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Home-grown cyber security outfit Internet 2.0, which counts the US State Department as its biggest client, is gunning for the ASX boards.

 

Street Talk understands the Australian and US based business has just closed a $1.5 million seed funding round and now had PAC Partners helping it stitch together a $1.2 million pre IPO capital raising. The pre IPO raising implies a $12 million valuation for Internet 2.0, and was expected to be followed by an IPO sometime around November this year.

 

The company is wellknown in Australian cyber security circles and generated $1.2 million revenue last year from its three business divisions. It sells its own cyber security hardware products, acts as an internet service provider (ISP) and provides cyber security consulting.

 

Internet 2.0's hardware is designed to be used on existing IT infrastructure systems to protect them against cyber attacks, and is scalable to suit companies of any size.

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any outfit dealing with the enterprise market that is pushing into online presence, software, ICT, cloud migration (and this is any and every company) then there is an attendant and necessary cyber security software offering..

. Rhype (RHP) has picked up emt, an Australian based cyber security distribution specialist that focuses on sourcing innovative security software vendors and working with channel partners, to deliver both on-premise and cloud-based security solutions, aimed at protecting companies against cyber security attacks.

Hubify (HFY) has taken a stake in Internet 2.0, an Australian and USA outfit offering cyber security for SMB, SME and Enterprise markets using a combination of proprietary technology and managed services, in order to on sell an affordable market leading defence grade Cyber Security solution to its 7,000 plus SME customers.

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North America’s biggest petroleum pipeline is in a race against time to overcome a cyberattack before regional reserves run dry. Colonial Pipeline said segments of its Texas-to-New Jersey line are being reactivated in steps, and pledged that most service would be restored by the weekend. The issue now is whether inventories held in storage tanks are enough to satisfy demand while Colonial works on resuming operations. The closing of the nation’s biggest fuel pipeline system illustrates the risk facing America’s infrastructure when it comes to disruption by bad actors, Energy Secretary Jennifer Granholm said Monday. “It tells you how utterly vulnerable we are,†she said. The success of yet another massive cyberattack raises a question the U.S. has been hearing a lot lately: how can this keep happening?

 

The hack of Colonial is a novel form of cybercrime that puts normally staid corporate entities in the vise of an old-school extortion scheme. And guess which country the White House thinks may have played a part

 

 

https://www.bloomberg.com/news/videos/2021-...secretary-video

 

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this time is Russia,

next will be Chieainna! :lol:

 

 

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sit under a tree, and a Cyber security company eventually falls out.  there must be a million of them:

 

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A quartet of Australian consulting firms has negotiated a merger to form a new company that plans to take on the growing cyber security practices of the big four consulting firms, and go public on the Australian Securities Exchange next year.

The new company will be called Sekuro and combines the formerly separate firms Privasec, Solista, CXO Security and Naviro in a deal that the founders said involved no typical M&A buyouts and represented a tactical alliance that would make the combined entity stronger than the individual parts.

The combined firm currently has annual revenue of about $68 million. CXO Security boss Robert McAdam will be the chief executive, and Solista’s CEO Noel Allnutt will be Sekuro’s sales and marketing head. The CEOs of all four companies will take active roles in Sekuro, which will have a combined nationwide workforce of 90.

Mr McAdam said the separate companies specialised in different aspects of cyber security strategy, and the merger would mean it could offer a so-called “end-to-end solution,” ranging from assessment of an organisation’s security posture to building new capabilities, monitoring networks and augmenting in-house skills.

He said the deal had come from long-standing relationships forged over regular coffee shop meetings, whereby the companies’ founders had agreed to go in together without a single cent changing hands between them.

“All four companies had received multiple private equity and acquisition offers from well-known players in the Australian market. While some of these offers were very attractive, each company ultimately turned them down believing that an opportunity existed for a full-service cyber security firm to service the Australasian enterprise market,” Mr McAdam said.

“Although no money has changed hands, we went through many of the same checks required of a traditional M&A process to ensure we all knew who we were getting into bed with. These checks included gaining an understanding of the quality of the earnings of the other companies and our own internal valuations.”

