BATAVIA, IL, May 22, 2024 (GLOBE NEWSWIRE) — High Wire Networks, Inc. (OTCQB: HWNI), the world's leading provider of managed cybersecurity and technology enablement, announced High Wire's Overwatch OT. Won a large new contract to deliver. /IoT Security™ has been deployed in the U.S. healthcare system, which consists of more than 25 hospitals and clinics and dozens of ancillary care facilities.
This new project is a previously announced project to onboard and deliver agentless, zero trust, and managed cybersecurity services to more than 2,000 Internet of Things (IoT) devices across the hospital system's various campuses. This is in addition to the annual contract. This new agreement increases his total number of IoT devices under Overwatch's control to 2,750.
“The increased use of IoT devices makes securing network connections more complex, especially in the healthcare sector,” said Stephen LaMarche, COO at High Wire. “Healthcare organizations are challenged to find ways to eliminate emerging security vulnerabilities in IoT devices, as many FDA-regulated devices are not designed to be adequately secured by traditional security software and tools.”
A 2023 Ponemon Institute study found that of 653 healthcare facilities that reported a cybersecurity ransomware attack, 43% said it had a significant impact on patient care, and 36% saw an increase in mortality rates. I reported.
“Our Overwatch OT/IoT security solution alleviates these pressing issues and reduces security risks by managing access to a wide variety of IoT devices in a way unmatched in the industry.” LaMarche continued. “Introducing Overwatch's agentless configuration brings new levels of efficiency to these sensitive sites that are monitored 24/7 by our US-based Security Operations Center. It achieves safety and security effects.”
At the core of High Wire's Security Operations Center is Overwatch SOAR™, a proprietary security orchestration, automation, and response (SOAR) technology. The unique AI built into Overwatch SOAR automatically integrates alerts from various threat prevention and detection and response platforms to create intelligence-based rules that provide enhanced visibility, improved correlation, and faster remediation. process the alert.
High Wire's SOAR technology acts as an exponential force multiplier for its dedicated team of professional security experts, enabling them to provide the most secure and cost-effective cybersecurity solutions available on the market today.
High Wire offers Overwatch managed security services exclusively through a global network of over 625 Managed Service Providers (MSPs) and Managed Security Service Providers (MSSPs) worldwide.
Reflecting High Wire's preferred “go-to” status for these global channel partners, many of whom make up the Fortune 500, Frost & Sullivan ranks High Wire as Americas' Managed Security Services Provider in the Growth and Innovation category. ranked in the top 12.
This new win confirms that High Wire will pursue many similar opportunities in its pipeline, and its channel partners to meet the growing demand for effective cybersecurity tools and managed services. We're still keeping an eye on High Wire.
Security breaches and ransomware attacks against healthcare systems are on the rise. CRN recently reported that a ransomware attack crippled Ascension's healthcare system, shutting down its electronic medical records system and forcing some hospitals to divert emergency care.
CRN reported earlier this year that a cyberattack targeting a division within UnitedHealth Group's Optum subsidiary caused significant disruption to U.S. pharmacies and patients. UnitedHealth paid a $22 million ransom and acknowledged that the attack was facilitated by the lack of multi-factor authentication on servers run by Optum prescription processing company Change Healthcare.
Security breaches and ransomware attacks on critical infrastructure cost organizations millions of dollars in remediation costs. According to a recent report from IBM, the average cost of a business data breach in the United States totals approximately $9.5 million. Healthcare continues to experience the highest data breach costs of all industries, increasing by 8.2% to $10.93 million. However, organizations that use security AI and automation extensively have found that fully implemented security automation can save an average of approximately $1.8 million.
“The rise in cyber-attacks in the healthcare sector is particularly concerning given the critical nature of the service,” added Highwire CEO Mark Porter. “Many critical infrastructure organizations have not yet implemented a Zero Trust architecture in their networks. To address the escalating threats and potential mitigating cost burdens, our Overwatch solution provides channel partners with end-to-end We will provide the best security solutions to our clients.We expect similar opportunities to arise in the future for other healthcare institutions.”
Overwatch addresses the global cybersecurity market expected to grow at a CAGR of 13.8% and reach $425 billion by 2030.
To learn more about High Wire and its award-winning managed cybersecurity and IT enablement services, visit HighWireNetworks.com or watch the company's free video series on YouTube.
About high wire network
High Wire Networks, Inc. (OTCQB: HWNI) is a fast-growing, award-winning global provider of managed cybersecurity and IT enablement services. Through 625 channel partners, we provide trusted managed services to more than 1,100 managed security customers and tens of thousands of technology customers. Its end customers include hundreds of Fortune 500 companies and the nation's largest government agencies.
High Wire has 80 full-time employees worldwide, with four US offices, including a 24/7 network operations center based in the US and a security operations center in Chicago, as well as an additional regional office in the UK. We have
Highwire was ranked by Frost & Sullivan as: Top 12 Managed Security Service Providers It will be used in the Americas in 2023. CRN MSP500 and Elite 150 List of the nation's top IT managed service providers for 2023 and 2024.
For more information, please visit HighWireNetworks.com. Follow the company on X, watch our extensive video series on YouTube, and connect on LinkedIn.
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