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The Importance of Zero Trust Network Access in the BYOD Landscape
https://itsecuritywire.com/featured/importance-of-zero-trust-network-access/
Excerpt - ZTNA employs a network-level isolation technique that does not call for the deployment and management of any agent on the user’s device. That makes it much easier to manage the difficult task of giving distributed teams secure access.
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WidePoint Corporation (NYSE:WYY) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET
https://seekingalpha.com/article/4604809-widepoint-corporation-wyy-q1-2023-earnings-call-transcrip
Company Participants
Jin Kang - Chief Executive Officer & President
Jason Holloway - Chief Revenue Officer
Robert George - Chief Financial Officer
Operator
Good afternoon, and welcome to WidePoint's First Quarter 2023 Earnings Conference Call. My name is Ali, and I will be your operator for today's call.
Joining us for today's presentation are WidePoint's President and CEO, Jin Kang; Chief Revenue Officer, Jason Holloway; and Chief Financial Officer, Robert George. Following their remarks, we will open up the call for questions from WidePoint's publishing analysts and investors. If your questions were not taken today and you would like additional information, please contact WidePoint's Investor Relations team at wyy@gatewayir.com.
Before we begin the call, I would like to provide WidePoint's safe harbor statement that includes cautions regarding forward-looking statements made during this call. The matters discussed in this conference call may include forward-looking statements regarding future events and the future performance of WidePoint Corporation. That involves risk and uncertainties that could cause actual results to differ materially from those anticipated. These risks and uncertainties are described in the company's Form 10-Q filed with the Securities and Exchange Commission.
Finally, I would like to remind everyone that this call will be made available for replay via a link in the Investor Relations section of the company's website at www.widepoint.com.
Now I would like to turn the call over to WidePoint's President and CEO, Mr. Jin Kang. Sir, please proceed.
Jin Kang
Thank you, operator, and good afternoon to everyone. Thank you for joining us today to review our financial results for the first quarter ended March 31, 2023. We concluded Q1 much better than we had anticipated, both quantitatively and qualitatively. A big contributing factor to our stronger-than-expected Q1 was due to sales deals crossing the finish line sooner than expected. One of the more prominent deals we've previously shared is the Soft-ex deal with CSG International that continues to gain increased traction and has contributed significantly to our top line.
We have signed 3 key deals with our partner, CSG, as announced in our press releases, and we have been ahead of schedule in completing the implementations. We have also received 3 new task orders for key third-party software applications for the text capture capabilities with our federal government clients. A bump up in several orders with CSG being filled sooner than expected, which has also played a role in the stronger-than-anticipated quarter. A major catalyst that has helped us accomplish some of these wins was a result of our clients re-engaging with us post-COVID and our diligence in betting new mobile capabilities such as the text capture capabilities for our federal clients. As you may have read in the news, preservation of text messages and other data for archival purposes for those in public office has become a topic that is front and center.
We have capitalized on this opportunity, and we see great potential ahead. I was particularly encouraged because we were able to achieve these wins despite several gating factors which includes continual investments being made back into our business, the historically slower Q1 and especially following the rightsizing of our workforce.
As it pertains to the last point, the rightsizing we initiated in Q4 is having a clear positive impact on our profitability as we experienced a full quarter of the benefits and continue to operate with a leaner staff. Additionally, though the pandemic has added the modes of working in the post-pandemic environment are drastically different as more workers are accessing their corporate IT infrastructure from remote locations. We see this as an ongoing tailwind for our business as there will be continuous pressure for companies to secure and manage their mobility assets.
Next, as I stated on our last call, our Intelligence Technology Management System, or ITMS, has achieved FedRAMP In Process status. There is no new status to share with you at this time other than we expect to complete the assessment to earn the FedRAMP Authorization status which, again, will open up new contract opportunities for us. Speaking of new opportunities, we have continued to invest in our technology infrastructure to capture new opportunities. Some highlights in our investments include Unified Communication Analytics solution set that has been recently approved for Microsoft commercial marketplace and has been launched in the Ingram Micro Marketplace. Ingram Micro Marketplace is the world's largest one-stop shop for cloud-based solutions.
