CynergisTek, Inc. (CTEK) stock prices were up by a significant 32.26% shortly after market trading commenced on June 9th, 2021, bringing the price per share up to USD$2.46 early on in the trading day.
The company announced on June 9th, 2021 that its Redspin division became the first organization to ever successfully pass the Level 3 Cybersecurity Maturity Model Certification (CMMC) as a Candidate CMMC Third Party Assessor Organization (C3PAO). The meeting of requirements by Redspin’s security practices and processes was determined by the Defense Industrial Base Cybersecurity (DIBCAC) of the Defense Contract Management Agency (DCMA). Subsequently, Redspin was credentialed by the CMC Accreditation Body as an Authorized C3PAO, ready to conduct CMMC assessments.
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Contextualizing the Milestone
The U.S Department of Defense (DoD) has set a goal to reduce the cybercrime losses affecting the U.S military supply chain that amount to USD$600 billion every year. The DoD will facilitate this by requiring a third-party cybersecurity assessment of contractors with access to federal contract information (FCI) and controlled unclassified information (CUI).
Scope of Accreditation
Following the certification, Redspin is now authorized to work contractually with Organizations Seeking Certification (OSCs) to conduct assessments based on CMMC Levels 1 through to 3. Defense Industrial Base contractors are not allowed to negotiate on security as per the CMMC model, instead, it has been made a mandatory requirement to secure or renew a contract with the DoD.
The granting of this certification is an intensive process that involves rigorous documentation, process maturity evidence, adequate resourcing of security controls, and organization-wide training. The company’s ambitious aim is facilitating the ensuring of third-party organizations implementing protections against cybersecurity threats to the national security of the U.S. This is likely to be the first phase of a series of strategies in a broader federal agency push for heightened accountability from private sector vendors. This is especially following recent supply chain incidents, including Solarwinds and vulnerabilities in Microsoft Exchange.
Future Outlook for CTEK
Having achieved such a momentous milestone, CTEK is poised to capitalize on the opportunities presented by this expanded scope of exposure and services provided. The company is keen to use recent surges in equity value to usher in long-term organic growth. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.