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Crossword Cybersecurity Consulting unit launches new information security product

"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 unit

Cyber security
The product aims to be a cheaper alternative to having a Chief Information Security Officer

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.

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Quick facts: Crossword Cybersecurity PLC

Price: 430 GBX

AIM:CCS
Market: AIM
Market Cap: £20.13 m
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