A commitment of partnership through newly signed Master Service Agreement (MSA) to diversify service offering beyond existing relationship with all operating units of the system
Austin, TX – December 8, 2020 – CynergisTek, (NYSE AMERICAN: CTEK), a leading cybersecurity firm helping organizations in highly regulated industries navigate emerging security and privacy issues, today announced that a state university system has signed a Master Service Agreement (MSA) authorizing CynergisTek to offer its entire suite of high-value services to the university’s diverse infrastructure, including numerous campuses, multiple academic medical centers, several laboratories, and other support locations. Besides this newly signed MSA, additional contracts were signed including a multi-year six-figure vendor security managed services renewal for one of the system’s academic medical centers and a consulting services contract with a department in the system that has not been supported in the past.
Under the MSA, the entire university system has the ability to leverage the expertise CynergisTek currently delivers to multiple entities in the system, including its complete portfolio of managed services.
CynergisTek’s long-standing relationship with the university began by helping the academic medical centers safeguard PHI and PII. The extension of the agreement comes at a time when the system, serving over half a million students and employees and their data, has identified the need to make security and privacy a priority as threat actors are focused on capturing financial information (51%) and employee information (48%) over patient records (34%), as outlined in a recent 2020 HIMSS report.
“We are honored to expand our relationship with this prestigious institution at a pivotal moment when the covid-19 pandemic has changed university operations including a quick shift to contact tracing, remote work, and digital learning, greatly increasing the threat landscape. The MSA is a testament to the strong relationships we have fostered with our clients and draws from the unique expertise both CynergisTek and our subsidiary Backbone Consultants can offer to our clients to bolster their security and privacy programs helping to prevent attacks and breaches,” says Caleb Barlow, CEO and president at CynergisTek. Mr. Barlow goes on to say, “This allows us the opportunity to drive growth inside and outside of healthcare, supporting the company’s strategy to diversify and build upon the demand into adjacent markets such as our recent Ball State University contract announcement.”
About CynergisTek, Inc.
CynergisTek is a top-ranked cybersecurity firm dedicated to serving the information assurance needs of the healthcare industry. CynergisTek offers specialized services and solutions to help organizations achieve privacy, security, and compliance goals. Since 2004, the company has served as a partner to hundreds of healthcare organizations and is dedicated to supporting and educating the industry by contributing to relevant industry associations. The company has been recognized by KLAS as a top performing firm in healthcare cybersecurity and was awarded the 2019 Top Healthcare Cybersecurity Consultants in Black Book IT Advisory Outcomes Survey.
This release contains certain forward-looking statements relating to the business of CynergisTek that can be identified by the use of forward-looking terminology such as “believes,” “expects,” “anticipates,” “may” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product/service development, long and uncertain sales cycles, the ability to obtain or maintain patent or other proprietary intellectual property protection, market acceptance, future capital requirements, competition from other providers, the ability of our vendors to continue supplying the company with equipment, parts, supplies and services at comparable terms and prices 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 our Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which are available at http://www.sec.gov. CynergisTek is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Investor Relations Contact:
Allison + Partners