15th October 2019 – London, UK – Crossword Cybersecurity Plc (AIM:CCS, “Crossword”, the “Company” or the “Group”), the technology commercialisation company focused solely on cyber security and risk, is pleased to announce that it has signed a Memorandum of Understanding (MoU) with Leonardo MW Ltd (“Leonardo”), a global high-tech Aerospace Defence and Security company.
Crossword is rapidly becoming a leading player in the provision of risk assurance systems. Rizikon Assurance allows organisations to assess, assure, visualise and, ultimately, control third party risk.
The cooperation between Crossword and Leonardo will enable Leonardo’s National Cyber Security Centre’s certified cyber consultancy to use Rizikon Assurance to enhance its leading risk assessment and risk management practice for customers throughout the world. Leonardo targets its cyber security offerings at Government, Defence and Critical National Infrastructure both in the UK and internationally. Supporting that offering with industry-leading tooling such as Rizikon Assurance, will further improve outcomes for customers.
The MoU states an intention to collaborate across multiple workstreams, including an agreement to bid for certain significant contracts across multiple industries throughout 2020, utilising Crossword’s flagship third party risk management solution Rizikon Assurance and Leonardo’s extensive expertise in integration, cyber and third-party assurance. A recent Ponemon Institute survey found that 56% of data breaches were caused by a third-party vendor and with this issue gaining in media and regulatory attention, it is critical that businesses understand their third-party risk and how to mitigate it. Crossword’s Rizikon Assurance and Leonardo’s cyber and supply chain assurance capability perfectly align to address this growing requirement.
The MoU also explores opportunities to partner to deliver technology commercialisation, focusing on cybersecurity research in UK universities and bringing cutting edge technology to market.
Jake Holloway, Crossword’s Business Development Director, said: “Having Leonardo as a partner will allow us to respond to much larger opportunities for our products like Rizikon Assurance. This is a big step in our development as a business.”
Crossword Cybersecurity plc – Tel: +44 (0) 20 3953 846
Tom Ilube, Chief Executive Officer
Mary Dowd, Finance Director
Grant Thornton (Nominated Adviser) – Tel: +44 (0) 20 7383 5100
Colin Aaronson / Jamie Barklem /Niall McDonald
Hybridan LLP (Broker) – Tel: +44 (0)203 764 2341
Claire Louise Noyce
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About Crossword Cybersecurity plc
Crossword Cybersecurity plc focuses on the development and commercialisation of university research-based cyber security related software and cyber security consulting. The Group’s specialist cyber security product development and software engineering teams work with its university partners to develop the research concept into a fully-fledged commercial product that it will then take to market. The Group’s aim is to build up a portfolio of revenue generating, intellectual property based, cyber security products. Rizikon Assurance, Crossword’s leading product, is a SaaS platform that enables medium to large companies to assess the cyber maturity and GDPR readiness of their suppliers. Crossword’s team of expert cyber security consultants leverages years of experience in national security, defence and commercial cyber intelligence and operations to provide bespoke advice tailored to its clients’ business needs.
Leonardo, a global high-technology company, is among the top ten world players in Aerospace, Defence and Security and Italy’s main industrial company. Organised into five business divisions, Leonardo has a significant industrial presence in Italy, the United Kingdom, Poland and the USA, where it also operates through subsidiaries such as Leonardo DRS (defense electronics), and joint ventures and partnerships: ATR, MBDA, Telespazio, Thales Alenia Space and Avio. Leonardo competes in the most important international markets by leveraging its areas of technological and product leadership (Helicopters, Aircraft, Aerostructures, Electronics, Cyber Security and Space). Listed on the Milan Stock Exchange (LDO), in 2018 Leonardo recorded consolidated revenues of €12.2 billion and invested €1.4 billion in Research and Development. The Group has been part of the Dow Jones Sustainability Index since 2010.
As well as working with NATO, Leonardo provides cyber security services to a wide range of companies, UK and Italian Government agencies, with previous experience as cyber security partner to the European Space Agency (ESA) for the Galileo European navigation satellite programme. Leonardo is also active in the Gulf and South-East Asia, working with both government and industry customers. To ensure its customers maintain their cyber skills, Leonardo offers certified training as well as Cyber Academy and Cyber Range design and delivery, allowing specialists to exercise against new and emerging threats.
The Leonardo & Crossword Cybersecurity Agreement Story in the News: