Cyber threats have evolved from relatively harmless to powerful dangers to businesses with implications on the bottom line, reputation, privacy and more. These threats are not inherent to the weapons that are being used, but rather to the people that are wilding them, creating asymmetric warfare. The risk and impact of cyber-attacks are growing and has become a preeminent global threat. In its 2019 Global Risk Report, the World Economic Forum lists cyber threats as number 4 in terms of likelihood, and number 7 in terms of impact. This risk will persist and grow as businesses become increasingly more connected, relying not only on internet connectivity but also on new post perimeter technologies such as the Cloud in order to stay competitive and agile.
According to an Accenture report on the cost burden of cybercrime in 2017, the accelerating cost of cybercrime in 2017 was 23% more than it was in 2016 and its costing organisations, on average, €10.5M. With the above in mind, coupled with our ground-breaking CYBER-PDR solution, the business opportunity presented to a company that can offer an effective and cost-efficient solution to the cyber threats of today stand at a clear advantage. We anticipate potential annual revenues of €90M by 2022.
Illusive frustrates the attacker’s ability to move laterally toward crown jewels in several important ways, thereby altering reality to prevent, detect, and respond to attacker movement. The solution reduces the attack surface, hardens the environment to resist attacker movement and facilitates rapid and effective response. The technology removes expected information, replaces it with false data and other traps and provides defenders with information to: slow the attack, detect attackers early in the attack, know how far they are from their targets, and stop them quickly.
The overall aim of this project is to penetrate and expand into the EU market. The EU is an important market for us due its mature and growing cyber requirements and market potential. Our commercialisation activities for this project will include: 1) Forge a strategic alliance with Cybertrap and market a shared development with their decoy; 2) Implement 960 demos and 160 POCs, part of which will be fortune 500 companies in banking, and insurance across Europe, including a major insurance carrier from Germany; 3) Build a pipeline in Europe, initially in Germany, Spain, France, Finland, Sweden, Switzerland, and the UK; 4) Scale-up operations by setting up a local office in Germany and recruiting additional business development executives in Germany and UK; 5) Attend and speak at strategic events and tradeshows to build exposure in Europe; 6) Obtain all relevant regulatory and compliance certifications such as ISO, SOC, obtain complete GDPR compliance, and register additional patents and trademarks.
In this SME Phase 2 project, Illusive Networks looks to scale up our highly ambitious project from TRL 7 to TRL 9 by growing from a company focused on initial, short-term R&D, pilots, and several paying customers to a mature, commercially scalable company that will create a major economic impact in the European market.