Remote issuance of certificates, also known as soft certificates will allow WidePoint to issue identity certificates over the air. This, along with our remote vetting process, will allow WidePoint flexibility in modes of certificate issuance that will result in increased higher-margin revenues. This capability is scheduled to complete in Q3. Development of a hybrid issuance capability will allow our clients to retain their Personally Identifiable Information, or PII, in their possession. These clients are required by law to maintain control of their PII and therefore, were off limits to us, that is up till now. Our hybrid issuance capability will now allow us to issue identity certificates and allow our clients to keep possession of their PII. This capability is scheduled to complete in Q3. As you can see, a majority of our capital projects have either been completed or are in the last stages of completion. I am pleased to share that the associated expenses for these investments will slow down starting from Q4 of this year. Given the progress we've made so far this year, despite the gating factors, it boosts our confidence when looking at our 2023 full year forecast, I'll dive deeper into our forecast for the rest of the year later on in the call.
But first, I will turn the call over to Jason to provide you with some details on the sales and marketing front. Jason?
Jason Holloway
Thanks, Jin, and good afternoon, everyone. To echo Jin's sentiment, there are a multitude of exciting developments with respect to our sales and marketing initiatives that I would like to share with you all today. To simply put it, the execution of our sales and marketing strategy is going as planned. To date, we have displayed a number of our major competitors within the managed mobility space and Identity and Access Management space, thanks to our robust technology. Beginning with managed mobility, we continue to close commercial deals along with expanding our DHS CWMS IDIQ contract.
We are very pleased with our strategic partners as they continue to bring us a multitude of managed mobility opportunities based on our excellent past performance as well as our accreditation that give us a clear advantage over our competitors. Commercial entities are coming to the realization that the cheapest price isn't always the best choice. It's about the total breadth of services along with security at the forefront. We should start realizing revenue from these efforts in Q2 and into Q3. Recently, we partnered with a very large Identity and Access Management, or IAM, company to absorb a portion of their existing clients within the federal sector.
To date, the partnership is proceeding on track, and I will have further details on our upcoming calls. Additionally, I recently attended a 3-day event where a larger number of K-12 schools were in attendance to which our discussion around our digital soft search was well received. Our IAM pilots are still progressing and as stated previously, we are targeting the end of Q3 to have our digital soft search capabilities completed. Not only do we plan to market these solutions to K-12 but to commercial entities as well. I am also excited to report that we are working on a proof of concept for the General Services Administration, or GSA, in order to demonstrate our derived credential capability.
As a result of this project, multiple opportunities have surfaced. We are hopeful we can make progress as a result of this project and look forward to keeping you all apprised of our success. To provide you all with additional context, we are working with the most influential technology researching firm regarding our IAM and soft search for K-12 and the commercial sector. This firm has been instrumental in sharpening our message, and we are also planning on including certain key individuals from the firm in strategic upcoming meetings. This strategic relationship also bodes well with our large systems integrators, in which we partner to resell our solutions.
As you can see, we're leveraging the continued momentum we've been building up from the past quarters as they have resulted in executed deals or are in the process of being completed. I look forward to providing additional updates on upcoming calls.
With that, I will hand the call over to Bob.
Robert George
Thank you, Jason. Good afternoon, everyone. I'm pleased to share the details of our first quarter 2023 financial results. Thanks to the continuous ability of our team to execute, we achieved our 23rd consecutive quarter of being EBITDA positive. In the first quarter, our revenue was $25.3 million, an increase of $2.8 million or 13% from the $22.5 million reported for the same period last year.
Now I'll provide a further breakdown of our first quarter revenues. Our carrier services revenue was $13.6 million, an increase of approximately $700,000 from the $12.9 million in the same period in 2022. The increase was primarily due to a large federal government client increasing the number of phone lines we manage by approximately 75% in the second quarter of 2022.
In the first quarter of 2023, our managed services revenue, combined with our billable services fees revenue, remained relatively consistent with the same quarter last year at $8.1 million and $8.4 million, respectively. Reselling and other services revenue was $3.6 million, an increase of $2.5 million from $1.1 million in the same period last year. The increase was primarily due to the resale of text capture capabilities provided by a third-party partner to two large federal clients. While reselling and other services are transactional in nature, we expect to have additional sales of these new technical capabilities throughout the year, although the amount and timing of revenue could vary significantly from quarter-to-quarter.
Gross profit for the first quarter was $3.8 million or 15% of revenues as compared to $3.9 million or 17% of revenues in 2022. The more significant metric of gross profit percentage, excluding carrier services, was 33% for the first quarter in 2023 compared to 41% in the same period last year. The lower comparative gross margin percentage, excluding carrier services, was almost entirely related to the resale of the third-party partner capabilities previously mentioned. As a reminder, our gross profit percentage will vary quarter-to-quarter due to our revenue mix.
