BATAVIA, Ill., May 22, 2024 (GLOBE NEWSWIRE) -- High Wire Networks, Inc. (OTCQB: HWNI), a leading global provider of managed cybersecurity and technology enablement, was awarded a major new contract to deliver High Wire’s Overwatch OT/IoT Security™ for a U.S. health system comprised of more than 25 hospitals and clinics and dozens of ancillary care facilities.
The new project is in addition to the previously announced annual contract for onboarding and delivering agentless, zero trust, managed cybersecurity services for more than 2,000 IoT-type (Internet-of-Things) devices across the various campuses of the hospital system. The new engagement increases the total number of IoT-type devices under Overwatch management to 2,750.
“The increasing use of IoT devices brings with it the added complexities of securing network connections, particularly in medical spaces,” noted High Wire COO, Stephen LaMarche. “Many FDA-regulated devices were not designed to be properly protected by traditional security software and tools, so healthcare organizations are challenged with finding ways to eliminate emerging security vulnerabilities with IoT devices.”
A 2023 Ponemon Institute survey found that of 653 health care facilities that reported cybersecurity ransomware attacks, 43% found that it significantly impacted patient care, while 36% reported that it increased mortality rates.
“Our Overwatch OT/IoT Security solution helps alleviate these pressing problems and reduce security risks by managing access to a wide array of diverse IoT devices in a way we believe is unmatched in the industry,” continued LaMarche. “By deploying Overwatch agentless configurations, we create a new level of efficiency and security effectiveness for these sensitive sites that is monitored 24/7 by our U.S.-based Security Operations Center.”
Operating at the core of High Wire’s security operation center is Overwatch SOAR™, a proprietary security orchestration, automation and response (SOAR) technology. The unique AI embedded in Overwatch SOAR automatically consolidates alerts from various threat prevention and detection-and-response platforms and processes them with intelligence-based rules that provide enhanced visibility, improved correlation, and faster remediation.
High Wire’s SOAR technology serves as an exponential force multiplier for its dedicated teams of professional security experts, empowering them to deliver the most secure and cost-effective cybersecurity solutions available on the market today.
High Wire offers its Overwatch managed security services exclusively through a global network of managed service providers (MSPs) and managed security service providers (MSSPs) totaling more than 625 worldwide.
Reflecting High Wire’s preferred “go-to” status for these global channel partners, many of which comprise the Fortune 500, Frost & Sullivan ranks High Wire as a Top 12 Managed Security Service Provider in the Americas in the categories of growth and innovation.
This new win supports High Wire’s pursuit of many similar opportunities in its pipeline, and as its channel partners continue to look to High Wire to help meet the growing demand for effective cybersecurity tools and managed services.
Security breaches and ransomware attacks on healthcare systems are on the rise. CRN recently reported that a ransomware attack paralyzed Ascension health system, shutting down its electronic health records system and forcing it to divert emergency care at some of its hospitals.
Earlier this year, CRN reported that a cyberattack targeting a unit within UnitedHealth Group subsidiary Optum caused significant disruptions for U.S. pharmacies and patients. UnitedHealth paid a $22 million ransom and acknowledged the attack was facilitated by the lack of multifactor authentication on a server operated by Change Healthcare, an Optum prescription processor.
Security breaches and ransomware attacks on critical infrastructure is costing organizations millions of dollars to remediate. According to a recent report from IBM, the average cost of a business data breach in the U.S. totals on average ~$9.5 million. Healthcare continued to experience the highest data breach costs of all industries, increasing 8.2% to $10.93 million. However, organizations with extensive use of security AI and automation have been shown to save on average ~$1.8 million with fully deployed security automation.
“The rise in cyberattacks in healthcare is particularly concerning, given the critical nature of its services,” added High Wire CEO, Mark Porter. “Many critical infrastructure organizations have yet to deploy a zero-trust architecture on their network. For tackling the escalating threats and potential cost burdens that can be mitigated, our Overwatch solutions offer our channel partners the best security solutions for their end clients. Looking ahead, we anticipate encountering similar opportunities for other healthcare organizations.”
Overwatch addresses a global cybersecurity market that is expected to grow at a 13.8% CAGR to 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 view the company’s free video series on YouTube.
About High Wire Networks
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, it delivers trusted managed services for 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 and four U.S. offices, including a U.S. based 24/7 Network Operations Center and Security Operations Center in Chicago, with additional regional offices in United Kingdom.
High Wire was ranked by Frost & Sullivan as a Top 12 Managed Security Service Provider in the Americas for 2023. It was also named to CRN’s MSP 500 and Elite 150 lists of the nation’s top IT managed service providers for 2023 and 2024.
Learn more at HighWireNetworks.com. Follow the company on X, view its extensive video series on YouTube or connect on LinkedIn.
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