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In two weeks time the GDP Regulations from Europe, which the UK government has also adopted, will require every single firm which gets hacked to publish and report the experience within 72 hours. Dozens of big firms are hacked every year. Huge fines will also be introduced. Firms have to ensure that their suppliers are also compliant with proper cybersecurity protection. Putting data in the cloud is no escape! I expect those firms who successfully protect their clients will also come into focus very soon. Think on the implications for this very effective and well placed cyber security firm- with new high powered and well connected non exec Director in place now too.
I’m with you on this one - this price is an absolute bargain. The only frustrating thing is the spread, I’m really not sure why it’s at 25%. I’m looking forward to some positive news flow in the next few weeks.
Every single NHS trust has failed tests for cybersecurity. On Saturday morning BBC News reported that the NHS are committed to increase protection. This is the scale of the problem which has to be fixed. Not just by the NHS but by every major organisation and their suppliers. https://www.theguardian.com/technology/2018/feb/05/every-nhs-trust-tested-for-cyber-security-has-failed-officials-admit
It would be useful if the board put out a formal strategic plan to indicate how they propose to turn things around. Now that they have new leadership and a very confident and well connected new chair they should build on the growth they have already achieved. Press coverage for GDPR will get wall to wall from next month. Every organisation that holds data has to get cybersecurity cover and will get harsh fines for data breaches. Everyone will have to report hacks. Pretty much every cybersecurity company will be in massive demand. As usual many firms don't respond to sensible regulations unless they are forced to. When this moves it flies. Not a lot of free shares really. Very good price to get in at.
Are we expecting news flow prior to the implementation of the NIS legislation? Not long now!
4 Traders has ECSC share price at 1.25 up 11% today.
independent dot co dot uk/news/uk/politics/russian-cyber-threat-attack-uk-security-pact-theresa-may-commonwealth-chogm-a8309106.html
With a 20%+ Plus spread? Not looked at the MACD's for this outfit. Wait until the spreads settle down a bit, but im expecting further bad news before it gets better. The new appointments have a lot of work to do and really need some tangible news and wins which can/are allowed to be released to the market. Interesting how a Non-Exec has gone as well. GLA in any trades/positions you take.
is brilliant news and the news of potential further cyber attacks in the news daily makes this a good one to hold. very good price to buy currently GLA
https://www.theguardian.com/technology/2018/apr/10/uk-businesses-face-growing-threat-from-cyber-attacks-report This article shows increasing cyber attacks in 2017 with the national cyber security strategy seeing threats to businesses through third party relationships with major clients and/or suppliers. Every major and medium sized business is going to have to get cover. Putting data in the cloud is absolutely no protection.
They won't get to �5.60 again- we agree on that. I hope they'll pick up. I don't know they will. The conditions for faster growth are there. Not many cyber security firms are doing as well as they thought they would. The market will wait till the last minute before they pay for expensive cover- which they will be obliged to do by May 10th now when the NIS legislation is introduced. I don't see why a change of CEO and Non-exec director will hurt this company. They maybe need a change.
Tricky - Like your optimism, but considering today's news regarding ECSC, I dont see how they can get anywhere near the values they have previously traded at. �5.60 was blatant share and market ShareRamping, and for all that traded then, well done. The shares were just not worth 560p based on the business and its numbers.. Down 20% today on the resignation of the CEO. IMHO, the best bet that business has at the moment of returning value to Shareholders is a buyout/sold to a larger outfit. NCC have been purchasing/buying local security firms for years and it wouldnt surprise me if they are circling ECSC now, because a 90p - cheap as chips.
�17million fines for firms which fail to take adequate cyber security measures. GDPR regulations have passed in the UK as a piece of legislation called NIS according to the Observer. The law will apply here from May 10th not May 26th as previously thought. Banks, water companies and other firms related to essential infrastructure are under orders to prepare now to defend against a Russian cyber-attack. ECSC have been suffering from firms delaying their cyber-security provision because of a view that comprehensive cover can be expensive. It seems that firms are moving away from that view now. More and more firms are taking up training and bigger firms will have to start moving fast on comprehensive cover to eliminate vulnerabilities. I think the tide will turn now for ECSC.
