Tego Cyber Inc. Releases 2022 Fiscal Year End Review
LAS VEGAS, NV / ACCESSWIRE / JULY 20, 2022 / Tego Cyber Inc. (OTCQB:TGCB), a technology company focused on the development and commercialization of an intelligent cyberthreat hunting application that integrates with leading security information and event management (SIEM) platforms, today released a summary of achievements and milestones met during the fiscal year ended June 30, 2022.
"During this last fiscal year, we completed the first version of our cyberthreat intelligence application, developed then began implementing the path-to-market strategy to monetize our technology, and continued development of a second and third version," stated Mrs. Shannon Wilkinson, President & CEO of Tego Cyber Inc. "We are now entering the revenue phase for the first version of our application," continued Mrs. Wilkinson.
What is SIEM platform?
SIEM stands for security information and event management. A SIEM platform collects log data and cyber events from an enterprise's systems, applications, devices, and networks, then provides an analysis of the data for use in security monitoring, compliance and auditing purposes. SIEM platforms provide a centralized place for cyber security teams to review cyber events. SIEM solutions can reside either in on-premises or cloud environments. All larger companies, organizations and governmental agencies now utilize SIEM software solutions.
Tego Guardian is a proactive intelligent cyberthreat hunting tool that gives macro enterprises the ability to quickly track threats throughout their SIEM platform, mapping out exposures and expediting remediation saving security operations teams time and money. What makes Tego Guardian different from other cyberthreat intelligence applications, is that it is the first commercially available solution that directly integrates into a user's existing SIEM platform. It operates within the platform environment, so security operations teams do not have to exit to a different application to complete a specific task or research a cyber threat. Tego Guardian cross-correlates threats in real time and not only looks forward but back to see if the organization's network has been previously exposed. The first version of Tego Guardian integrates with the industry leading Splunk SIEM platform. Tego Guardian is now available for download through Splunk's app store and is compatible with Splunk Enterprise versions: 8.0.X, 8.1.X, 8.2.X and 9.0. Tego Guardian is also undergoing compatibility verification for Splunk Cloud.
"The biggest issue we hear from potential customers, is that it's extremely difficult to diagnose and research cybersecurity events because of the large volume of low-level data and the high number of alerts a typical SIEM platform will generate," stated Chris White, CISO for Tego Cyber Inc. "Users will get an alert, but this often lacks clarity and context. It requires additional research which then takes time which ultimately costs money and adds potential risk. This is where Tego Guardian comes in. Tego Guardian provides that additional clarity and context in real-time, assisting security operations teams with expediting remediation thereby saving time and money," continued Mr. White.
Future Versions of Tego Guardian
The Company is now completing development of a version of Tego Guardian for integration with the Elastic Security SIEM platform. The Company is planning to commercially launch this version in the fall of 2022. The Company is also in the planning phase of a third version for integration with the Devo SIEM platform. The Company plans to develop versions of Tego Guardian for integration with other leading SIEM platforms including: IBM QRadar, AT&T Cybersecurity, Exabeam, and Google Chronical.
"What makes Tego Guardian unique is the scalability of the application," stated Brent Watkins, Director of Business Development for Tego Cyber Inc. "Tego Guardian is an add-on to an existing SIEM platform. It was purposely designed not to be a stand-alone product. The first commercially launched version integrates with the Splunk SIEM platform. Splunk currently has over 22,000+ enterprise clients using their products and solutions. The second version of Tego Guardian, which is now completing development, will integrate with the Elastic Security SIEM platform. Elastic has 16,000+ enterprise clients using their products and solutions. With each new integration released, there is an established user base already using the SIEM platform which provides our sales team with a clearly identifiable market to target," continued Mr. Watkins.
Since Fall 2021, the Company has been developing the path-to-market and monetization strategy for the first version of Tego Guardian. It has been a challenge due to the uniqueness of the application and the sensitivity of the environments it integrates with. The Company has assembled an inhouse sales team of veteran cybersecurity experts who are contacting cybersecurity leaders and security operations teams using the Splunk SIEM platform to introduce Tego Guardian and the benefits it adds to their existing platform. The Company also recently launched a channel partner program to supplement the inhouse sales initiatives. Channel partners will offer Tego Guardian as an upsell to their existing clients using the Splunk SIEM platform. The channel partner program was developed in partnership with Vation Ventures. Since the launch of the channel partner program, the Company has signed six channel partner agreements.
