Tego Cyber Inc. Provides Update On Commercialization Of First Version Of Threat Intelligence Application
May 24, 2022
The first version of Tego Guardian integrates with Splunk SIEM platform
LAS VEGAS, NV / ACCESSWIRE / May 24, 2022 / Tego Cyber Inc. (OTCQB:TGCB), an emerging developer of proactive cyber threat intelligence applications and solutions, today provided an update on the Company's path-to-market strategy to monetize the first version of its cyber threat intelligence application.
Tego Guardian is a proactive intelligent cyberthreat hunting tool that gives enterprises the ability to quickly track threats throughout their networks, mapping out exposures and expediting remediation. Tego Guardian integrates with the widely used Splunk Security Information and Event Management (SIEM) platform. Tego Guardian is a Splunk approved app and available for download through Splunk's marketplace.
"Cyber threat intelligence is an afterthought for many of the Fortune 500 companies," stated Shannon Wilkinson, President and CEO of Tego Cyber Inc. "At Tego we are redefining what actionable threat intelligence is and how to integrate it into Security Operations to find bad actors faster and give companies advanced warning of pending attacks. Tego Guardian is the first commercialized solution that fully integrates into a customer's existing SIEM, cross-correlates threats in real time, and not only looks forward but back to see if the organization has been exposed to threats while a particular item was weaponized. Thanks to Tego Guardian, recently a large multinational Fortune 500 company stopped a large-scale ransomware from infecting their systems causing potential financial loss, data exfiltration, and brand reputation loss," continued Mrs. Wilkinson.
Splunk is used by over 15,000 corporate enterprises in 110 countries including 89 of the top Fortune 100. The Company's inhouse sales team is contacting the cybersecurity team leaders of these companies to introduce Tego Guardian and the benefits it adds to their existing Splunk SIEM platform.
"Due to the sensitivity of the environments our application integrates into, the initial sales process has to be tactful and very hands on," stated Brent Watkins, Director of Business Development. "A level of trust must be established through personal contact. It's imperative to develop trust and show that Tego understands the security challenges they face 24/7/365. We are confident that after an online demo, a cybersecurity executive will recognize the benefits Tego Guardian adds to their existing Splunk SIEM platform. We have already provided a number of potential clients full-function trial licenses so they can see the value of Tego Cyber first-hand," continued Mr. Watkins
The Company is further expanding the executive sales team with the addition of Shamun Mahmud. Mr. Mahmud has been appointed Regional Sales Manager - Western United States. Mr. Mahmud is experienced in taking emerging technologies to market. He will be working closely with Brent Watkins in implementing the path-to-market for the Splunk integration of Tego Guardian as well as managing sales and marketing for the Western United States.
"As Sheryl Sandberg said, ‘If you're offered a seat on a rocket ship, don't ask what seat! Just get on,'" exclaimed Mr. Shamun Mahud. "I liken Tego Cyber's threat intelligence platform to a rocket ship set for immediate launch and I am thrilled with the opportunity to help Tego make its mark in the cyber threat intelligence space."
Spunk has a user base of over 15,000 corporate enterprises. The Splunk version of the Tego Guardian will initially retail for $75,000 per license per year. This represents a represents a total addressable market of $1.125 billion for the initial Splunk version of the Tego Guardian. Management has set a conservative goal to achieve a 1% penetration rate within the first calendar year of commercialization which represents $11.5 million gross licensing revenue.
"We feel that these estimates are conservative given the value that Tego Guardian adds to an existing Splunk SIEM platform," continued Mrs. Wilkinson. "We are confident that with the current marketing efforts now underway, Tego Guardian will gain traction within the cybersecurity threat intelligence marketplace. Ultimately, we want Tego Guardian to become a recognized standard add-on to any Splunk SIEM platform,"
Channel Partner Program
The Company recently launched its channel partner program to supplement inhouse sales. Channel partners will offer Tego Guardian as an upsell to their existing clients using the Splunk SIEM platform as well as market to new clients. The channel partner program was developed in partnership with Vation Ventures to foster meaningful, profitable, and long-term relationships with reputable cybersecurity solution providers, and equip them with the resources to create a new revenue stream in the emerging cyber security threat intelligence market. Channel Partners are offered a competitive commission structure along with bonuses, joint marketing efforts, and ongoing product training. Since the launch of the channel partner program, the Company has signed three channel partner agreements and is currently in negotiations for an additional four.
"Each channel partner brings with them their own sales infrastructure and established client base," stated Shannon Wilkinson, President and CEO of Tego Cyber Inc. "This is going to saves us a tremendous amount of time and money. Each channel partner will be selling to Splunk users with whom they already have any established relationship thereby dramatically reducing the sales cycle. Ultimately, we see the channel partner program generating a high proportion of our revenue," continued Mrs. Wilkinson.
Trade Shows & Conferences
As part of the overall sales strategy and to help build the Tego brand, management will be sending a delegation to the following upcoming cybersecurity and technology conferences:
RSA Conference (San Francisco, June 6-9)
RSAC annual cybersecurity conference is being held on June 6th to June 9th, 2022 at The Moscone Center in San Francisco. RSAC is where the security industry converges to discuss current and future concerns and have access to the experts, unbiased content and ideas that help enable individuals and companies advance their cybersecurity posture and build stronger and smarter teams. For more information please visit: https://www.rsaconference.com/usa
.conf22 (Las Vegas, June 13-16)
.conf22 is Splunk's biggest annual customer and partner event. It is being held this year in Las Vegas, Nevada from June 13th to June 16th. It is an opportunity for the Spunk user community to reconnect, explore new products, apps, and add-ons. For more information please visit: https://conf.splunk.com
Blackhat USA 2022 (Las Vegas, August 6-11)
Now in its 25th year, Black Hat USA 2022 will be a hybrid event offering both virtual and in person events. In-person event are being held this year in Las Vegas, Nevada from August 6th to August 11th. For more information please visit: https://www.blackhat.com/us-22
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)
Tego Investor Relations:
Crescendo Communications, LLC
SOURCE: Tego Cyber Inc.
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Released May 24, 2022