CynergisTek Inc. (CTEK) stock prices were up by 1.10% shortly after market trading commenced trading on September 30th, 2021. This brought the price per share up to USD$1.84 early on in the trading day.
CTEK Stock’s New Contract
September 30th, 2021 saw CTEK stock announce having been selected for a new contract by one of the largest U.S based federal credit unions. The contract has been valued at nearly USD$300,000 and will facilitate the provision of Red Team and Security Assessment services. With cybersecurity becoming an increasingly critical priority for financial institutions, competition within the company’s marketspace is intense. Credit unions seek out partnerships with companies with whom their priory for security is shared. This security is facilitated by the highly regulated market by the National Credit Union Association (NCUA) to ensure the protection of member’s financial assets and transactions.
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Details of the Contract
CTEK stock’s awarding of the contract was a result of its track record and reputation in the market for the delivery of excellent service. The company’s Red Team services will serve to evaluate the organization’s social engineering practices, while also conduct internal and external testing. Web application penetration testing will also be used to identify any vulnerabilities where they could be at risk for a cyber-attack. The inclusion of a third party to conduct a security risk assessment will provide organizations with an unbiased and thorough assessment. This assessment has the potential to lay out a remediation roadmap prioritized by level of risk to the business.
Building on Success
The combination of the company’s Red Team experience and Security Consultants drives the winning of the client contract. This is consolidated by CTEK stock’s focus to drive their mission of ensuring that every interaction is meaningful and leave its clients feeling like they have benefitted. The company continues to work with federal credit union highlights to facilitate an increase in its market reach. This reach continues to gain traction outside of the company’s traditional healthcare client base. This demonstrated that the company’s focus on data security has an impact on a myriad of industries.
Future Outlook for CTEK Stock
The company reported a promising quarter, further consolidated by the awarding of its newest contract. CTEK stock is poised to capitalize on the opportunities afforded to it as a result of this development. Current and potential investors are confident in management’s ability to effectively leverage the resources at their disposal. This is hoped to facilitate consistent and organic growth in shareholder value over the long term.