I'm not expecting the sp to reach �5.60 again. I think it will recover to offer a great return within a few months- probably looking at double this all things being equal. Some services are growing at 15%. They have scaled up- they have a 24/7 response available because of the office in Oz. They over estimated the speed of growth they could achieve- mostly because they didn't expect firms to leave cybersecurity cover to the last minute. All elements of GDPR have to be covered Mr BBD to avoid eye-watering fines- up to 4% of turnover! 'Some elements' won't cut it- if they are hacked and find themselves without the required level of protection firms will be badly hurt. I don't know what British businesses are thinking of. They have to be threatened to take out protection that consumers need with or without the legislation. I don't want my security details stolen by some random firm I've bought products through. ECSC have the best payment protection cover available according to the awards they won last year. Things will get better with this firm this year.
GDPR and the state of ECSC and its current order books are two different things. You are correct: GDPR is coming and ECSC are growing, but what is a shame is, the current ECSC board have failed to implement a strategy and scale the business to take advantage of the opportunity. Not convinced GDPR will be the cash cow some perceive. Also a lot of cloud providers are covering some elements of GDPR with their services, so this provides some of their customers a bit of a shortcut and head start for compliance. Individual companies do however, still have to be responsible themselves. The lofty heights of 500p earlier last year during the NHS/Wanncry ransomware attack really did create a pump and dump scenario for the experienced traders and this did nothing for ECSC.
Every firm will have to have comprehensive cyber security cover. They're growing. Just not as fast as expected. Maybe something to do with the fact that 1/4 big firms still haven't invested in the cover they have to have. Medium sized businesses are even worse. In a few months this will turn around.
Some good bits, but ouch!
ECSC workshops for firms who still need to prepare for the cybersecurity regulations, are scheduled every day from 2nd March-8th March. I'm hoping we'll get a contract update in the next little while.
as opposed to 152.50. Siemens signed a commitment today, with 8 other huge firms to demand engagement with cybersecurity and enforce new legislation. Things are looking up.
https://www.gov.uk/government/news/digital-and-culture-secretary-urges-businesses-and-charities-to-prepare-for-stronger-data-protection-laws The government press release today says their survey shows only 1/4 of businesses are prepared for the GDPR cybersecurity laws coming in on May 25th this year. Fines will be 4% of turnover for data breaches and hacks! This might explain why Uk cybersecurity firms (not enough qualified people to cover demand) have all been struggling. Forms are leaving their preparations to the last minute. They will all have to get proper cover. This will start getting increasing coverage soon. I'm guessing all cybersecurity firms will see a good year in 2018.
There's a PCI event on 25th January (ECSC won a best in class award for payments protection last year) and ECSC are represented there. Another 7 events to explain GDPR (new cybersecurity regulations coming in on May 25th this year, with fines of up to 4% of revenues for data security breaches incurred where companies haven't taken out any cover). Up to 1/4 of blue chip and medium sized firms are thought to be remaining without comprehensive cover according to the UK cyber-security review published Nov 2017. Shocking but some firms will resist spending the money until they're forced to do so. Several cybersecurity firms are having trouble this year but there aren't enough cybersecurity experts to fulfil the demand according to some analysts so the only way is up between now and May 2018. I'm holding.
@MikeBarn1986 - I suspect a large number of day traders were sniffing around because the yearly trading update is due soon, but they must have seen enough profit in their trade to exit sooner. A few more might leave over the coming days, but I think it will find a base maybe 10-20% lower than now, and I'm expecting a rise again in the lead up to early-mid February.
Think it dropped because of the 1.6 million cash balance. - No idea of the cash burn but if we are not at break even then a placing may be needed The step change will come and this is still a great company to hold I think but as ever do your own research!