VANCOUVER, BC and SAN DIEGO, Sept. 13, 2023 /PRNewswire/ -- CyberCatch Holdings, Inc. ("CyberCatch" or the "Company") (TSXV: CYBE), an innovative cybersecurity company offering an artificial intelligence ("AI") enabled platform solution for continuous compliance and cyber risk mitigation, is pleased to announce the launch of its SEC Compliance Manager solution to enable compliance with SEC's new Cybersecurity Incident Reporting and Risk Management Rule.
Cybersecurity risk is one of the most significant risks facing just about every single company, and SEC noted in the Rule that it takes on average:
- 42 days to discover breaches
- 80 days to disclose a breach after discovery
- $9.44 million is the average cost of a data breach
The new SEC Rule impacts 8,474 companies and mandates reporting and disclosure of a material cybersecurity incident within four business days and disclosure of cybersecurity risk management, strategy and governance, including board oversight over cybersecurity risk management.
The Rule became effective September 5, 2023. Reporting of material cybersecurity incidents is mandatory effective December 18, 2023, and disclosure of cybersecurity risk management is mandatory for companies with fiscal year ending on or after December 15, 2023.
CyberCatch's SEC Compliance Manager solution contains the 25 controls in the Rule in order to attain compliance, along with an automated cybersecurity assessment workflow engine for gap analysis, supporting compliance evidence repository for each control, charts and graphs and an AI-enabled cybersecurity advisor with tips, insights and guidance to quickly and effectively attain and maintain compliance.
"CyberCatch's SEC Compliance Manager is a unique, first to market solution. Now thousands of companies can efficiently and effectively attain and maintain compliance with SEC's new cybersecurity regulation. The 25 controls that are necessary, are not obvious in the Rule, however are captured and incorporated into our solution. Also, the built-in AI-enabled cybersecurity advisor with deep and unique insights is a force-multiplier value proposition for customers," said Sai Huda, founder, chairman and CEO, CyberCatch.
The SEC Compliance Manager solution is offered as a Software-as-a-Service (SaaS) with an annual SaaS fee based on the size of the organization. For further information, visit: cybercatch.com/sec
About CyberCatch
CyberCatch Holdings, Inc. (TSXV:CYBE) is a cybersecurity company that provides a proprietary, artificial intelligence-enabled (AI) Software-as-a-Service (SaaS) solution that enables continuous compliance and cyber risk mitigation to organizations in critical segments, so they can be safe from cyber threats. The CyberCatch platform focuses on solving the root cause of why cyberattacks are successful: security holes from control deficiencies. It first helps implement all mandated and necessary controls, then the platform automatically and continuously tests the controls from three dimensions (outside-in, inside-out and social engineering) to find control failures so one can fix them promptly to stay compliant and safe from attackers. Learn more at: https://www.cybercatch.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
John Martin, Investor Relations Manager
Phone: 1-866-753-2923
Email: info@cybercatch.com
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SOURCE CyberCatch