For the first quarter, general and administrative expenses were $3.7 million or 15% of revenue compared to $3.7 million or 17% of revenues in the same period of 2022. We believe our general and administrative expenses will be consistent with 2022 levels, but lower as a percentage of revenue as the result of the organizational efficiencies achieved in 2022.
For the first quarter of 2023, our GAAP net loss was $950,000 or $0.11 of diluted loss per share compared to a GAAP net loss of $393,000 or $0.04 of diluted loss per share in the same period last year. The main driver of the change in earnings was an increase in depreciation and amortization expenses as capital projects were completed later in 2022 and began to be amortized in 2023. On a non-GAAP basis, our adjusted EBITDA for the first quarter of 2023 was $20,000 compared to $344,000 in the same period last year. The lower EBITDA was a result of investments being made in preparation to deliver under new contracts later in the year.
Shifting to cash flow and the balance sheet. Our current ratio at the end of March 31, 2023, and December 31, 2022, was 1.1:1. We closed the first quarter with $4.6 million in cash, which is down from $7.5 million at December 31, 2022. The reduction in cash was a result of temporary delays in billing as a result of process realignments in our TLM business. Given the tightening credit posture of regional banks, we do not expect to renew our revolving credit agreement with Atlantic Union Bank in June of this year. As an alternative, we entered into a factoring agreement with Republic Capital Access, a recognized leader in factoring in the government services sector. This factoring facility provides up to $4 million of receivable sales at any point in time and can be expanded to $10 million if needed. The factoring agreement gives us more flexibility to execute our strategic plan. We believe our operating cash flows, cash on hand and available funding through our factoring agreement gives us ample liquidity.
This completes my financial summary. For a more detailed analysis of our financial results, please reference our Form 10-Q, which was filed prior to this call.
So with that, I'll turn the call back over to Jin.
Jin Kang
Thank you, Bob and Jason. Before I dive into the overview of the remainder of the year, I'd like to talk a bit about M&A. In keeping with what I shared last quarter, we have carefully narrowed down a list of potential candidates and are thoroughly evaluating these companies for potential M&A opportunities. To support our inorganic growth strategy, we are actively collaborating with multiple investment banks and will persistently work alongside them. As mentioned previously, given the uncertain state of the broader economy, and the increase in interest rates, the M&A market has become more competitive as companies explore strategic alternatives.
We look forward to the continued progress with our inorganic growth strategy and we'll be sure to notify the public accordingly when the time is right.
Looking ahead at the rest of the year, we are expecting revenues to range between $103 million and $108 million and adjusted EBITDA range between $1.1 million and $1.5 million. We are expecting a GAAP net loss of between $2.8 million and $3.2 million or $0.32 to $0.36 loss per diluted share, respectively. A major contributor to the loss per share is noncash depreciation and amortization, which has increased as a result of investments being placed into service. Furthermore, I am proud to share that we expect to finish off the year cash flow positive.
Our positive outlook for the remainder of this year is driven by a combination of factors. Firstly, our sales and marketing efforts, along with our business development strategy, continue to grow, which has undoubtedly contributed to our ongoing success. Second, we have been successful in resigning and retaining our clients as we consistently provide them with valuable and indispensable solutions. It is worth noting that we often expand the range of services we offer to our existing clients, solidifying our position as a reliable and preferred choice. These collective factors indicate that we are witnessing favorable trends moving forward.
With that said, we are ready to take questions from our analysts and major shareholders. Operator, will you please open the call for questions?
Question-and-Answer Session
Operator
[Operator Instructions] And while we wait, we have had a question that was sent in to us earlier today. If the debt limit problem is not solved, I understand there may not be any new orders. But to the extent you keep supplying them with products and services under the contract, are there funds available to pay WidePoint?
Jin Kang
Thanks for that question, operator. I doubt that anyone has a certain answer to this question as we are in uncharted territory. However, our supposition is that the Feds will continue to have revenue coming in into their coffers from various sources. They will undoubtedly prioritize the use of such revenue, where WidePoint's customers fall on that priority list is hard to determine. However, our work is funded, which means that funds have been obligated to our contracts, we are the federal government's internal accounting systems.
We don't understand all of the intricacies of their accounting system, but we strongly believe that we should be paid and will be paid for services rendered and products delivered. There may be some slowing of payments if the government shuts down and reopens, but we are in a pretty safe position.
