Despite Being the Only Cybersecurity Company that Can Stop Attacks when Files are In Use, HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) is Valued Well Below its Peers in the Sector

With cybercriminals becoming increasingly sophisticated, cybersecurity has never been more crucial. Just look at the recent high-profile cyber attacks, such as the one at Dish Network, which left the company’s 9.75 million subscribers vulnerable1. This is just the tip of the iceberg, as cyber threats are only set to increase in frequency and severity.

Cyberthreat risks have indeed become so potent that governments have even resorted to banning apps like TikTok, which they believe could be compromised to gain entry into secure networks.

The EU Parliament, for instance, recently banned2 the use of the social media app TikTok on staff devices and recommended that MEPs delete it from their phones.

Even the White House has now given all federal agencies 30 days to wipe TikTok off all government devices3 after Congress passed the “No TikTok on Government Devices Act” in December.

With even law enforcement agencies like the US Marshall Service falling victim to a ransomware attack,4 mounting evidence suggests that current cybersecurity methods aren’t nearly as effective as needed considering the millions of records being stolen or held at ransom.

It’s clear that the only way to prevent cyber attacks and protect personal information is by covering all stages of the computing lifecycle:

  1. Protection in rest (stored date)
  2. Protection in transit (data transmission/end-to-end encryption)
  3. Protection in use (when you download files)

Right now, 100% of the companies in the cybersecurity space are focused on 1 and 2. This is where Confidential Computing comes in. Confidential computing is a way of protecting data in use, while in memory, or during computation, and preventing anyone from viewing or altering the work.

Thanks to their groundbreaking confidential computing solution, HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) stands alone in the market as the only company with a commercially deployable technology that safeguards your data in real-time. Despite this impressive feat, the company is currently valued below its peers in the sector. However, with a recent listing on NASDAQ and consistently high trading volumes in the seven figures, HUB Cyber Security is poised to rise to the top of the cybersecurity industry.

HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) Holds the Missing Link to Preventing Cybercrime

HUB Cyber Security is causing a paradigm shift in the market by using a unique proprietary hardware-level approach to protect sensitive and commercial data at every stage of the computing lifecycle. HUB offers a wide range of products, solutions, and industry use cases, including innovative confidential computing devices.

HUB, which is already trading on the Tel Aviv Stock Exchange, just completed a $1.28 billion SPAC merger to list on the NASDAQ.

HUB Cyber Security is trusted by over 1,000 clients including Fortune 500 companies.

The company achieved $36.1 million in revenue in 2022 and has amassed over $500 million in signed contracts.

7 Reasons to Watch HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC)

  • HUB Cyber Security is a market leader in the confidential computing market with a proprietary hardware solution serving over 30 countries worldwide.
  • Large and rapidly growing confidential computing market expected to reach $54 billion by 2026 at a CAGR of 90%-95%.
  • HUB’s unique cybersecurity solution protects sensitive commercial and government data by preventing hostile intrusion at the hardware level.
  • HUB Cyber Security has a growing list of 750+ leading enterprise and government customers to continue to penetrate and build upon.
  • Over $500 million in signed contracts representing multiple growth opportunities.
  • Experienced cybersecurity team with former elite members of Israeli intelligence units including founder and CTO Andrey Laremenko who serves 13+ years in the Israeli Defense Forces (IDF) elite 8200 intelligence unit and specializes in system and architecture design for complex cybersecurity requirements and EVP Alon Saban who served 23+ years with IDF as Cyber Strategist and R&D section head, leading over 70 engineers in diverse R&D cyber teams developing custom solutions and special cyber defense capabilities.
  • HUB Cyber Security has a compelling financial profile with a 57% projected revenue CAGR between 2022 and 2026 and rapidly expanding gross margins.

Confidential Computing: The Next Frontier of Cybersecurity

As mentioned earlier, cybersecurity is basically divided into three sections depending on the state.

  1. At rest: think of a word file sitting on your hard drive or in the cloud.
  2. In transit: when you take that file and want to send it to another storage device. Either through email, cellular, or USB.
  3. In use: when you double-click on the word file.

