Cybeats Technologies Corp. reported on the signing of a renewed and expanded license agreement for SBOM Studio with a Top 5 global Medical Device Manufacturer ("MDM"). The contract term is now for three years and for over seven figures in total contract value. While SBOM Studio has been implemented into some of the largest global enterprises, the technology team has continued to add unique and in-demand new features like Governor View, SBOM auto-repair, and alerting functionalities. These product features also enhance SBOM Studio's capacity to handle and provide relevant data to customers - improving overall satisfaction, and supporting two key drivers to revenue growth. Cybeats continues to achieve commercial progress evidenced by client retention and organic contract growth, illustrating increased product usage and demand. The U.S. Food and Drug Administration's ("FDA") solidified its role in regulating medical device cybersecurity with its authority to approve or reject premarket submissions based on compliance with section 524B of the Federal Food, Drug, and Cosmetic Act ("FD&C Act").[3] This section mandates that Medical Device Manufacturers ("MDM") provide a SBOM for their devices' commercial, open-source,
and off-the-shelf software components. To proactively manage cybersecurity risks, MDMs must maintain an accurate inventory of device components, develop vulnerability management and risk assessment processes, provide device patches, and maintain device change records. The FDA's Refuse-to-Accept ("RTA") authority as of March 29, 2023 emphasizes the significance of SBOM management solutions like SBOM Studio. On September, 26 2023 the FDA released final (revised) premarket cybersecurity guidance, which supersedes premarket cybersecurity guidance issued on October 2, 2014. The recommendations in the FDA guidance are intended to help manufacturers meet their obligations under
section 524B of the FD&C Act.