Operator
At this time, as we have no questions in the queue at this moment, I will hand it back over to Mr. Kang for any closing remarks you may have.
Jin Kang
Thank you, operator. We appreciate everyone taking the time to join us today. As the operator mentioned, if there were any questions we did not address today, please contact our IR team. You can find their full contact information at the bottom of today's earnings release. Thank you again, and have a great evening.
Businesses in Taiwan face 3,250 cyberattacks per week
https://www.taiwannews.com.tw/en/news/4893289
Excerpt - While the global average reached 1,248 per week for an increase of 7% from the same period last year, Taiwan saw a surge of 24% to 3,250 attacks per week, according to Check Point Research, a provider of cyber threat intelligence.
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The Rise of Cybercrime: Understanding the Different Types of Online Crimes
https://goodmenproject.com/featured-content/the-rise-of-cybercrime-understanding-the-different-types-of-online-crimes/
Excerpt - Astechnology has advanced, so has the world of crime. The internet and the digital age have created new opportunities for criminals to operate, resulting in the rise of cybercrime. Cybercrime is any illegal activity that uses a computer or network to carry out the crime. It can take many forms, from stealing personal information to launching a cyberattack on a company. As individuals and businesses become more reliant on technology, it is crucial to understand the different types of online crimes and how to protect yourself.
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Secure Connected Places: Cyber Security Playbook launched
https://www.gov.uk/government/news/secure-connected-places-cyber-security-playbook-launched
Excerpt - Given the large amount data they collect, the interconnected nature of their systems, and the potential impact on local infrastructure, connected places can be attractive targets to hostile actors. This Playbook will help local authorities set a foundation to protect themselves against would-be cyber threats.
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Cybersecurity in Online Gaming: How to Keep Your Personal Data Safe
https://thefutureofthings.com/18844-cybersecurity-in-online-gaming-how-to-keep-your-personal-data-safe/
Excerpt - Online gaming has become increasingly popular in recent years, with millions of players around the world logging on to their favorite games every day. However, with this rise in popularity comes an increase in cybersecurity risks, as hackers and cybercriminals look to exploit vulnerabilities in online gaming systems to steal personal data and commit other types of fraud. In this article, we’ll explore the risks associated with cybersecurity in online gaming and provide some best practices for keeping your personal data safe.
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Cloud professionals cling to their passwords despite the risks
https://betanews.com/2023/05/12/cloud-professionals-cling-to-their-passwords-despite-the-risks/
Excerpt - But the study, of over 150 people, carried out by Beyond Identity also reveals frustrations. 60 percent find it frustrating to remember multiple passwords, 52 percent are frustrated by having to regularly change their passwords, and 52 percent by the requirement to choose long passwords containing numbers and symbols.
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Twenty-Five Years Of Pokhran: Safeguarding India’s Nuclear Infrastructure From Cyber Threats – Analysis
https://www.eurasiareview.com/11052023-twenty-five-years-of-pokhran-safeguarding-indias-nuclear-infrastructure-from-cyber-threats-analysis/
Excerpt - Twenty-five years after the Pokhran nuclear tests, the Indian government has put in place arrangements to secure the country’s nuclear infrastructure. However, with the increasing complexity and sophistication of cyber threats to critical national infrastructure (of which nuclear plants and installations are vital), policymakers must evolve a comprehensive risk analysis framework that keeps pace with emerging threat vectors and fosters resilience.
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‘Complete overhaul of Defra IT needed to ensure safe food and water’ – PAC
https://www.publictechnology.net/articles/news/%E2%80%98complete-overhaul-defra-it-needed-ensure-safe-food-and-water%E2%80%99-%E2%80%93-pac
Excerpt - A newly released report from parliament’s Public Accounts Committee finds that, although “Defra has made good progress in tackling its most urgent legacy issues”, 80% of applications used by the department are no longer in mainstream support from their supplier. This means that ongoing security and maintenance requires additional payment from customers – or, in some cases, that support is no longer available at all. PAC warned that this means many systems are “at constant risk of failure or cyberattack”.
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Capita says Russian cyber attack will cost £20m to clean up
https://www.telegraph.co.uk/business/2023/05/10/capita-russian-cyber-attack-bbc/
Excerpt - A Russian cyber attack against Capita which saw passport scans leaked onto the dark web will cost the government IT outsourcer up to £20m to fix, it has admitted.
