BlackBerry (BB) & Malaysia Join Forces for Cybersecurity
BlackBerry Limited BB and the Malaysian Government have entered into a long-term software and services agreement aimed at bolstering the nation’s cybersecurity.
Per the terms of the deal, the Malaysian government can utilize BlackBerry's cybersecurity solutions to enhance the integrity of the Malaysian Communications and Multimedia Commission as well as facilitate advanced technology training for the workforce.
BlackBerry will also establish a Cybersecurity Center of Excellence (CCoE) in Kuala Lumpur by 2024, which will specifically focus on training to address Malaysia's cyber workforce shortfall. The government of Canada supports this initiative, which is in sync with its Indo-Pacific Strategy. Also, the CCoE will contribute to global intelligence sharing and strengthen BlackBerry's threat intelligence network.
BlackBerry Limited Price and Consensus
BlackBerry Limited price-consensus-chart | BlackBerry Limited Quote
The increasing demand for cybersecurity solutions bodes well for BB. Per a report from Fortune Business Insights, the global cybersecurity market is projected to improve from $172.32 billion in 2023 to $424.97 billion in 2030, at a CAGR of 13.8%.
BlackBerry provides intelligent security software and services to enterprises and governments around the world. It offers devices and software platforms for managing security, mobility and communications among hardware, programs, mobile apps and IoT.
In October, the company announced that the U.S. Department of Homeland Security had granted it a seven-year Indefinite Delivery, Indefinite Quantity contract, which aims to create and maintain the Super Enterprise for Personnel Emergency Notification System. BlackBerry is partnering with American Systems and 4 Points Technology to fulfill the software and services aspects of the contract.
For fiscal 2024, BB expects Cybersecurity revenues in the range of $425-$450 million. Cyber business billings are anticipated to grow in the band of 7-20% due to increased uptake of security products.
BlackBerry currently has a Zacks Rank #4 (Sell). The stock has lost 21.1% in the past year against the sub-industry’s growth of 48%.
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