TIGR Contract
25/07/2022 07:00
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RNS Number : 5750T CYBA PLC 25 July 2022
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25 July 2022
CYBA plc
FIRST TIGR CONTRACT
CYBA plc ("CYBA" or the "Group") the cybersecurity group specialising in
high-end threat intelligence and critical infrastructure security, is pleased
to announce that its 100% owned subsidiary Narf Industries LLC has signed its
first commercial contract for its Threat Intelligence for Grid Recovery
("TIGR") suite of products.
Highlights
- First commercial contract for TIGR signed with a large US multi-state
natural gas utility listed on the S&P 200 (the "Contract")
- TIGR is an innovative cybersecurity SAAS product that can be used by
utilities and cyber first responders to rapidly find/neutralise security
compromises in Industrial Control Systems (ICS) devices and restore power
following a cyberattack
- Product is being commercialised by Narf having come out of the
$200 million RADICS Programme
- Strong market demand now from both Gas and Electrical grid
suppliers:
- Early indications show the Total Addressable Market ("TAM") for gas
for TIGR could be bigger than the electric grid.
- TAM just for electric grid for TIGR being approximately $8
billion.
- Further customers to be announced - the Group is currently engaged with
several major US utilities providers with a view to securing near term
purchase agreements
- The Contract has potential revenue enhancing add-ons built in as
the roll-out develops.
Contract Win
Cyba plc's 100% owned subsidiary Narf Industries LLC ("NARF") has signed a
contract with its first customer for its TIGR suite of products. The customer
is a large US multi-state Natural Gas Distributor listed on the S&P 200.
This contract win opens the TIGR products to a new market, Oil & Gas
Distribution. Early market focus for TIGR was with electric grid utilities and
support agencies, evidenced by the fact that current ongoing contract
discussions are predominantly with electrical grid utilities and the
Department of Defence, but the appetite of this gas utility company has
resulted in it being the first customer to sign. The contract has potential
add-ons as the roll-out develops.
TIGR
Narf is spearheading TIGR's transition to the commercial market, having come
out of the RADICS R&D Program (Rapid Attack Detection, Isolation and
Characterization Systems).
The programme budget was over $200 million, having been funded by the US
Government Department of Defense R&D agency known as DARPA (Defense
Advanced Research Projects Agency) in collaboration with a team of expert
organisations including Stanford Research Institute International ("SRI") and
New York University.
Following the agreement signed with its partner and shareholder, SRI, the
Group now own the entire commercial rights for the TIGR product. SRI is one of
the largest contract research institutes in the world. It's renowned for
spin-off ventures such as TIGR. For one of their recent spin-offs see
(https://www.sri.com/press/press-release/sri-international-spinoff-nuance-communications-acquired-by-microsoft-for-19-7-billion/
(https://www.sri.com/press/press-release/sri-international-spinoff-nuance-communications-acquired-by-microsoft-for-19-7-billion/)
).
The TIGR hardware and software product was developed for Critical
Infrastructure ICS devices which includes devices used in Gas Distribution
Networks. TIGR is capable of protecting against attacks similar to those that
disabled the Colonial Pipeline for many days (see
https://www.cnbc.com/2021/05/12/colonial-pipeline-restarts-after-hack-but-supply-chain-wont-return-to-normal-for-a-few-days.html
(https://www.cnbc.com/2021/05/12/colonial-pipeline-restarts-after-hack-but-supply-chain-wont-return-to-normal-for-a-few-days.html)
). The hack, which resulted in the entire Colonial system being forced to
shutdown, the first time in its 57 year history, prevented the pipeline from
being brought back fully online until two weeks later.
Natural Gas Market
The Natural Gas market in the US is estimated at $165 billion annually with
over 2,500 providers serving a network of 3 million miles of pipeline linking
natural gas production areas and storage facilities with wholesale and retail
consumers.
Automation within the Oil and Gas market has been growing considerably in the
last 10 years and sales of cyber security solutions around that automation
process is expected to grow annually at around 11% compound rate for the next
5 years.
TIGR will be focussing on the Flow Control system, including Gate Station
protection. The benefits of the automation of Flow Control Solutions for gas
utilities are inflow optimisation and production maximisation. This recent and
continued growth in Automation across North America, and globally, will only
increase exposure to potential breaches.
CEO, Steve Bassi, said: "The Group is poised to become a market-leading
supplier of cybersecurity software and solutions. Our flagship product,
TIGR, much of which has been developed by Narf, addresses a vital market need
- namely protecting critical gas and electric control systems, against
cyberattack by quickly locating persistent attackers and kicking them out.
The need is clear and urgent. Nation state driven cyber-attacks are on the
rise and we've seen clear evidence of this in the war on Ukraine. With
cyber-attacks becoming more frequent and more costly to their victims, the
Biden administration has designated cybersecurity as a key area of investment
in its $1.2 trillion infrastructure bill as it seeks to modernise the nation's
infrastructure and harden security.
"This first contract win with an S&P 200 US multi-state natural gas
utility is a testament to the quality of our offering, the skillset of our
team, and market opportunity available, and we are confident this is the first
of a number of near term US utility provider contract opportunities for us,
which will in time give a clear visibility to long term recurring revenue. I
look forward to being able to provide regular updates to our shareholders."
ENDS
For further information on the Group please visit www.cybaplc.com and
narfindustries.com or contact:
Robert Mitchell CYBA Tel: +44 (0) 20 3468 2212
Catherine Leftley/Charlotte Page/Isabel de Salis St Brides Partners cyba@stbridespartners.co.uk
Peter Krens Tennyson Securities Tel: +44 (0)207 186 9030
About CYBA plc
CYBA plc (LSE: CYBA) is a UK-listed cyber security group specialising in
high-end threat intelligence with a focus on critical infrastructure. The
Group leads commissioned cyber security R&D and is commercialising a
portfolio of products including a DARPA-backed product (an agency within the
US Department of Defence) called TIGR. The Group aims to further strengthen
its portfolio organically and via acquisition. Its team of highly qualified
cyber security experts is well placed to identify opportunities.
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