Currently, the majority of global cybersecurity companies like CheckPoint and Palo Alto are focusd on developing security solutions for states 1 and 2 that address data protection while at rest and in transit. The 3rd state, addressing data security while in use, has been completely overlooked until recently by everyone except HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC).

This third state is like the holy grail of cybersecurity since it is virtually impossible to protect files when you run them. For instance, phishing attacks occur when you open an innocent-looking file, say a PDF, and then it infects your device with a malicious program. This shows just how difficult it is to keep your data protected once a file or program has been opened and is running.

Despite the use of passwords, firewalls and encryption, none of these are effective in preventing breaches due to one reason: All of these solutions act as a protection layer on top of the actual computer while the computer itself (the CPU, memory, etc) essentially the hardware itself remains unprotected. Therefore once hackers get past the “protective layer” they get free access to the heart of the computing system and by then there is little that can be done.

HUB Cyber Security’s confidential computing solves this problem by allowing sensitive data to be processed within a secure and isolated environment, known as a trusted execution environment. That prevents unauthorized access and ensures a high level of data integrity, data confidentiality, and algorithm integrity.

Basically, HUB Cyber Security provides a unique proprietary hardware and software solution that creates a protective envelope around each processing component to effectively stop intrusions. Simply put, the company provides a card that’s put on your server and it gets protected while in use. That creates a win-win solution not only for users but also other stakeholders like data providers (who collect, aggregate, process and sell data) and data consumers (who purchase personal data for business gain).

While a number of cybersecurity companies have been attempting to develop confidential computing solutions, none have been able to deploy them in widespread commercial use.

HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) has a clear first-mover advantage over the competition since its technology is already completed and in use by the largest companies, including government agencies.

As a matter of fact, it will likely take other companies a minimum of 2-3 years to develop similar technology.

The adoption of confidential computing may be in a relatively nascent stage, but recent research reveals the growth potential not only for enterprises using it but also for the technology and service providers enabling it.

According to a market study by Everest Group, the Confidential Computing market is projected to grow at a CAGR of 90%-95% to reach $54 billion in 2026.5 Regulated industries are expected to dominate the adoption of confidential computing, with over 75%  of the demand driven by regulated industries such as banking, finance, and healthcare.

HUB Cyber Security sets itself apart from the competition due to a number of reasons. For starters the company’s hardware is manufactured by chip giants Intel and AMD, illustrating their interest in the technology. Secondly, the company has an actual chip called Hub-on-chip that enables confidential computing for low-powered Internet of Things (IoT) devices like home security cameras and connected cars.

The company got listed on NASDAQ with over $100 million in annual revenue and at least $500 million in signed government contracts over the next three years.

Compared to its peers in the cybersecurity sector, it is quite clear that HUB Cyber Security is significantly undervalued based on revenue multiples.

The companies are currently valued at more than 10x FY2022 revenue while some analysts are valuing these companies at as much as 14x next year’s revenue.

According to HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) its FY2024 revenue has already been locked in from the government contracts amounting to roughly $263.8 million. Clearly, HUB has plenty of room to grow its valuation in the near term.

When you compare the company’s projected revenue growth In the chart below to that of its peers, HUB is expected to experience much greater growth over the next couple of years.

But perhaps, the most interesting aspect that makes HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) truly unique is the fact that current cybersecurity providers can actually benefit from its technology by integrating it into their own systems, which implies the company doesn’t really have any true competitors.

HUB’s Unique Approach to Cyber Security

HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) provides clients with cybersecurity solutions that can be broadly classified into two segments.

Professional Services Arm: composed of a global team of professionals providing several cybersecurity services which include:

  • End-to-end managed services
  • Execution of HUB Technology projects
  • Integration & migration services as a prime contractor
  • Offensive security (DDOS, Phishing, Online discovery, Red teams & Penetration Tests)
  • Threat modeling & security assessment
  • Safety & Reliability management
  • Cyber Governance compliance (GDPR, HIPAA, ISO 27000, PCI-DSS)

HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) products: include a wide range of products for a variety of industry use casees such as

Secure compute platform based on a new security paradigm centered on confidential computing, resulting in an extremely secure and innovative computing platform. Confidential computing enables your organization to work securely from anywhere in your network while maintaining data privacy, data sovereignty, and meeting regulatory compliance.