The new company will remain founder-owned for now, with Sekuro shares distributed based on the earnings of each of the four merging companies. Without disclosing the specifics, Mr McAdam said there were some small differences in the sizes of the four companies due to the style of offerings and their respective ages, but that all were “hyper-growth” and came together on equal terms in terms of standing in the new firm.

He said the company would look to establish itself as a well-known operator in the local market and demonstrate the virtue of the merger before going public in 2022. He said the IPO process would begin immediately with all the necessary corporate advisory and other related services firms already engaged, and that this would be the first opportunity for any external investors to buy in.

“We are being very clear about our ambitions to raise equity for our growth plans through an IPO next year, but at this point we have not brought on board any external money in the form of private equity or similar,” Mr McAdam said.

“All shareholders are in this for the long term. We did this to join forces and raise our own funds, while avoiding ‘big money’. Nothing stops anyone acquiring shares on the ASX, but with our plan of offering only 20 per cent of our capital on the stock market at IPO, it means we keep control and prevent any hostile takeovers.”

He said the decision on which of the four former CEOs would be the boss of Sekuro had been taken based on discussions about personal ambitions and where each of their skills were best suited.

Sekuro enters a competitive sector where the likes of EY, PwC, Deloitte, KPMG and Accenture are all positioning themselves as cyber experts, while global business advisory firm Ankura set up shop locally in 2020 and private equity backed roll-up machine CyberCX has acquired almost 20 Australian cyber firms since launching in 2019 following the acquisition of 12 separate niche firms.

Last month ASX-listed cyber security firm Tesserent also kicked off plans to buy up smaller operators.

The market is undoubtedly hot with a big spike in publicised cyber attacks in the last year, including numerous high-profile ransomware attacks. New rules announced last week, will make it compulsory for all companies with a turnover above $10 million to inform the federal government when they have been hit by a ransomware attack.

Mr McAdam said he believed Sekuro trumped the model of all these competitors, which he positioned as financially motivated roll-ups and acquisitions as opposed to strategic mergers.

“CyberCX is at its core a cyber security acquisitions machine, when a company is bought by it, it is absorbed into the CyberCX identity and the staff must adapt,” he said. “CyberCX is primarily a financial instrument run by fund managers to make profit. While this works for them, it doesn’t work for Sekuro.

“The big four consultancies are acquiring smaller well-established but uncompetitive, or market-tired, cyber security businesses to bolster their capability in terms of people and processes; while Tesserent is specialising in acquiring established –and sometimes stagnant –businesses, with a focus on giving their founders a fast and easy exit."

Mr McAdam said he believed Sekuro could compete for larger deals with customers tackling multi-faceted digital transformation programs, that the previously separate entities were too small and limited in scope to bid for.

He said there were numerous areas where Australian businesses were increasingly looking to external firms for cyber-related assistance, including board education and heavier industry regulation, such as the impending legislation to raise cyber requirements at companies broadly defined as being important national infrastructure.

”Cyber risk is a clear and present danger for Australian businesses and the federal government’s recent consultation highlights the key dynamics driving better security outcomes. Every organisation is approaching the meeting of expectations differently and faces a unique mix of circumstances – both internal and external – which affect their ability to meet these expectations,” Mr McAdam said.

“These organisations are trying to manage all of this during a period of accelerated digital transformation brought about by COVID. These are exactly the sort of challenges Sekuro can help with.

 

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Looking at the IPO for GQG Partners, p68, unless a company maintains this standard, then any third party protection will be rendered less than optimal

 

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3.8.3. CYBER-SECURITY

In partnership with our third-party cyber security providers, our approach to cyber-security matters recognises the importance of protecting customer data and that cyber-security breaches are increasingly common. Our cyber-security policies reflect the National Institute of Standards and Technology core cyber-security framework elements.

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We believe that the success or failure of cyber-security protections depends largely on employee knowledge and diligence. We are proactive with employee awareness of cyber-security matters. We require new employees to read  and sign-off on our Cyber-security Policies & Procedures once they join the firm. Interactive cyber-security training  is conducted at least annually. We have ongoing discussions with our critical service providers regarding cyber-security. Our trading and order management system, client services platform and HR payroll platform each have cyber-security protocols. New software applications undergo a cyber-security review which may include system testing performed by an independent third party.

 

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