Imex To Establish New Subsidiary for Cybersecurity

Imex Systems (TSXV:IMEX) announced that it is in process of creating a new cybersecurity subsidiary and that the company has signed an agreement with Net-Patrol International.

As quoted in the press release:

Cyber commissioner™ will be the name of the new standalone subsidiary that will be created to maximize opportunities in the high-profile cybersecurity vertical..

As part of the partnership agreement, Imex will utilize their Security Maturity Assessment™ (“SMA”) platform under the brand name: Cyber Commissioner™.

SMA is a cybersecurity framework designed to assist organizations with the assessment of their Information Security functions and processes. The framework focuses on the critical aspects of information security that provide the organizations with confidentiality, availability, integrity, and continuity of business operation. SMA incorporates information security aspects from ISO 27001/5 and COBIT. In addition, the framework has been carefully developed to assess the key aspects of the security value chain, determine the organization’s security maturity standing, and provides a ‘move forward approach’ to address potential concerns. SMA incorporates information security aspects from ISO 27001/5 and COBIT. In addition, as part of the partnership, Imex will also offer governance and risk compliance; digital forensics among other services.

“We developed our SMA platform to enable governments and organizations to easily assess their cyber-securities vulnerabilities at a far less cost than traditional consulting cyber-security service audits, said Tom Warren, CEO of Net-Patrol. “We are truly looking forward to working with Imex to enhance their iGov platform, and to expand their reach into government markets. This tool provides the roadmap needed to understand all threats within any enterprise. Business leaders will now understand what cyber security elements are needed, without needing advanced skills in the cyber security industry”.

In the U.S. President’s Fiscal Year (FY) 2017 Budget request, over $19 billion was budgeted for cybersecurity, which represented a 35% increase from FY 2016 in overall Federal resources for cybersecurity. In May 2017, Cybersecurity Ventures predicted that global spending on cybersecurity products and services would exceed $1 trillion cumulatively from 2017 to 2021.

In May 2018, the United States White House, Office of Management and Budget (OMB) in coordination with the Department of Homeland Security (DHS) published the Federal Cybersecurity Risk Determination Report and Action Plan (Risk Report), which reported that 71 of 96 agencies (74 percent) participating in the risk assessment process have cybersecurity programs that are either at risk or high risk.

In addition, the OMB and DHS examined the performance of 96 agencies across 76 metrics, and identified four (4) core actions that are necessary to address cybersecurity risks across the Federal enterprise:

Increase cybersecurity threat awareness among Federal agencies by implementing the Cyber Threat Framework to prioritize efforts and manage cybersecurity risks;

Standardize IT and cybersecurity capabilities to control costs and improve asset management;

Consolidate agency SOCs to improve incident detection and response capabilities; and

Drive accountability across agencies through improved governance processes, recurring risk assessments, and OMB’s engagements with agency leadership.

“We believe that by incorporating Cyber Commissioner™ into our iGov platform, we can help governments and cities around the world assess, understand, and manage their cybersecurity risks”, said Rob Klein, CEO of Imex., “Net-Patrol and their team of cyber professionals are among the best, and we are really looking forward to learning and working with them.”

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