Additional Revenue Streams
The Company is currently exploring opportunities to leverage its technology and underlying platform. One potential spin-off revenue stream is the reselling of the cyberthreat intelligence data used by the Tego Guardian application. The management team is currently working on a framework for this revenue stream, identifying potential markets, and a developing the path-to-market strategy.
On September 7, 2021, the Company entered into a Master Services Agreement with IONnovate, LLC, a premier application development firm based in Las Vegas, Nevada, to supplement the current development team with additional resources to assist with the development of new integrations of the Company's threat intelligence application. IONnovate currently is working on the integration of Tego Guardian for the Elastic SIEM platform. On February 2, 2022, the Company entered into a marketing services agreement with Vation Ventures to support and accelerate the path-to-market strategy and assist in the implementation of the channel partner program.
Trade Shows & Conferences
As part of the overall sales strategy and to help build the Tego brand, during the last 12 months, the Company presented at or attended a number of investment and cybersecurity industry conferences both in-person and virtually including:
- Maxim Group Investor Summit (Virtual)
- Microcap Rodeo Winter Wonderland Best Ideas Conference (Virtual)
- Benziniga All Access Event (Virtual)
- Q4 Investment Conference (Virtual)
- LD Micro Main Even XIV (Virtual)
- Microcap Rodeo's Fall Harvest Investor Conference (Virtual)
- H.C. Wainwright 23 Annual Investment Conference (Virtual)
- Small Cap Growth Investor Conference (Virtual)
- Access to Giving Investment Conference (Virtual)
- RSA Conference (San Francisco)
- Splunk .conf22 (Las Vegas)
SEC Reporting Status
During the fiscal year ended June 30, 2022, the Company filed an 8A-12G to transition from a voluntary to mandatory reporting issuer with the United States Securities and Exchange Commission. The Company did this in preparation of a future listing on a senior stock exchange.
For the next 12 months the Company has set the following goals:
- Complete path-to-market for the first version of Tego Guardian for Splunk;
- Enter revenue phase of the business model for the first version of Tego Guardian;
- Complete development of the version of Tego Guardian for Elastic SIEM platform;
- Implement and complete path-to-market to monetize Tego Guardian for Elastic SIEM platform;
- Complete development of a version of Tego Guardian for Devo SIEM platform;
- Monetize Tego Guardian for the Devo SIEM platform;
- Commence development of a version of Tego Guardian for Exabeam SIEM platform;
- Retain investment banking partner to assist with uplist to NASAQ or NYSE with a senior financing.
"We anticipate fiscal 2023 to be a transformational year for Tego Cyber as we realize revenue from the initial version of our technology while continuing to develop new versions of our application for new markets," stated Mrs. Wilkinson "As our revenue grows, it is our intention to list our common shares for trading on a senior stock exchange which will add credibility, open the door to larger fundings, global expansion and acquisition opportunities," continued Mrs. Wilkinson.
About Tego Cyber Inc.
Tego Cyber Inc. (OTCQB:TGCB, "the Company") was created to capitalize on the emerging cyber threat intelligence market. The Company has developed a cyber threat intelligence application that integrates with top end security platforms to gather, analyze, then proactively identify threats to an enterprise network. The Tego Guardian Threat Intelligence Platform takes in vetted and curated threat data and after utilizing a proprietary process, the platform compiles, analyzes, and then delivers that data to an enterprise network in a format that is timely, informative, and relevant. The threat data provides additional context including specific details needed to identify and counteract threats so that security teams can spend less time searching for disparate information. The first version of the application will integrate with the widely accepted Splunk SIEM to provide real-time threat intelligence to macro enterprises using the Splunk architecture. The Company plans on developing future versions of the Tego Guardian app for integration with other established SIEM systems and platforms including: Elastic, Devo, IBM QRadar, AT&T Cybersecurity, Exabeam, and Google Chronical. For more information, please visit www.tegocyber.com.
The statements contained in this press release, those which are not purely historical or which depend upon future events, may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future constitute forward-looking statements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. All forward-looking statements included in this press release are based on information available to the Company on the date hereof and the Company assumes no obligation to update any such forward-looking statement. Prospective investors should also consult the risks factors described from time to time in the Company's Reports on Forms 10-K, 10-Q and 8-K and Annual Reports to Shareholders.
Tego Cyber Inc.
8565 S Eastern Avenue, Suite 150
Las Vegas, Nevada 89123
Tel: 855-939-0100 (North America)
Tel: 725-726-7840 (International)
SOURCE: Tego Cyber Inc.
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Released July 20, 2022