Crossword Cybersecurity PLC FTSE 250 company to use Rizikon Assurance (8970O)

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RNS Number : 8970O

Crossword Cybersecurity PLC

08 October 2019

FTSE 250 Chemical Manufacturer to use Rizikon Assurance from Crossword Cybersecurity to Enhance Visualisation of Supplier Risk

8 October 2019 - London, UK - Crossword Cybersecurity plc (AIM: CCS, "Crossword", the "Company" or the "Group") the technology commercialisation company focusing exclusively on the cyber security sector, is pleased to announce today the signing of a two-year contract with a FTSE 250 global chemical manufacturer.

The customer will use Rizikon Assurance to issue onboarding assessments to their 250 strategic suppliers, in turn displaying their key risk data in the tool's 'Supplier Scorecard' feature. Rizikon Assurance will automate the supplier management process, replacing manual, time-consuming and resource-intensive processes that the company has used to date.

Rizikon Assurance will play a pivotal part in the customer's overall Supplier Management Framework, increasing the efficiency of their supplier assurance process and enabling them to identify and mitigate their biggest areas of supplier risk. Each category of supplier will be assessed against their criticality and risk to the business.

The customer will take full advantage of the new features that Rizikon Assurance has to offer, including the industry-first Assurance Framework Dashboard which displays a holistic view of the risk-criticality score of all suppliers, on one matrix. The tool will aid in the selection of low-risk suppliers, as well as re-evaluating suppliers who are currently operating above acceptable risk thresholds and are in the process of carrying out remediation efforts to lower their overall risk. All the assessments and due diligence the customer performs through Rizikon Assurance will work towards providing them with an Approved Supplier Register. Rizikon Assurance will help to classify and prioritise suppliers based on their level of risk, manage question sets and improve the ease in carrying out required audits, as all the necessary information will be located in the one centralised platform.

Ken Fraser, Rizikon Assurance Product Manager, commented: "Third-party assurance is particularly important for organisations with large, complex supply chains who face multiple challenges when managing third-party risk, so we are pleased to work alongside this organisation in taking proactive measures to mitigate third-party risk. Crossword is now really gaining traction with business customers for Rizikon Assurance. All businesses need to do a better job of third-party risk management - and we believe that we have a unique system that helps them take control."

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.

Contacts

Crossword Cybersecurity plc - Tel: [phone]

Email: [e-mail]

Tom Ilube, Chief Executive Officer

Mary Dowd, Finance Director

Grant Thornton (Nominated Adviser) - Tel: [phone]

Colin Aaronson / Jamie Barklem /Niall McDonald

Hybridan LLP (Broker) - Tel: [phone]

Claire Louise Noyce

For media enquiries contact:

Lorena Duke, GingerPR

[e-mail], 01932 485 300

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October 08, 2019 02:00 ET (06:00 GMT)