HUB’s Secure Compute Platform unleashes the power of innovations like AI and machine learning, edge, 5G, the metaverse, and quantum computing by providing secure computing across data centers, private clouds, and edge networks.

Healthcare & AI Security facilitates a safe environment for machine learning and AI healthcare processes to take place while eliminating any concern for unwanted visibility between different models.

D.Storm is a platform that simulates a wide range of DDoS attack types, all of which are automated and controlled. D.Storm identifies the infrastructure’s weak points and vulnerabilities by stress testing it with a variety of attack methods, allowing the client to mitigate cyber risk exposure and withstand potential DDoS attacks.

RAM Commander is a cloud-based SaaS tool that ensures the reliability of sophisticated systems through advanced assessment, analysis, and prediction and covers all widely accepted reliability prediction standards. The tool is a must-have for manufacturers of electronic goods, providing unparalleled libraries of essential product information, all at the push of a button.

Recurring Cloud-as-a-Service Model, Rising Revenue and Near-Term Growth Opportunities

HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) has a unique recurring revenue business despite the fact that it has hardware. The hardware is just an enabler and once the client puts it into their data centers, they will be paying an annual subscription fee. Every SMB will be paying $10,000 per year while enterprise clients like insurance companies or major banks will pay $10 million per year while governments will pay $100 million per year.

In its most recent earnings release, HUB Cyber Security reported record revenue6 for H1 2022 totaling $36.1 million derived mainly from the professional services arm. The company reported a sector-leading gross margin of 30.7% which is set to expand further to approximately 42.9% by the end of FY2023. But what’s more impressive is that HUB’s product and technology revenue gross margin is roughly 66.8% for FY2022 and is set to increase to 67% by the end of next year.

Despite the recent expense associated with its recent $1.28 billion SPAC merger, HUB Cyber Security is confident it will meet its FY2022 revenue projection of $115 million thanks to starting phase one execution of its $500 million contract this year.

According to HUB’s projections, the company expects revenue to grow at a 57% CAGR from the current year to approximately $712 million by 2026. At the same time, the company expects to grow adjusted EBITDA from roughly $10.8 million in 2022 to $179.3 million by 2026.

While this may seem ambitious at first glance, HUB Cyber Security is certainly well-positioned to achieve this target thanks to its recurring service revenue.

Think of it this way. The current $500 million contract represents approximately $150 million per year for three years. This is only from a single client!

Since HUB is currently the only company with a working commercially deployable confidential computing solution, these projections seem highly achievable.

Strong and Fast-Growing Roster of Noteworthy Clients

HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) fast-growing list of 750+ leading enterprise and government clients validates not only the company’s products and serves effectiveness but also its future growth prospects. The company’s clients span across governments, international banking institutions and global OEMs. Some of the notable clients include Lockhead Martin, Lloyd’s, HSBC, General Electric, Siemens, Alstom, ING, SAP and AXA.

HUB Cyber Security recently won an Israeli Department of Defense tender7 worth NIS 4.2 million (US$1.16M) for the provision of a number of cybersecurity products and services for a period of three years. At the moment, the company has signed over $500 million in contracts for confidential computing solutions

HUB Leadership - Established by Former Israeli Intelligences Elite Units

The HUB Cyber Security leadership team is composed of visionaries with decades of cybersecurity experience. Every team member is obsessed with delivering customer value and protecting them from the evolving threat landscape. Their collective backgrounds include critical and influential roles within the  elite Israeli intelligence units (8200, 81, MOD, C4I-IDF) in addition to a host of other companies.

Uzi Moscovich

Chairman and CEO

Was the former head of the IDF’s Cyber Communications and Defence Division. Mr. Moskowitz has public company experience and serves as a director in some of the largest Israeli public enterprises. He served as the CEO of Wave Guard Technologies and is a board member of Migdal Insurance and Financial Holdings. He is considered an expert in the cyber field with extensive experience in managing large systems, a technological background and expertise in developing innovation in the security sphere.

siness and technical positions, including Director of Mergers & Acquisitions, and later internally securing $250 million in financing to found and served as COO of GreenLeaf LLC, a Ford Motor Company subsidiary that became the world’s second largest automotive recycler. After GreenLeaf, Li was recruited by SoftBank Venture Capital to establish and serve as the President and CEO of the Model E Corporation, a newly established automobile manufacturer that focused on the “Subscribe and Drive” model in California. Li also founded Carbon Motors Corporation in 2003, and as its Chairman and CEO until February 2013, focused it on developing the world’s first purpose-built law enforcement patrol vehicle.