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ASX 200 stock Technology One halted following cyber attack
https://www.fool.com.au/2023/05/10/asx-200-stock-technology-one-halted-following-cyber-attack/
Excerpt - The ASX 200 tech stock said it has detected “an unauthorised third-party acted illegally to access its internal Microsoft 365 back-office system”.
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Please accept my condolences for your loss, Genz2. I look forward to meeting you when Wave recovers from their comatose state.
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How to Identify Vulnerable Third-Party Software (Quickly)
https://www.upguard.com/blog/how-to-identify-vulnerable-third-party-software
Excerpt - In this post, we outline four methods for discovering vulnerable third-party software that could increase your risk of suffering a data breach.
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Thank you , Genz2! I enjoy finding obvious, simple solutions which I hope contribute, somehow, to the eventual use of TPMs.
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Does Iran see cyber war as a way to avoid real war? - analysis
https://www.jpost.com/middle-east/iran-news/article-742295
Excerpt - In February, an article at Tech Monitor noted that “the number of cyberattacks by Iran on targets in Israel has doubled in the past year, the director general of the Israeli Nation Cyber Directorate (INCD) has told Tech Monitor. Gaby Portnoy says other countries in the region have also been feeling the effects of attacks from Iranian cybercriminals and called for greater data sharing between governments.”
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How to know if you have a computer virus (and what to do about it)
https://www.digitaljournal.com/tech-science/how-to-know-if-you-have-a-computer-virus-and-what-to-do-about-it/article
Excerpt - To remove a virus from your computer
Download an antivirus programme
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Weekly cyber attacks in India surge by 18 per cent in Q1
https://www.thehindubusinessline.com/info-tech/weekly-cyber-attacks-in-india-surge-by-18-per-cent-in-q1/article66815570.ece
Excerpt - The average weekly cyber attacks in India have gone up by 18 per cent in the first quarter of this calendar year, over the comparable quarter last year. The average number of attacks on an organisation has been put at 2,108 in the first quarter.
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Cybersecurity threats from Iran have tripled in the last two years – Microsoft
https://techmonitor.ai/technology/cybersecurity/iran-cyberattack-cybersecurity-us-israel
Excerpt - Cyber threats from Iran have more than tripled in the last two years, security experts at Microsoft have warned. Iranian cyber criminals appear to be targeting operational technology, particularly in Israel, a new report from MSFT says. There is also evidence of Western countries being attacked in what the researchers are calling “cyber enabled influence operations,” where Iranian cybercriminals try to cause political instability.
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WidePoint Sets First Quarter 2023 Conference Call for Monday, May 15, 2023 at 4:30 p.m. ET
https://finance.yahoo.com/news/widepoint-sets-first-quarter-2023
WidePoint Corporation
WidePoint Corporation
Mon, May 1, 2023 at 2:00 PM GMT+1
In this article:
FAIRFAX, VA / ACCESSWIRE / May 1, 2023 / WidePoint Corporation (NYSE American:WYY), the innovative technology Managed Solution Provider (MSP) specializing in Identity & Access Management (IAM), Telecommunications and Managed Mobility Services (MMS), Analytics & Billing as a Service (ABaaS), and IT as a Service (ITaaS), will hold a conference call on Monday, May 15, 2023 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2023. Financial results will be issued in a press release prior to the call.
WidePoint's management will host the conference call, followed by a question and answer period.
Keeper Security Issues 5 Tips for Spring Cleaning Your Digital Life
https://www.prnewswire.com/news-releases/keeper-security-issues-5-tips-for-spring-cleaning-your-digital-life-301812574.html
Excerpt - To help spring cleaners spruce up their digital life, Keeper Security is providing the following cybersecurity tips.
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Backup Security: Protecting Business-Critical Assets from Ransomware
https://www.comparethecloud.net/articles/backup-security-protecting-business-critical-assets-from-ransomware/
Excerpt -
There is an obvious need for more robust storage and data management, as the complexity of applications and the value of data are both rising because of digital transformation. Immutability can be used to create an ultra-resilient backup system that keeps your data secure while remaining easier to manage. With backup attacks on the rise, it’s not enough just to have them – you have to ensure they’re protected even if (or when) an attack occurs.
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96% of CISOs Struggle to Get the Support Required to Be Resilient Against Cyber Attacks
https://www.businesswire.com/news/home/20230424005230/en/96-of-CISOs-Struggle-to-Get-the-Support-Required-to-Be-Resilient-Against-Cyber-Attacks
Excerpt -
Working with too many of the wrong solutions. With organizations reporting using an average of 25 individual security solutions, 30% say a top hurdle is having too many pieces of technology without a sole source of truth. CISOs can find the number of security solutions available to them overwhelming, unnecessary, and challenging.
