.fm/hEIGT).
Virtual CISOs provide high-level security service as a consultancy contract without the need for committed staffing, offering a more affordable option. Cybersecurity services and technology provider SideChannel (OTCQB: SDCH) is demonstrating the popularity of vCISO solutions for emerging and middle market companies with its growing financial stream.
SideChannel’s fiscal year-end results reported Dec. 20 note that the company’s revenue grew 71 percent YOY and vCISO revenue specifically grew 93 percent to $3.1 million. Further, recurring vCISO revenue increased by 562.
“Our investments in sales and marketing, coupled with our expanding cybersecurity, privacy, and risk management capabilities, has proven to be effective at acquiring new clients and retaining existing relationships,” CEO Brian Haugli stated in a company news release (https://nnw.fm/IXB6e).
The company’s vCISO engagements are typically for a 12-month period with a monthly subscription and an annual renewal option, and each of SideChannel’s vCISO’s is generally embedded into the C-suite executive teams of its clients, according to management’s notes in its annual report to the U.S. Securities and Exchange Commission (“SEC”)
(https://nnw.fm/w3BJZ). In addition to its vCISO solutions, SideChannel is developing new cybersecurity software and services for its customers. The company’s Enclave product rolled out in September, providing SMBs critical encryption, microsegmentation and access control.
“Industry standard cybersecurity and risk management frameworks, such as National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”) and Center for Internet Security Controls (“CIS”), prioritize inventory of assets and access control as top requirements for a sustainable and compliant cybersecurity program,” the company’s SEC report states. “Enclave reduces the attack surface; which means there is less surface area to search. … Enclave reduces the time to containment by reducing the surface area visible to an intruder.”
The year-end financial report states recurring software & services revenue increased by 367 percent.
“The Company ended the fiscal year with a cash balance of $3.0 million on September 30, 2022. We expect to continue to effectively use our cash to fund further growth and are excited about the future,” Chief Financial Officer Ryan Polk stated.
For more information, visit the company’s website at www.SideChannel.com.
NOTE TO INVESTORS: The latest news and updates relating to SDCH are available in the company’s newsroom at https://nnw.fm/SDCH
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