- Cybersecurity services and technology provider SideChannel Inc. is a provider of expert “virtual” chief information security officer (“vCISO”) guidance to SMBs that can’t sustain a full-time CISO as part of their staff budget
- The need for CISO guidance is apparent in the trillions of dollars lost worldwide to cyber attacks on a yearly basis and the ever-evolving nature of cyber attack threats
- SideChannel also provides a microsegmentation software-as-a-service (“SaaS”), branded Enclave, that is available to clients via subscription or as a managed service offering, to help strengthen company computer systems against invasive attacks
- SideChannel is celebrating its ability to retain its clientele revenue on an ongoing year-to-year trailing basis, the company’s CFO stated in a recent company webcast
As companies assess their security needs to avoid severe damage to their budget line and reputation, cybersecurity needs are taking on an ever greater emphasis. An estimated 30,000 websites are hacked daily, with the cost of cyber attacks placed at $6 trillion last year, underlining the reality of a malicious environment for business activities online (https://ibn.fm/fR7i8).
While businesses routinely are identifying cyber threats to their operations, a serious question they need to ask themselves is just how many threats are currently undetected, as risk management company C2’s CEO Jonathan Wood recently noted in a CPO Magazine article. It’s important to consider that many cybercriminals will breach a company’s infrastructure, and then lurk in the shadows until the most opportune moment arises for launching a full-scale attack (https://ibn.fm/FIKiC).
Detecting hidden cyber threats can be complicated and easily overlooked until they strike and damage is done.
“We’re seeing attacks increase. We’re seeing the costs of these attacks increase over time. And we’re seeing (the nature of the attacks) change,” SideChannel (OTCQB: SDCH) CEO Brian Haugli stated in a live company webcast recently.
SideChannel is a cybersecurity services and technology provider whose key service is providing virtual chief information security officers (“vCISOs”) on contract to small and medium-sized businesses (“SMBs”) that don’t have a budget capacity to hire their own full-time CISOs.
“Our revenue is really built on relationships,” CFO Ryan Polk added during the webcast (https://ibn.fm/MWldH). “The vast majority of the work that we do for our clients has an ongoing nature to it. … We are retaining about 73 percent on a trailing 12-month basis of the revenue that we generated one year ago.”
Although vCISOs might be described somewhat dismissively as rent-a-CISOs, SideChannel’s cybersecurity experts are presented to clients as guidance providers who can work in the boardroom alongside the companies’ leading officers.
“The cybersecurity profession is now akin to legal, and accounting, and insurance,” Haugli said during the webcast. “When we look inside organizations at the enterprise level we see the CISO right there with HR (Human Resources), and GC (General Contracting), and Internal Audit and other C-suite members for a reason. Because that’s how important it is for that organization’s success to address cybersecurity as an operational risk at an enterprise level. And our clients are seeing it, and they’re realizing the value that they’re getting out of it by working with us.”
SideChannel also has developed a microsegmentation security product named Enclave that it offers either as a software-as-a-service (“SaaS”) tool on a subscription basis, or as a managed service offering that exceeds what is otherwise available throughout the industry.
“Our (product) focus right now is to continue Enclave development and the roadmap we’ve built out for that,” Haugli said. “We are looking at new features around protecting endpoint devices with a more cloud-based and scalable capability. So we’re going to continue to develop around Enclave, adding new features and capabilities that make sense for how Enclave is structured — based … on what we’re seeing in our clients, what we’re hearing from our CISOs and what types of attacks or attack surface is out there.”
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