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How to improve your firm's cyber security
https://www.lawgazette.co.uk/commentary-and-opinion/how-to-improve-your-firms-cyber-security/5115793.article
Implementing effective cyber security solutions and practices is crucial for law firms, but it’s not easy. The cyber security market is flooded with options, and, without a deep understanding of cyber security technology, it can be hard to determine which tools and technology are right for your firm.
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How about it if we get
Hong to announce the result at the meeting on next Tuesday? That could be quite explosive!
Lloyd's cyberattack exclusion gets Bank of America worried – reports
https://www.insurancebusinessmag.com/us/news/cyber/lloyds-cyberattack-exclusion-gets-bank-of-america-worried--reports-443502.aspx
Excerpt - Lloyd’s mandate
Effective from March 31 this year, a suitable clause excluding liability for losses arising from any state-backed cyberattack must be included in all standalone cyberattack policies falling within risk codes CY (cybersecurity data and privacy breach) and CZ (cybersecurity property damage).
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Scary Ransomware Group Royal Is On The Rise
https://businessplus.ie/industry-type/technology/scary-ransomware/
Excerpt - Aivaras Vencevicius, head of product for NordLocker, commented: “This range and versatility of targets pose a severe threat to global cybersecurity and make the Royal ransomware group one of the most dangerous cybercriminal groups in the world.”
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Wave can activate and help manage TPMs and SEDs at scale as revealed by some large and reputable organizations across the world!!
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WAVESimpleYetSecure
WAVESecureYetStrong
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Together Everyone Achieves More!!
EU launches Cyber Solidarity Act to respond to large-scale attacks
https://www.euractiv.com/section/digital/news/eu-launches-cyber-solidarity-act-to-respond-to-large-scale-attacks/
Excerpt - The European Commission has launched its controversial draft Cyber Solidarity Act, putting forward a proposal for boosting EU-wide cooperation in preparation for and response to major cyber attacks.
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Wave can activate and help manage TPMs and SEDs at scale as revealed by some large and reputable organizations across the world!!
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WAVESimpleYetSecure
WAVESecureYetStrong
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Together Everyone Achieves More!!
I like the part about the delivery cycles -
From Yahoo.finance -
MetAlert Director. “The Scandinavian countries are some of the most advanced countries in the world in the use of GPS tracking and remote patient monitoring technology for patients with MCI, consequently making it a large and important market for us. With our manufacturing ramping back up we are starting to fill our backorders and get back to normal delivery cycles.”
Banning cyberattack ransom payments 'a hard call', says cybersecurity expert
https://www.rnz.co.nz/news/national/488208/banning-cyberattack-ransom-payments-a-hard-call-says-cybersecurity-expert
Excerpt -
The Australian government announced in November it was considering banning ransomware payments as cyberattacks become more frequent and severe.
A cybersecurity expert says he is not in favour of an outright ban on paying ransom in the event of a cyberattack and negotiation should still be an option.
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Wave can activate and help manage TPMs and SEDs at scale as revealed by some large and reputable organizations across the world!!
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WAVESimpleYetSecure
WAVESecureYetStrong
—————————————————-
Together Everyone Achieves More!!
President Biden is not going to the party!
President Biden is not attending the coronation of King Charles 3rd next month.
What important matters will be taking his time and attention?
IMO
Anti-spam Software Market to Reach $ 22.03 Billion by 2030: Cognitive Market Research
https://www.prnewswire.com/news-releases/anti-spam-software-market-to-reach--22-03-billion-by-2030-cognitive-market-research-301798689.html
Excerpt -
Major Findings During the Study of the Anti-spam Software Market:
The growing number of cyber-attacks and data breach incidents across several IT firms worldwide has driven the anti-spam software market growth.
The advent of new technologies, such as Artificial Intelligence (AI) in anti-spam software, is reshaping the market growth due to its several advantages.
The emergence of new technologies, such as AI solutions and complex integrated systems, is confining the market growth to some extent.
In 2022, the on-premise segment has the largest market share in revenue and is expected to retain its leading position throughout the forecast period.
By application, the government segment dominated the anti-spam software market due to the increasing need to prevent sensitive data from cybercrime.