Eyal Moshe

President of US Operations

Eyal is a serial entrepreneur and a former executive at CA Software with decades of experience working with government intelligence and defense industries with an international track record in both enterprise and consumer implementation arenas. Formerly, Eyal was the Co-Founder of PlanetSoho, Co-Founder of Chosen/Blin.gy, a consumer application neural network on a mobile GPU camera for Snapchat gen.

Andrey Iaremenko

CTO and Co-founder

Served 13+ years in the Israeli Defense Forces (IDF) elite 8200 intelligence unit and specializes in system and architecture design for complex cybersecurity requirements. He previously worked as the Chief Architect, Cyber RF at Sigmabit.

Alon Saban

EVP Cybersecurity

Over 20 years of experience with Cyber defense with the IDF as Cyber Strategist and R&D section head, leading over 70 engineers in diverse R&D cyber teams developing custom solutions and special cyber defense capabilities. He brings with him project management, system engineering, architecture, business development, strategy, clients and product management and system deployment and maintenance experience. Saban also has vast experience with business processes , marketing, business development and senior management. Proven experience leading multi-disciplinary teams and working with partners.

RECAP: 8 Reasons Why HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) Could Be The Best Cybersecurity Play Of 2023

  • First mover advantage in the rapidly growing confidential computing sector. The ONLY cybersecurity player with a commercially viable hardware solution.
  • Confidential computing is set to explode to a $54 billion industry registering a CAGR of about 90-95% from 2022 to 2026.
  • Significantly undervalued compared to peers based on growth and revenue multiples. Its peer group is valued at roughly 10x revenue while HUB is valued at just a little over 1x.
  • HUB Cyber Security has over $500 million in signed government contracts that support the company’s ambitious growth plans.
  • Has a compelling financial profile with strong revenue growth and rapidly expanding gross margins and cash flow. The company projects $170+ million in FY2023 with an impressive $20 million in adjusted EBITDA.
  • The company expects to grow revenue at a 57% CAGR between FY2022 and FY2026 which is quite achievable based on its business model.
  • Already works with over 750 leading enterprise and government customers such as Lockheed Martin, Siemens, SAP, General Electric and the Israeli government.
  • HUB Cyber Security is led by a well-seasoned team of cybersecurity industry veterans with over 50 years of combined experience. CEO Moscovich for instance was a former head of the Israeli Defense Forces Cyber Communications and Defence Division.

As the threat posed by cybercrime rapidly grows, there’s one thing that the whole industry agrees on. Confidential computing is the future of preventingg cyber breaches while data is in use yet almost 90% of existing cybersecurity companies are not developing solutions to cater to this problem.

HUB Cyber Security has already developed the first hardware and software solution to prevent such data breaches and is in fact the only company with a commercial-grade product to offer to enterprise and government clients.

If you are interested in the world of cybersecurity, you’ll want to keep an eye out on HUB Cyber Security (NASDAQ:HUBC)(NASDAQ:HUBC) and its upcoming news and updates by subscribing here.

11 https://www.cnbc.com/2023/02/28/dish-network-confirms-network-outage-was-a-cybersecurity-breach.html.
2 https://www.politico.eu/article/eu-parliament-to-ban-staff-from-tiktok-over-cybersecurity-concerns/.
3 https://www.securityweek.com/white-house-no-more-tiktok-on-govt-devices-within-30-days/.
4 https://thecyberwire.com/stories/683696e2bacf4c5bb1fdf40021d235df/data-breach-hits-us-marshals-service.
5 https://venturebeat.com/business/report-confidential-computing-market-could-grow-to-54b-by-2026/.
6 https://www.prnewswire.com/il/news-releases/hub-achieves-record-revenues-for-fiscal-first-half-of-2022-301616340.html.
7 https://finance.yahoo.com/news/hub-security-wins-nis-4-111000068.html.

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