Proactiveinvestors United Kingdom Crossword Cybersecurity Plc https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Crossword Cybersecurity Plc RSS feed en Thu, 23 May 2019 00:17:30 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Crossword Cybersecurity Consulting unit launches new information security product ]]> https://www.proactiveinvestors.co.uk/companies/news/220662/crossword-cybersecurity-consulting-unit-launches-new-information-security-product-220662.html Crossword Cybersecurity Plc (LON:CCS) shares rose on Tuesday after the firm revealed that its Consulting division has launched a new information security product, virtual Chief Information Security Officer (vCISO) in tandem with its partner Reliance acsn Ltd.

The product is a virtual/remote CISO service which gives clients a cybersecurity team and network protection at a fraction of the cost of building their own.

WATCH: Crossword Cybersecurity moves up a gear as it focuses on building revenues

The group said the launch is supported by its first customer, a global financial services institution, and the company expects to onboard several clients later this year.

"We are delighted to have launched our virtual CISO service with a three-year contract, Crossword's largest value contract to date,” said Stuart Jubb, managing director of the Crossword Consulting Ltd subsidiary.

“Our first client is already seeing the benefits of having access to a top security team, at a fraction of the cost. We have a number of opportunities in our pipeline for the vCISO service and expect this will be a core part of our business in the future," he added.

In afternoon trading, Crossword Cybersecurity shares were 5.8% higher at 545p.

 -- Adds share price --

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Tue, 21 May 2019 08:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220662/crossword-cybersecurity-consulting-unit-launches-new-information-security-product-220662.html
<![CDATA[RNS press release - Launch of vCISO Product ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190521070002_14080876/ Tue, 21 May 2019 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190521070002_14080876/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190509180906_14068885/ Thu, 09 May 2019 18:09:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190509180906_14068885/ <![CDATA[RNS press release - Exercise of options ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190424070005_14049249/ Wed, 24 Apr 2019 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190424070005_14049249/ <![CDATA[Media files - Crossword Cybersecurity moves up a gear as it focuses on building revenues ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13005/crossword-cybersecurity-moves-up-a-gear-as-it-focuses-on-building-revenues-13005.html Mon, 15 Apr 2019 15:40:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13005/crossword-cybersecurity-moves-up-a-gear-as-it-focuses-on-building-revenues-13005.html <![CDATA[News - Crossword Cybersecurity looks to “significant” growth in new year as it reports first set of final results since AIM listing ]]> https://www.proactiveinvestors.co.uk/companies/news/218583/crossword-cybersecurity-looks-to-significant-growth-in-new-year-as-it-reports-first-set-of-final-results-since-aim-listing-218583.html Crossword Cybersecurity PLC (LON:CCS) shares were lifted in mid-morning on Monday after the firm looked to “significant commercial growth” in its new fiscal year after it delivered its first set of final results since listing on AIM in December.

In its outlook statement, the group said it was “geared up” for significant growth in the coming period, with the potential addressable market for its lead product, Rizikon Assurance, estimated at £300mln per annum.

READ: Crossword Cybersecurity predicts 45% jump in revenue as 2018 trades as expected

Crossword said over the coming year, it would focus on its sales and marketing capabilities, which would help “drive up revenue rapidly”.

The company listed on the AIM market on 14 December, raising around £2mln in the process. In a February trading update, the group’s chief executive Tom Ilube said the funds would help “grow and convert” a £1.4mln opportunity pipeline covering 30 companies.

In the figures for the year, Crossword reported revenues of £1.07mln, up from £736,546 in the prior year, while pre-tax losses widened to £2.1mln from £1.2mln, mostly due to higher administrative expenses.

Software-related revenues, which include those from Rizikon, were up 100% year-on-year.

The company also ended the period with a cash balance of around £2.2mln, up from £490,090 in 2017.

