Wednesday 20 Feb 2013
Today’s headline news from the Global Security industry
Cyber security companies have been showing results where they are growing by 50-80% year- over-year, according to ISC8’s CEO Bill Joll. As such, ISC8, Inc. (OTCBB:ISCI) which is only just emerging from “stealth mode…as part of [its] rebranding exercise” expects to ride those similar growth curves once the company “comes out of these trials,” he told Global Security Finance.
The company, which serves service providers: typically mobile operators, government and enterprises (like large financial institutions, logistic companies and defense networks), develops solutions for cybersecurity threats from malicious entities typically from very sophisticated individuals, “like…attacks from China or North Korea and as well as other malicious actors,” Joll said.
ISC8, global in nature, is currently ramping up its cyber security focus, by selling off its thermal imagining business in addition to acquiring Bivio Networks last October. Joll said the the company is refining its services, “shedding non-core businesses”.
The company saw a slight improvement in its 1Q13 loss figure for the quarter, at $2.16 million, compared to a net loss of $8.3 million in 1Q12. However, the company reported, last week, that total revenues for its 1Q13 reached $0.875 million, a 33% drop compared to $1.3 million for the first quarter of fiscal 2012. Joll expects 2013 to be a period where it can grow its cyber portfolio, “for the various types of solutions that will be needed in the different industries” in line of changing regulations.
Following this, the company announced this week, further company growth with the establishment of ISC8's Malware Research Team (MRT). According to the company the MRT is made up of a group of network security researchers, advisors, analysts, and engineers. The combination is expected to deliver knowledge that will be incorporated into its Cyber adAPT solution. The solution is aimed at identifying advanced threats in enterprise, service provider and defense networks for unknown threats that commonly hide deep in the network's core.
“We would have made major win announcements in various sectors,” importantly he said, “there will be significant revenue growth from our past year and a greater expansions in global e-commerce”.
Cyber security threats is explanatory – from a market perspective, Joll explained that the company is seeing an increase in attacks across finance, government networks as well as an increase in regulation to focus on putting the right type of security infrastructure in place.
Commenting on the executive order recently signed by US President Barack Obama, Joll said “it has put the spotlight right on cybersecurity and the need for greater information sharing.”
“And…some kind of overarching umbrella of requirements from a security perspective,” he continued. “Given that [ISC8] is focused on what we think is the most sophisticated threats that are facing corporations – for us, [the signing of the order is] great.”