Benzinga | Jun 9, 2021 01:00PM EDT

CynergisTek Unit Redspin Nails DoD's Cybersecurity Certification

* CynergisTek Inc's (NYSE:CTEK) division, Redspin, has successfully cleared the Defense Contract Management Agency (DCMA) Defense Industrial Base Cybersecurity Assessment Center (DIBCAC) Cybersecurity Maturity Model Certification (CMMC) Level 3 certification as a Candidate CMMC Third-Party Assessor Organization (C3PAO).

* The U.S. Department of Defense (DoD) is aiming to reduce the estimated $600 billion in annual cybercrime losses through third-party cybersecurity assessment of contractors with access to federal contract information (FCI) and controlled unclassified information (CUI).

* President Joe Biden has prioritized cybersecurity funding following Microsoft Corp's (NASDAQ:MSFT) Exchange email software, SolarWinds Corp (NYSE:SWI) software, and Colonial Pipeline ransomware attacks.

* Price action: CTEK shares traded higher by 30.6% at $2.43 on the last check Wednesday.