- SideChannel is on a mission to make cybersecurity simple and accessible for mid-market and emerging companies, a market that is currently underserved
- The company matches client organizations with virtual Chief Information Security Officers (“vCISOs”) who help them with developing and managing the implementation of an information security program
- SideChannel’s efforts come amid rising cases of cyberattacks, driven by an increase in attack surfaces and agility of attackers, who now work in organized groups, according to CEO Brian Haugli
- Recently, for example, Gateway Casinos & Entertainment Limited Closed 14 properties in Ontario following a cyberattack
Cyberattacks are growing each year as hackers and ransomware gangs become more agile, and the attack surfaces increase. In 2022, for example, global attacks grew 38% compared to 2021 numbers (https://ibn.fm/26Jmm). Worse still, the global cost of cybercrime is expected to rise to $8 trillion in 2023, up from $3 trillion in 2015 and $6 trillion in 2021, according to a 2022 report (https://ibn.fm/YQ4YS). This cost accounts for damage and destruction of data, lost productivity, theft of intellectual property and financial data, post-attack disruption to the normal course of business, reputational harm, forensic investigation, and restoration and deletion of affected systems.
With a recent cyberattack on its computing infrastructure having forced Gateway Casinos & Entertainment Limited (“Gateway”) to close 14 properties across Ontario for close to a week (https://ibn.fm/2Np93), the cost implications are clear for all to see. One of the largest and most diversified gaming and entertainment companies in Canada with 29 gaming properties in Ontario, British Columbia, and Alberta, Gateway first reported the incident on April 16, 2023 (https://ibn.fm/xfUXT), later updating that the locations would remain closed until at least April 21, as it continues the work to restore its IT systems in conjunction with third-party cyber professionals (https://ibn.fm/7J92o).
In explaining this rise in cybercrime and cyberattacks, SideChannel (OTCQB: SDCH) CEO, Brian Haugli, told viewers of the company’s Investor Day presentation that “Cybersecurity exists inside of the logical plane.” This means that unlike other crimes, which are physical and are visible to all, cyberattacks are not. “We can’t see everything that is happening as far as those types of crime go, which allows attackers to operate anonymously and at a much larger scale,” Haugli explained (https://ibn.fm/2d7Rx).
Unfortunately, this has triggered a rise in attacks and the cost of attacks, as well as a constant evolution of the types of attacks that cybercriminals use and prefer. This, Haugli stated, is because “The bad guys have pivoted. It is a business for them. There is an ROI; they have figured out what will make them more money for the least effort. It’s a business. The days of thinking it is some kid in a black hoodie in his basement are over. These are well-orchestrated, well-funded, and well-organized organizations out there creating a business for them; they go on holiday or vacation; they have payroll.”
But SideChannel, a company focused on making cybersecurity simple and accessible, is keen on stopping such attacks by helping organizations maintain a strong cybersecurity posture and program. “Where we step in is identifying and knowing what can slow [attackers] down, what can stop them, [and] what can be built at an organization that allows you to feel much better about your cybersecurity posture in addressing those risks,” Haugli conveyed.
The company achieves this by matching each client organization with an expert virtual Chief Information Security Officer (“vCISO”). Leveraging over 400 years of combined enterprise experience in cybersecurity and risk management, the vCISOs help organizations with developing and managing the implementation of an information security program. In addition, they work with clients’ employees, boards, and stakeholders to develop the strategic vision, resources, and protocols to maintain an appropriately sized, measured, and effective security program.
SideChannel mainly targets small and medium-sized enterprises (“SMEs”), which have traditionally faced challenges when it comes to limited budgets and hiring skilled cybersecurity professionals. This market has also been largely underserved compared with the larger enterprise segment, according to a McKinsey report (https://ibn.fm/F0szb). This is despite the fact that the global cybersecurity sales from the SME market category had been growing at an 8% annual rate until 2021, generating more than $40 billion. Furthermore, the report projected that this figure would exceed $50 billion over the subsequent five years.
That, McKinsey reckons, is a missed opportunity hiding in the open, especially given that SMEs are as susceptible to cybersecurity issues and future attacks as larger enterprises. But SideChannel is keen on seizing this opportunity by providing not only affordable services but also much-needed expertise.
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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