Business
Tego Cyber Inc. Provides 2022 Fiscal Second Quarter Business Update and Reports on Growing Sales Pipeline
Tego Cyber Inc. Provides 2022 Fiscal Second Quarter Business Update and Reports on Growing Sales Pipeline.
About this update from Tego Cyber Inc.
[{"type":"text","content":"LAS VEGAS, NV / ACCESSWIRE / February 15, 2022 / Tego Cyber Inc. (OTCQB:TGCB), an emerging developer of proactive cyber threat intelligence applications and solutions, today provided a corporate update and a summary of the financial results for the fiscal quarter ended December 31, 2021.Shannon Wilkinson, CEO of Tego Cyber, commented "We continue to execute on our go-to-market strategy, as illustrated by our growing sales pipeline. Major organizations have come to realize the true economic impact of cyber-crime and risk that it presents to companies. Global cyber-crime is expected to reach $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015, according to Cybersecurity Ventures. Despite these growing threats, current solutions may identify that something is ‘malicious' but do not provide any additional information. In contrast, Tego Guardian provides an end user's cybersecurity team with data enrichment: a detailed ‘who, what, when and where' of a potential threat, fully integrated into their SIEM (Security Information and Event Management) platform"Based on positive feedback from the industry, we are expanding our inside sales team, including the recent hire of Brent Watkins. Brent brings extensive experience of the cybersecurity industry as well as vast connections within the government and private sectors which will prove to be invaluable as we enter the next phase of our growth and commercialization. Additionally, our recent partnership with Vation Ventures will assist with sales enablement and the acceleration of our channel sales program.""On the technology front, we continue to invest in enhancements to our threat intelligence platform. During the fiscal second quarter of 2022, we completed development and testing of the first version of our threat intelligence application: Tego Guardian, which now integrates with the widely used Splunk SIEM platform - used by over 15,000 enterprise organizations and by 92 of the Fortune 100. We are also in the process of making the Tego Guardian app available on other SIEM platforms. Over the next few weeks, we expect to enter the beta testing phase of our application for the Elastic SIEM platform, which has over 16,000 paying subscribers, including 34% of the Fortune 2000. We continue to carefully manage our expenses and are well funded to...