In 2022, North America dominated the anti-spam software market owing to the early adoption of new technologies and the strong presence of key market players.
Asia Pacific anti-spam software market is expected to witness the fastest CAGR over the forecast period. This is due to the emergence of IoT devices, the high adoption of new technologies, and a growing number of data centers.
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Wave can activate and help manage TPMs and SEDs at scale as revealed by some large and reputable organizations across the world!!
—————————————————-
WAVESimpleYetSecure
WAVESecureYetStrong
—————————————————-
Together Everyone Achieves More!!
Cyber attack: Data from charities stolen in ransomware attack
https://www.bbc.co.uk/news/uk-northern-ireland-65297324
Excerpt -
"We were told by the cybersecurity experts that that data is very valuable because it can be sold to people who then go on to commit or try to commit fraud, by for example, getting bank account details or other personal data," she said.
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Wave can activate and help manage TPMs and SEDs at scale as revealed by some large and reputable organizations across the world!!
—————————————————-
WAVESimpleYetSecure
WAVESecureYetStrong
—————————————————-
Together Everyone Achieves More!!
It’s all down to data: Banking collapse, volatile economies, pandemics and cybercrime
https://www.digitaljournal.com/tech-science/its-all-down-to-data-banking-collapse-volatile-economies-pandemics-and-cybercrime/article
Excerpt -
"Konzak approaching the issue from the cybersecurity perspective: “Ransomware thieves are swarming the Internet – and their success reflects the industry’s continued inability to implement appropriate preventative and recovery measures"
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Wave can activate and help manage TPMs and SEDs at scale as revealed by some large and reputable organizations across the world!!
—————————————————-
WAVESimpleYetSecure
WAVESecureYetStrong
—————————————————-
Together Everyone Achieves More!!
CXAI - pre-market -
27.18.
Yesterday's volume - 163 million.
Rochester schools end week without internet, questions linger about cyber attack
https://www.mprnews.org/story/2023/04/14/rochester-schools-end-week-without-internet-questions-linger-about-cyber-attack
Excerpt -
It’s not clear if the Rochester situation is part of a ransomware plot, but those types of attacks have been increasing in the nation’s schools, said Doug Levin, director of the K-12 Security Information Exchange. The national nonprofit organization focuses on protecting schools and state education agencies from emerging cybersecurity threats.
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See post - 247906.
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Wave can activate and help manage TPMs and SEDs at scale as revealed by some large and reputable organizations across the world!!
—————————————————-
WAVESimpleYetSecure
WAVESecureYetStrong
—————————————————-
Together Everyone Achieves More!!
WhatsApp boasts new security to stop scammers and malware
https://www.siliconrepublic.com/enterprise/whatsapp-security-verification-malware
Excerpt -
"In a more detailed post, parent company Meta explained that this cryptographic security feature will help show users that their messages are end-to-end encrypted in “a transparent manner available to all”.
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Wave can activate and help manage TPMs and SEDs at scale as revealed by some large and reputable organizations across the world!!
—————————————————-
WAVESimpleYetSecure
WAVESecureYetStrong
—————————————————-
Together Everyone Achieves More!!
If and when they do return,
that message is always there when people log on so could be advantageous. What do you think of this alternative - WAVESecureYetStrong.com?
Do cyber regulations actually make K–12 schools safer? Navigating compliance while securing school and student data
https://www.malwarebytes.com/blog/business/2023/04/do-cyber-regulations-actually-make-k12-schools-safer--navigating-compliance-while-securing-school-and-student-data
Over the last decade, K–12 schools have made great strides in employing technologies that facilitate learning—especially since the onset of pandemic-induced distance education. While students have long since returned to the classroom, digital platforms for instruction, collaboration, and homework continue as a mainstay. Unfortunately, so do cyberattacks.
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WidePoint Engages K-12 Schools to Offer Identity & Access Management Solutions
https://www.widepoint.com/widepoint-engages-k-12-schools-to-offer-identity-access-management-solutions/
Caroline Godfrey, Chief Security Officer of WidePoint Cybersecurity Solutions Corporation, stated: “User IDs and passwords in combination with one-time passcodes (2-factor authentication) to personal phones are recognized as antiquated solutions and the genesis for malware or ransomware attacks. WidePoint’s multi-phased deployment approach allows for the smoothest, non-intrusive deployment by starting with Tier 1 IT staff, then moving to critical users, teachers, servers, students and devices. Securing schools with PKI, the strongest authentication solution used by the U.S. Department of Defense and civilian federal government agencies, is a significant step forward and game changer for the school community.”