"Having built a solid business over the past few years, with a strong product in the market, a dedicated sales and marketing team fully up to speed, an exceptional leadership team and a properly funded AIM listed cyber security business I believe that we can look forward to a period of significant commercial growth," said Sir Richard Dearlove, Crossword's chairman.

Shares were up 2.8% at 550p.

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Mon, 15 Apr 2019 11:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218583/crossword-cybersecurity-looks-to-significant-growth-in-new-year-as-it-reports-first-set-of-final-results-since-aim-listing-218583.html
<![CDATA[RNS press release - 2018 Annual Report and Accounts ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190415070006_14040299/ Mon, 15 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190415070006_14040299/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190410070006_14035178/ Wed, 10 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190410070006_14035178/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190408115946_14032766/ Mon, 08 Apr 2019 11:59:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190408115946_14032766/ <![CDATA[RNS press release - Appointment of new Advisory Board ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190319070026_14006637/ Tue, 19 Mar 2019 07:00:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190319070026_14006637/ <![CDATA[RNS press release - Agreement with Nuvia Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190305070003_13989761/ Tue, 05 Mar 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190305070003_13989761/ <![CDATA[RNS press release - Agreement with Kinnerton Confectionary ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190218070004_13971907/ Mon, 18 Feb 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190218070004_13971907/ <![CDATA[News - Crossword Cybersecurity predicts 45% jump in revenue as 2018 trades as expected ]]> https://www.proactiveinvestors.co.uk/companies/news/214345/crossword-cybersecurity-predicts-45-jump-in-revenue-as-2018-trades-as-expected-214345.html Crossword Cybersecurity Plc (LON:CCS) has forecast a 45% jump in revenues as it traded in line with expectations for the year ended 31 December 2018.

In a trading update, the cybersecurity-focused commercialisation firm said software-related revenues had increased by more than 100% in the year, while contracts for Rizikon Assurance, its third-party assurance software-as-a-service (SaaS) product, were secured toward the end of 2018 and early in 2019.

READ: Crossword Cybersecurity shares start trading on AIM

The contracts covered industry sectors including Health, IT Services, Nuclear & Professional Services, with CCS saying the wins confirmed it confidence in “the strength of the pipeline which has been building since mid-2018”.

Tom Ilube, chief executive of Crossword, said the £2mln in funds raised during the company’s admission to AIM on 14 December would help it to “grow and convert” its £1.4mln pipeline covering 30 companies.

Ilube added that the firm was “well positioned to deliver a year of strong revenue growth”.

In early trading Monday, Crossword shares were steady at 315p.

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Mon, 11 Feb 2019 08:25:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214345/crossword-cybersecurity-predicts-45-jump-in-revenue-as-2018-trades-as-expected-214345.html
<![CDATA[RNS press release - Trading Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190211070004_13964044/ Mon, 11 Feb 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190211070004_13964044/ <![CDATA[RNS press release - Global review of academic cyber security research ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190110070008_13929711/ Thu, 10 Jan 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20190110070008_13929711/ <![CDATA[RNS press release - Exercise of options ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20181221145317_13913707/ Fri, 21 Dec 2018 14:53:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/LSE20181221145317_13913707/ <![CDATA[News - Crossword Cybersecurity shares start trading on AIM ]]> https://www.proactiveinvestors.co.uk/companies/news/211214/crossword-cybersecurity-shares-start-trading-on-aim-211214.html Crossword Cybersecurity PLC (NEX:CCS) on Friday said its shares had been admitted to trading on London’s junior AIM market after following their cancellation from the NEX market.

On admission, the company said it would have a market value of around £13.6mln, following a successful placing and subscription of around £2.0mln, before expenses.

READ: Crossword Cybersecurity's combination offers best of two worlds

Shares in Crossword were 3.9% down at 295p in early trade.

The cybersecurity and technology firm said the proceeds would be principally be used to further develop the group's operations and to support existing and future contracts.

The total number of Crossword shares in issue will be 4.7mln, the firm added.

