Investcorp’s cyber security portfolio companies report unprecedented activity

15 May 2017

Investcorp, a global provider and manager of alternative investment products, has seen a period of unprecedented customer activity for its cyber security portfolio companies: SecureLink Group, including its acquired businesses Coresec (Scandinavia), Nebulas (UK) and iT-Cube Systems (Germany, Switzerland, Austria), and Calligo (Jersey, Guernsey, Switzerland, Singapore, Bermuda), following the recent ransomware cyber-attack that hit business across 150 countries around the world.

SecureLink, a leading European cyber security infrastructure and managed services provider; and Calligo, a cloud solutions provider for mid-tier enterprises, together have over 650 experts currently supporting 1,450 clients around the world. This includes SecureLink’s acquired businesses Coresec, the leading Nordic cybersecurity and managed security services provider; Nebulas, the leading UK cybersecurity provider; and iT-Cube Systems, the leading German cybersecurity and managed security services provider.

Investcorp’s cyber security portfolio companies report that whilst a wide range of companies are affected, public sector and regulated entities are demanding the most support. As this attack continues, multiple levels of security, as well as rapid restoration systems and processes are being installed in an effort to protect the companies and ensure they are able to withstand future attacks.

Hazem Ben-Gacem, Head of Investcorp’s Corporate Investment Europe, said. “Our cyber portfolio companies have seen unprecedented demand from clients over the last three days, concerned by the impact of this ransomware attack on their businesses. Our specialist teams have been actively managing this worldwide issue and continue to work closely with clients as new versions of the ransomware emerge. Over the last few years, we have seen a rise in demand for cyber security, and have built a portfolio of industry leaders to address this growing trend.”

Marco Barkmeijer, Chief Executive Officer, SecureLink said: "Cyber threats, and with it online extortion, have never presented a bigger risk to organisations than they do today. In 2016, we saw a 752% increase in the number of new types of ransomware according to Trend Micro’s 2016 Security Roundup. Unfortunately many companies, without sufficient backup systems, are forced to pay the ransom demand. With the level of disruption and risk from cyber threats on the rise, it is the responsibility of every business to have the right prevention and backup systems in place to protect their operations and ensure business continuity. The financial impact is often much larger than the initial ransom, on average taking 33 staff hours to fix the problem.”

Julian Box, Chief Executive Officer, Calligo, said: “In responding to cyber threats, companies should look at a layered approach to protection and align this to their data protection policies. Research has shown that most ransomware attacks can get through a defence of just technology such as email and URL blocking, but this can be improved significantly through a multi-layer approach which includes intrusion prevention tools, email and web scanning and strong anti-ransomware behavioural training of staff.  As ransomware attacks grow in number and complexity, companies need to view these products and staff training as a critical part of their data protection obligation, especially in light of the new EU General Data Protection Regulations which come into effect in just over a year’s time on the 25th May 2018, and that they form part of the normal cost of doing business.”