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Is Wave involved?
75% of firms unable to detect cyber threats in time -Survey
https://www.the-star.co.ke/business/kenya/2023-04-07-75-of-firms-unable-to-detect-cyber-threats-in-time--survey/
"From the report it emerged that the inability to understand how an attack happened, has left firms unable to make proper remediation, leaving organizations vulnerable to repetitive and multiple attacks, by the same or different adversaries.
An estimated 71 per cent of those surveyed reported challenges with timely remediation as they didn’t understand which signals/alerts to investigate."
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This problem could be largely solved if companies used Wave's products.
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Many thanks for the encouragement, Ihuser50. I did not attend the last meeting in California so maybe the next!
Lloyd’s of London cyber war exclusion rules come into effect
https://www.newstatesman.com/spotlight/cybersecurity/2023/04/lloyds-london-cyber-war-exclusion-rules-cyberattack-state-actors
"A cyber war exclusion clause written by Lloyd’s of London last year has now come into effect. The controversial clause would see effects of state-backed cyberattacks excluded from cyber insurance policies. Some have claimed this is difficult to discern due to the anonymous nature of cyberattacks."
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Protection exists by using Wave System's products. Save money.
An interesting post from Zacks -
From Yahoo.finance
Buy These Tech Stocks for The Momentum Wave
Tech stocks are off to a resilient start as we wrap up the first quarter of 2023. Impressively, the technology sector held up throughout the month as other areas of the market declined amid financial concerns stemming from the collapse of Silicon Valley Bank and Credit Suisse (CS).
With the Nasdaq up 16% this year let’s take a look at some top-rated tech stocks that have an “A” Zacks Style Scores grade for Momentum at the moment.
Arista Networks (ANET)
Sporting a Zacks Rank #1 (Strong Buy), Arista Networks (ANET) is a cloud networking solutions provider for data centers and cloud computing environments.
YTD Performance: Trading at $166 per share, Arista stock is up +37% year to date to easily top the Nasdaq’s +16% and the S&P 500’s +6. The earnings estimate revisions have been the catalyst here which attributes to Arista’s high Zacks Rank.
Fiscal 2023 EPS estimates are still up 11% during the quarter with FY24 earnings estimates soaring 15%. Arista’s earnings are now projected to climb 26% this year and jump another 11% in FY24 at $6.44.
Zacks Investment Research
Zacks Investment Research
Image Source: Zacks Investment Research
DocuSign (DOCU)
Next up is DocuSign (DOCU) which sports a Zacks Rank #2 (Buy). The usage of DocuSign’s Agreement Cloud is more common as the software suite automates and connects the entire agreement process.
YTD Performance: At $58 a share, DocuSign stock is up +5% this year to trail the broader indexes. However, earnings estimates have recenlty trended higher making DOCU look attractive with shares still 49% from their 52-week highs.
Supporting more upside in DocuSign stock, its current fiscal 2024 earnings estimates have gone up 9% over the last 30 days with FY25 EPS estimates up 5%. DocuSign’s earnings are now expected to jump 15% in FY24 and rise another 10% in FY25 at $2.57 per share.
Zacks Investment Research
Zacks Investment Research
Image Source: Zacks Investment Research
Infineon Technologies (IFNNY)
Among chipmakers, Infineon Technologies (IFNNY) could have more upside with a Zacks Rank #2 (Buy). Infineon is an application-oriented semiconductor solutions provider for use in speech and data communications, peripherals, wireless communications, automotive and industrial electronics, security and chip cards along with memory products.
YTD Performance: Infineon stock trades at $40 per share and has soared 36% YTD to outperform the S&P 500 and Nasdaq. With earnings estimates on the rise, Infineon’s P/E valuation also stands out and supports more upside.
Infineon stock trades at 16.7X forward earnings which is nicely below the industry average of 19.6X and the S&P 500’s 18.6X. Even better, Infineon trades 66% below its decade high of 49.5X and at a 21% discount to the median of 21.2X.
Zacks Investment Research
Zacks Investment Research
Image Source: Zacks Investment Research
Takeaway
Rrising earnings estimates are a great sign that these tech stocks will be top performers this year, especialy if the rally in the broader technology sector continues. Furthermore, their unique businesses can reach a wide range of clients making them viable investments for 2023 and beyond.
Must be getting a little desperate!
:+)