"I am delighted that Crossword has reached this important milestone and I would like to thank Crossword's existing and new shareholders for their continued support as the company continues to grow. AIM is an excellent platform for Crossword to achieve its ambitious growth plans over the coming years,” Crossword CEO Tom Ilube said in a statement.

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Fri, 14 Dec 2018 08:17:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211214/crossword-cybersecurity-shares-start-trading-on-aim-211214.html
<![CDATA[RNS press release - Crossword Cybersecurity Plc : Directorate change ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2199436_5/ Fri, 15 Jun 2018 07:00:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2199436_5/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2196496_32/ Thu, 31 May 2018 15:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2196496_32/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : AGM Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2196296_33/ Wed, 30 May 2018 19:28:25 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2196296_33/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Statement re Appointment of Finance Director ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2192417_3/ Tue, 15 May 2018 07:00:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2192417_3/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2190344_6/ Fri, 04 May 2018 07:01:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2190344_6/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2187796_35/ Thu, 26 Apr 2018 13:43:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2187796_35/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2185775_7/ Fri, 20 Apr 2018 07:00:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2185775_7/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2176990_4/ Mon, 19 Mar 2018 07:00:37 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2176990_4/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Placing and Subscription and Director Dealings ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2174536_3/ Thu, 08 Mar 2018 07:00:18 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2174536_3/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Trading Statement ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2166048_22/ Tue, 06 Feb 2018 07:00:18 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2166048_22/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Directorate change ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2163257_64/ Tue, 23 Jan 2018 15:39:44 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2163257_64/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Statement re grant of options ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2160093_36/ Mon, 08 Jan 2018 17:04:45 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2160093_36/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2158246_36/ Fri, 22 Dec 2017 12:19:40 +0000 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2158246_36/ <![CDATA[News - Crossword Cybersecurity's combination offers best of two worlds ]]> https://www.proactiveinvestors.co.uk/companies/news/187982/crossword-cybersecurity-s-combination-offers-best-of-two-worlds-187982.html Not many companies can boast a former head of MI6, a former Chief Scientific Adviser for National Security and a former UK Defence Staff supremo as advisers or directors.

Crossword Cybersecurity PLC (NEX:CCS) can, but this is not a FTSE100 company or even one of AIM’s starlets.

This is a £1mln turnover business listed on NEX, the small exchange for early stage entrepreneurial companies.

Tom Ilube, Crossword’s chief executive, says the heavyweight make-up of the board reflects his big plans for the company.

"We wouldn't need people like Sir Richard Dearlove, chairman and the ex-head of MI6, if we didn’t intend to build a large scale, listed company," he told Proactive.

Board highlights long-term ambition

A BBC non-executive director himself, Ilube says that having built and sold businesses successfully for venture capitalists and a variety of employers, this time he wants his own successful listed company.

Crossword is positioned in the right areas to achieve this, he believes.

The focus on the commercialisation of cybersecurity research at UK universities is in the sweet spot for two types of investors.

There are those who just like the model of technology transfer from universities, while cybersecurity is a hot area where there will always be people looking to invest.

That is especially true while hacking attacks continue to make huge headlines.

Uber and GDPR focus minds

Uber has just become the latest company to admit it had been hit by a major security breach.

Data related to 57mln drivers and users was hacked a year ago, said the taxi app giant, but it decided it would only release news of the breach now.

A big fine is likely, but in future the cost of being so tardy to own up might be crippling.

In May, a new European directive on data protection (GDPR) comes into force and any organisation found to be at fault can be hit with a fine of up to 4% of global annual turnover.

For Uber that would amount to a colossal sum. But with Equifax, Talk Talk and the NHS all also having suffered major attacks recently, concern over data security is becoming acute.

GDPR has really raised the stakes about how secure companies need to be, says Ilube.

Preparation the key

Using its university sourced intellectual property (IP), Crossword acts an adviser, suggesting approaches that, if applied, would help companies understand their cyber risks more clearly, where to focus investment and help defend against a hacking attack.

