- Services provided by SideChannel include CISO, vCPO, risk assessment and management, plus cybersecurity compliance
- SideChannel announced preliminary revenue reached $4.6 to $4.8 million for the fiscal year ending September 30, 2022, representing a significant YOY increase
- The global cybersecurity market size is expected to grow from an estimated $173.5 billion in 2022 to $266.2 billion by 2027, growing at a CAGR of 8.9% during the forecast period
With a mission to make cybersecurity simple and accessible, SideChannel’s (OTCQB: SDCH) belief is that small and mid-sized organizations deserve the expertise of an experienced CISO (Chief Information Security Officer), just as much as a larger enterprise but at a more reasonable cost. The company is helping organizations all over the world improve their cybersecurity and move their mission forward. SideChannel matches companies with an expert virtual CISO (“vCISO”), so companies can assess cyber risk and ensure cybersecurity compliance – all without jeopardizing financial assets.
SideChannel recently announced that its preliminary revenue reached $4.6 to $4.8 million for the fiscal year ending September 30, 2022 – representing a 64% to 71% year-over-year increase from the company’s revenue of $2.8 million during the fiscal year 2021. SideChannel also announced securing six new clients with a combine++d annual revenue value of $1.3 million and signing renewal contracts with existing clients. The company expects to recognize the revenue associated with the new clients and signed renewals within 12 months of the signature date, along with the related incremental engineering, products, and services revenue.
Small and medium-sized businesses (“SMEs”) from various industries are going through a digital transformation and using cloud computing to streamline operations, increase mobility, eliminate on-premises technology, and save costs. The increased number of data breaches worldwide and the ability for malicious characters to operate from anywhere within the world are driving factors for the cybersecurity market’s growth. According to Business Wire, the global cybersecurity market size is expected to grow from an estimated $173.5 billion in 2022 to $266.2 billion by 2027, growing at a CAGR of 8.9% during the forecast period (https://ibn.fm/1SIGY).
SideChannel sees its role as to make it as easy as possible for small and mid-sized companies to build highly effective cybersecurity and privacy programs, including:
- Virtual Chief Information Security Officer (“vCISO”) – develops an actionable strategy, maximizes investments, and creates the processes that help an organization maintain an effective and lasting security program.
- Virtual Chief Privacy Officer (“vCPO”) – develops an actionable strategy, maximizes investments, and creates the processes that help an organization maintain an effective and lasting privacy program.
- Risk assessments – assesses cyber risk to identify current gaps and align a tailored security strategy to the overall business objectives, instilling confidence in all stakeholders.
- Cybersecurity compliance – ensures compliance by following cybersecurity best practices and creating a cost-effective program that meets today’s rigorous policies and standards.
- Risk management – responds to third-party risk assessment questionnaires (incoming) and conducts third-party risk assessments of vendors (outgoing).
With threats becoming more complex and technology rapidly changing, best practices must evolve. Until now, it has been impossible for organizations to keep up with the changing landscape while staying on budget. By merging proven experience with an innovative virtual model, SideChannel acts as a natural extension of an organization’s team – taking the time to identify the organization’s unique security gaps and offering the services and guidance required when they are needed.
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://ibn.fm/SDCH
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