CynergisTek Ready for Cyber Insurance Demands on Healthcare
01 Oktober 2021 - 1:00PM
Business Wire
Midwest health system turns to CynergisTek to
implement additional controls to meet carrier’s new and more
stringent requirements
CynergisTek (NYSE American: CTEK), a leading cybersecurity firm
helping organizations in highly regulated industries navigate
emerging security and privacy issues, announces a six-figure
agreement for Privileged Access Management (PAM) services with an
existing Midwest health system client to safeguard identities with
special access or capabilities beyond regular users.
The increase in ransomware attacks has cyber insurance providers
scrambling to cover their losses and the industry saw a rise in
insurance premiums of 25 percent in the second quarter of 2021. In
an effort to address the growing threats and costs associated, many
cyber insurance providers are requiring clients to meet a certain
level of best practice risk management strategies. If the client
doesn’t comply the organization is at risk of increased premiums or
may be deemed uninsured. One of the numerous requirements is for
organizations to implement and run a PAM tool that will
continuously scan access, provides Just In Time Access (JITA), and
delivers protection when credentials are compromised. News of these
cyber insurance requirements led CynergisTek to quickly partner
with Remediant, Inc. to provide the tool while the CynergisTek team
offers a service to efficiently implement and manage alerts.
“Our healthcare clients are in the eye of the perfect storm
right now,” said Mac McMillan, CEO of CynergisTek, Inc. “Right as
they are dealing with the impacts of one of the longest pandemics
in history, the threat they face from cyber-attacks not only hasn’t
abated, but has increased and become more difficult, and now the
cyber insurance industry has figured out that these attacks are
costly and they are raising the bar for organizations to get
coverage.” Organizations all over the country have reported
receiving notices of huge increases in premiums for cyber insurance
and more stringent underwriting requirements that in some cases
will require real investment.
Crowdstrike’s 2021 Threat Hunting Report reported a 60% increase
in what they call interactive intrusion activity or more
sophisticated human-enabled attacks. They also reported that there
has been a sharp increase in the number of attacks not involving
malware which hampers traditional security systems’ ability to
detect them. All of this adds up to a much more volatile
environment where other controls become critical to stopping the
lateral movement of attackers once a breach occurs. “We have been
talking about controls like PAM for a while now with our clients
recognizing that eliminating access to credentials with elevated
privilege significantly hampers the attacker’s effectiveness,” said
Ben Denkers, Chief Innovation Officer at CynergisTek. “We are
working closely with our clients to help them address this long
list of requirements, and we expect that the mixture of our current
service offering and new solutions reinforce our commitment to
solving challenges like these and will drive revenue growth in the
future.”
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
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“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
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version on businesswire.com: https://www.businesswire.com/news/home/20211001005178/en/
Investor Relations Contact:
CynergisTek, Inc. Paul Anthony
InvestorRelations@cynergistek.com
Media Contact:
Allison + Partners Jaime Tero 415-755-8639
jaime.tero@allisonpr.com
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