THE rising number of high profile data security breaches helped to boost revenues at ECSC, the Yorkshire firm which protects more than 200 blue chip firms from cyber criminals.
The Bradford-based company helps to foil cyber attacks which could wreck a client’s finances and reputation. Over the last year, its prospects have been improved by a number of external factors, including the introduction of General Data Protection Regulations, which place strict rules on how personal data is handled by businesses and organisations.
The company said that the “continued incidence of high-profile cyber security breaches” and the growing boardroom awareness of the menace posed by cyber crime had also helped to boost its fortunes.
Ian Mann, the chief executive of ECSC, said that GDPR was a “slow burner” and many firms did not realise they had a cyber security problem until they suffered a breach.
In 2018, ECSC group’s organic revenue grew by 35 per cent to £5.4m, while gross profit increases by 67 per cent to £2.7m.
The managed services division revenue increased by 56 per cent to £1.7m, while the consulting service division revenue rose by 27 per cent to £3.1m.
Over the year, the company secured 95 new consulting service clients and it continued to invest in proprietary AI (artificial intelligence) software.
The company provides a full cyber security service, including initial cyber security reviews, and an incident response emergency service.
Mr Mann, said: “We are delighted to report such strong organic growth for the full year, well ahead of the previous year, with continued emphasis on building our managed services recurring revenue supported by our consultancy services.
“The team continues to acquire new clients, deliver quality service, develop our technologies and build a solid base for ongoing growth. We believe we are well positioned to build on the strong organic growth achieved in 2018 and we look forward to the future with confidence.”
Although Brexit uncertainty could make businesses more cautious about investments, Mr Mann stressed that ECSC’s client-base was spread across firms of all sizes, which improved its ability to cope.
The business, which also has a base in Leeds, employs 79 staff which it plans to grow. It has strong links with Leeds Beckett and Bradford universities.
Criminals still pose the main threat to firms’ cyber security, according to Mr Mann, despite the growing media focus on cyber attacks organised by rogue nation states.
The company, which dates from 2000, has also launched a partner programme, which is expanding its reach and routes to market.
ECSC, which had an IPO (initial public offering) in 2016, has introduced new AI technology into its global security operations centres and plans to continue exploiting the post-GDPR regulatory environment.
David Mathewson, non-executive chairman, added: “The results reflect the extensive work completed internally within ECSC to control costs, implement improvements within sales, and leverage the capacity within the operational infrastructure.
“This improved performance is the result of a focused and motivated team delivering strong growth, whilst keeping tight control over costs and cash management.”