Crossword Cybersecurity Plc (AIM:CCS) "Crossword” has announced its Consulting division has signed several contracts across the legal, insurance and financial services sectors.
It is clear enterprises are becoming all too aware of the cyber security challenges they face with many high-profile attacks being well documented over the past 12 months. In addition, the Cyber security industry is still fairly fragmented and very competitive as vendors attempt to position themselves within this nascent market.
In response to these challenges, Crossword launched its proprietary Virtual Chief Information Security Officer (“vCISO”) product, a virtual CISO service, in 1H19. The vCISO service provides clients with a virtual cyber security team and network protection at a fraction of the cost of building their own expensive in-house team, at a time when building such teams can take many months and skills are in short supply.
Crossword has announced today that vCISO has now been rolled out by the consulting team within a global Investment Management firm, the third vCISO customer the team has secured to date. This follows the successful completion of a project with this customer to implement processes and controls to demonstrate the company's compliance with the widely recognised IASME governance standard.
Regarding the recent deal announcements, Stuart Jubb, Managing Director of Crossword Consulting, commented: "We are delighted that Crossword Cybersecurity's consulting division has made a strong start to the year and gained further traction in several sectors.
"This reflects the high regard with which our consultants are held, in what is an extremely competitive market. It is a pleasure to announce our third vCISO client and the number of vCISO opportunities in our pipeline continues to grow. We believe that by using our vCISO service, clients are able to have peace of mind that they are taking the right measures to protect themselves from cyber security attacks whilst achieving excellent value for money."
In addition, Crossword has begun a cyber transformation project with a leading insurance company, the fourth client secured in the sector over the last twelve months. The consulting division will assist the company in improving its cybersecurity posture by building a more resilient organisation through improved Risk Management structures and introducing ongoing technical testing.
The consulting team has also started work with a major UK law firm to implement new technical controls and a more risk focussed governance structure. This work follows a successful project with this customer to improve the organisation's cybersecurity maturity and risk mitigation focus.