CynergisTek (NYSE American: CTEK), a cybersecurity consulting firm, has seen a rally in its share price premarket Thursday after news it has been selected for a new contract by one of the largest U.S-based federal credit unions valued at nearly $300,000.
The deal will see CynergisTek provide Red Team and security assessment services.
Cybersecurity is one of the primary concerns of financial institutions and competition for contracts can be intense.
CynergisTek claimed it was awarded the contract due to its reputation for “excellent service.”
CynergisTek’s Red Team services will assess the credit union's social engineering practices and conduct internal and external, and web application penetration testing to identify vulnerabilities in the system.
“I credit this new client win to the breadth of experience our Red Team and Security Consultants bring to the table and the focus from our entire company to drive our mission of ensuring that every interaction is meaningful and leaves our clients with the feeling they have learned something,” said Mac McMillan, CEO and President at CynergisTek.
“Working with this federal credit union highlights that our reach continues to gain traction outside of our traditional healthcare client base, demonstrating that our focus on data security resonates regardless of industry, and that CynergisTek is an ally that organizations can turn to for guidance as they build resilience into their security programs.”
CynergisTek's stock price has climbed over 12% to $2.04 premarket.
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