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SideChannel Inc. (SDCH) Simplifies Cybersecurity for SMBs, Amid Rise in Cybersecurity Concerns in the Healthcare Industry, Ransomware
December 6, 2022

SideChannel Inc. (SDCH) Simplifies Cybersecurity for SMBs, Amid Rise in Cybersecurity Concerns in the Healthcare Industry, Ransomware

  • FinCEN reported 1,489 incidents of ransomware totaling close to $1.2 billion in 2021, a value that has doubled from 2020
  • Key industries experiencing a high need for cybersecurity solutions include fintech, biotech, healthcare, manufacturing, legal defense, and technology services
  • The global healthcare cybersecurity market is expected to reach $57.25 billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030
  • SMBs have experienced an increase in cybersecurity threats due to remote-based work and in-office workers depending on cloud-based solutions, mobile devices, software applications, and third-party suppliers to conduct business
  • SideChannel’s goal is to make cybersecurity simple and accessible, offering a wide range of solutions to identify, evaluate, and tackle risks

In the United States, financial institutions are required to file suspicious activity reports to help the government detect money laundering or other criminal activities – including security breaches. The Financial Crimes Enforcement Network’s (FinCEN) analysis indicates that ransomware continues to pose a significant threat to the United States critical infrastructure sectors, businesses, and the public. In 2021, financial institutions filed 1,489 incidents related to ransomware – nearly $1.2 billion in likely ransomware-related payments, more than double the amount from 2020. According to FinCEN, the amounts within its analysis include extortion amounts, attempted transactions, and payments that were not made (https://ibn.fm/Jz58w).

SideChannel (OTCQB: SDCH) simplifies cybersecurity for mid-market companies. The company’s mission is to make cybersecurity simple and accessible, based on a belief that small and mid-sized organizations (“SMBs”) deserve the expertise of an experienced Chief Information Security Officer (“CISO”) just as much as larger enterprises, but at a reasonable cost.

SideChannel’s virtual CISOs (“vCISOs”) have a combined 400-plus years of experience in cybersecurity, honing their skills and abilities in companies including Anthem, Dick’s Sporting Goods, Best Buy, TD Bank, and the Pentagon. SideChannel lends its talents to clients and creates value through a bespoke cybersecurity program perfectly sized for growing enterprises.

According to Fortune Business Insights, the global cybersecurity market was valued at $139.77 billion in 2021. The market is expected to grow at a CAGR of 13.4% during the forecast period, resulting in a value of $376.32 billion by 2029. The market’s growth is primarily driven by the emergence of e-commerce platforms and the addition of core technologies such as the internet of things (“IoT”), artificial intelligence, cloud security, and other digital formats (https://ibn.fm/2weG4).

SMBs have experienced an increase in cyberattacks in recent years due to network attack surfaces growing exponentially due to remote-based work and in-office workers depending on cloud-based solutions, mobile devices, software applications, and third-party suppliers to conduct business. SideChannel continues expanding its service offerings, workforce, and customer base – attracting over 20 vCISOs to provide solutions across industries, including fintech, biotech, healthcare, manufacturing, legal defense, and technology services.

The healthcare cybersecurity market has seen a threat increase globally, valued at $12.85 billion in 2020. The market is projected to reach $57.25 billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030. The increased digital dependence and industry 4.0 trends are expected to offer opportunities to expand the healthcare cybersecurity market during the forecast period. In November 2021, the CyberPeace Institute reported that the industry had witnessed more than 11 million data breaches worldwide during the pandemic, fueling the need for cybersecurity solutions within the healthcare industry (https://ibn.fm/rSIhd).

SideChannel offers SMBs a holistic approach with proven results – identifying, protecting, detecting, responding, and recovering through its team of experienced vCISOs. In addition to vCISO services, SideChannel’s offering includes risk assessments, cybersecurity compliance, risk management, and Enclave microsegmentation.

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

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