Clearwater Acquires TECH LOCK, Expands Cybersecurity, HIPAA Compliance Services

Clearwater, a cyber risk management and HIPAA compliance solutions vendor, completed its acquisition of TECH LOCK, which will allow the company to provide 24/7 managed detection and response (MDR) services and enhance its cybersecurity and HIPAA compliance offerings, a press release stated.

Specifically, Clearwater plans to leverage TECH LOCK’s industry-certified assessors to provide PCI, HITRUST, and CMMC assessments and certifications. In addition, TECH LOCK offers an MDR solution that uses a proprietary security orchestration and response (SOAR) engine to track and respond to cyber threats.

“This is a very exciting day for our company and for our customers as we’ve added great people, powerful technology, and key services to our solution portfolio that position Clearwater to deliver even greater value to the healthcare industry,” Steve Cagle, CEO of Clearwater, stated in the press release. 

“Clearwater now has capabilities to provide 24/7 expert detection and response services, giving clients enhanced cyber resiliency to protect data, reduce business interruption, and achieve better security outcomes. With these capabilities, Clearwater continues to be a partner that can address our customers’ growing list of cybersecurity and compliance needs. We will continue to innovate and deliver value-added solutions that enable our customers to succeed in building and executing strong cybersecurity, risk management, and compliance programs.”

TECH LOCK will operate as a subsidiary of Clearwater and will serve organizations within the financial services, hospitality, insurance, manufacturing, and account receivables management industries, along with healthcare.

“We are incredibly excited to join the Clearwater family,” Brian McManamon, TECH LOCK’s CEO, explained.

“TECH LOCK and Clearwater share the goal of making accessible services that ease compliance challenges, enhance cybersecurity protection, and help address the growing problem of advanced threats. There is a tremendous opportunity to build on this foundation as one organization moving forward.”

In late May, Clearwater acquired CynergisTek, a company that provides cybersecurity, compliance, and IT services to help highly regulated industries, such as healthcare, tackle cybersecurity and privacy issues. CynergisTek entered into a definitive agreement to be acquired by Clearwater for $17.7 million, and the deal is expected to close in Q3 2022.

Through its analysis of security incidents and various technologies, IBM Security’s “Cost of a Data Breach Report” observed that a combination of implementing proper cybersecurity strategies and investing in the right technologies can help organizations greatly reduce risk and mitigate the damage associated with a data breach.