Describing itself as more on the ‘defence’ side than “an ambulance on stand-by” to help after an attack, Crossword talks to companies about how they should prepare themselves.

Rizikon is its lead cyber risk assessment product.

Based on intellectual property licensed from City University of London, Ilube says as well as helping a company understand its own cyber risks, crucially Rizikon assesses the cyber risks of its suppliers.

Suppliers a soft way in for hackers

And this is an avenue increasingly being exploited by hackers. 

A large bank or major car company can have thousands of suppliers or part manufacturers.

All may have either secure payment or some other form of authorised access and cyberhackers have been quick to recognise these as potentially weak links.

US retailer Target, for example, suffered a major data breach after hackers, it is widely suspected, entered its network through an air-conditioning maintenance contractor.

“Companies need to secure themselves and check how secure their suppliers are,” said Ilube.

“Rizikon gives them a process driven and automated way of going to their supplier base and evaluating their cyber risk.”

An added benefit is the audit trail provided by Rizikon, which can be used as evidence of trying to improve security in the event of a data breach.

Nixer, meanwhile is a DDoS (distributed denial of service) protection platform that uses advanced machine learning techniques to guard critical online services against blackmail attacks.

Early stages

Crossword is still in its early stages and its financial numbers reflect that.

Revenues in the half year to June were £397,000, a rise of 141% on the same period the previous year, and about 15% higher than last year’s total revenue. Rizikon and Crossword’s consulting activity account for most sales currently.

Losses were £586,000, up slightly on the same period last year as R&D investment continued. Cash holdings were about £1mln.

Centres of excellence

There are 14 UK universities classified as academic centres of excellence in the field of cybersecurity by the National Cyber Security Centre, part of GCHQ, the UK’s military intelligence gathering centre.

Crossword works by establishing a relationship with the lead academic on a piece of research or IP of interest.

“We are looking for IP that has global application rather than just being UK specific. For example, it can be used in Australia or the US as well.”

By sticking to the one speciality, Crossword avoids running into competition with more general tech transfer firms.

Next off the rank will be Cyber AI, a collaboration between Crossword, industry and three major universities, looking at innovative ways to apply artificial intelligence to complex, large scale cyber security challenges.

Having started off with 50 potential security applications, it is now down to the final two.

Crossword will turn the winner into a commercial product and market it.

A portfolio approach

And that’s the appeal of Crossword, says Ilube.

“It is a portfolio of solutions. We have multiple products based on cyber research.

“Not all will be blockbusters but it just needs one or two to take off and we are really going somewhere.”

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Wed, 29 Nov 2017 13:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/187982/crossword-cybersecurity-s-combination-offers-best-of-two-worlds-187982.html
<![CDATA[Media files - Crossword Cybersecurity Plc spotting the next generation of online security solutions ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/8397/crossword-cybersecurity-plc-spotting-the-next-generation-of-online-security-solutions-8397.html Tue, 21 Nov 2017 15:15:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/8397/crossword-cybersecurity-plc-spotting-the-next-generation-of-online-security-solutions-8397.html <![CDATA[RNS press release - Crossword Cybersecurity Plc : Half-yearly report ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2132092_21/ Thu, 07 Sep 2017 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2132092_21/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Statement re new Chief Operating Officer ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2130620_23/ Fri, 01 Sep 2017 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2130620_23/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Statement re cybersecurity initiative ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2120390_21/ Fri, 14 Jul 2017 08:00:31 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2120390_21/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Statement re Grant of Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2115370_35/ Fri, 23 Jun 2017 15:32:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2115370_35/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2107863_64/ Thu, 25 May 2017 18:35:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2107863_64/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2107223_6/ Wed, 24 May 2017 07:00:31 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2107223_6/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2100929_65/ Mon, 01 May 2017 23:55:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2100929_65/ <![CDATA[RNS press release - Crossword Cybersecurity Plc : Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2099747_16/ Thu, 27 Apr 2017 14:43:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/15947/HUGIN2099747_16/