Cybeats expands license agreement with global MDM for SBOM Studio

February 12, 2024

Cybeats delivers SBOM Studio to a medical device manufacturer in a three-year contract agreement

Cybeats Technologies announced the signing of a renewed and expanded license agreement for SBOM Studio with a Top 5 global Medical Device Manufacturer (MDM). The contract term is now for three years and over seven figures in total contract value.

While SBOM Studio has been implemented into some of the largest global enterprises, the technology team has continued to add unique and in-demand new features like Governor View, SBOM auto-repair, and alerting functionalities. These product features also enhance SBOM Studio’s capacity to handle and provide relevant data to customers – improving overall satisfaction, and supporting two key drivers to revenue growth. Cybeats continues to achieve commercial progress evidenced by client retention and organic contract growth, illustrating increased product usage and demand.

“Cybeats’ rapid growth trajectory continues as we proudly announce our selection as the SBOM Management solution by yet another leader in the medical device industry. This milestone highlights the pivotal role of SBOM Studio in fortifying software supply chains, especially for globally operating companies,” Justin Leger, CEO at Cybeats, said in a media statement last week. “A Fortune 500 client of Cybeats that chooses to both renew and expand their licence with us underscores our value and commitment to securing digital infrastructure – which has never been more relevant or vital.”

“We’ve been dedicated to helping companies to manage the economic, security, and regulatory challenges of adopting SBOMs,” said Dmitry Raidman, CTO of Cybeats. “From the early days of our involvement with shaping SBOM standards, to now leading the SBOM Management market, we’re quite proud. We’re excited to drive further innovation and growth with healthcare customers and beyond.

The U.S. Food and Drug Administration (FDA) solidified its role in regulating medical device cybersecurity with its authority to approve or reject premarket submissions based on compliance with section 524B of the Federal Food, Drug, and Cosmetic Act (FD&C Act). This section mandates that MDMs provide an SBOM for their devices’ commercial, open-source, and off-the-shelf software components.

To proactively manage cybersecurity risks, MDMs must maintain an accurate inventory of device components, develop vulnerability management and risk assessment processes, provide device patches, and maintain device change records. The FDA’s Refuse-to-Accept (RTA) authority as of March 29, 2023, emphasizes the significance of SBOM management solutions like SBOM Studio.

On September 26, 2023, the FDA released final (revised) premarket cybersecurity guidance, which supersedes premarket cybersecurity guidance issued on October 2, 2014. The recommendations in the FDA guidance are intended to help manufacturers meet their obligations under section 524B of the FD&C Act.

In November, Cybeats announced a partnership with the Health Information Sharing and Analysis Center (Health-ISAC), a global organization focused on enhancing cyber and physical security in the healthcare industry. The deal will go to market with a joint Software Bill of Materials (SBOM) management solution targeting MDMs and healthcare delivery organizations (HDOs).