- Cyberattacks on SMBs have increased due to the changing network landscape due to the increase in remote and in-office workers relying on cloud environments, mobile devices, software applications, and third-party suppliers to conduct business
- SideChannel announced its preliminary revenue of $4.6 to $4.8 million for the fiscal year that ended September 30, 2022 – a 64% to 71% year-over-year increase from the company’s revenue of $2.8 million during the fiscal year 2021
- SideChannel continues to expand its service offerings, workforce, and customer base and has attracted over 20 vCISOs to serve across industries, including fintech, biotech, healthcare, manufacturing, legal defense, and technology services
Cybersecurity protects networks, information, and personal data from being vulnerable to cyberattacks. According to ReportLinker, the global cybersecurity market was valued at $150.37 billion in 2021 and is expected to reach a value of $312.02 billion by 2027, growing at a CAGR of 13.37%. The trends driving growth in this market include BYOD, AI, IoT, and machine learning; coupled with the significant reduction in device costs, increasing the number of connected network devices is driving the growth of the market. The emergence of 5G is also expected to expedite the use of connected devices in the industry, pushing toward industrial revolution 4.0 (https://ibn.fm/siJ6Y).
Reports have shown that cyberattacks on SMBs (small and mid-sized businesses) have increased due to the changing network landscape, with remote and in-office workers increasingly relying on cloud environments, mobile devices, software applications, and third-party suppliers to conduct business. For mid-market companies looking to increase their cybersecurity, SideChannel (OTCQB: SDCH) simplifies cybersecurity by matching these companies with highly experienced information security officers at a cost lower than building an in-house information security team or hiring a full-time chief information security officer (“CISO”).
SideChannel’s team of virtual CISOs (“vCISOs”) offers 400-plus years of combined experience in cybersecurity – honing their skills and abilities in corporations like Anthem, Dick’s Sporting Goods, BestBuy, TD Bank, and the Pentagon. SideChannel lends its talent to clients, creating value in its bespoke cybersecurity program, which is perfectly sized for the growing enterprise.
Prior to the company’s participation in the LD Micro Main Event XV at the end of October 2022, SideChannel announced that preliminary revenue reached $4.6 to $4.8 million for the fiscal year that ended September 30, 2022 – 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 combined 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.
“We are winning exciting new recurring revenue customer agreements with well-known middle-market names across diverse industries. For example, our wins include engagements with names such as Handshake, Veza, Kiava, Riot Blockchain, and Lightcast,” SideChannel CEO and Founder Brian Haugli said (https://ibn.fm/Yq7O0). “Additionally, we are typically generating substantial incremental revenue on the engineering and services associated with these agreements, further increasing the value of our new customer engagements even beyond the initial contracted services.”
SideChannel continues to expand its service offerings, workforce, and customer base and has attracted over 20 vCISOs to serve across industries, including fintech, biotech, healthcare, manufacturing, legal defense, and technology services. To date, the company has created more than 50 multi-layered cybersecurity programs for its clients – requiring it to expand its sales force from one position to five in 2022. This reflects the large and growing sales funnel of SMB customer opportunities for its vCISO and cybersecurity services. SideChannel is committed to creating the solutions necessary for SMBs to protect their data and assets in the ever-changing cybersecurity market landscape.
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
