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The phrase "the vast opportunity ahead of us" from OSI's CEO, a man not noted for hyperbole, underlines the incredibly exciting outlook for OSI.

The company looks like it could be on the verge of a 'tipping point' in terms of business success and company valuation.

The 14.6.21 OSI video interview revealed that the company had won 25 new customers in Q1 2021.
https://www.youtube.com/watch?v=HttRp6mON5k

That equates to an annualised level of 100 new customer wins p.a.

In comparison, OSI won 16 new customers in 2021, a year in which revenues rose £0.26M. (2020: £1.43 million; 2019: £1.17 million.)

11th Jun 2021 7:00 am RNS Final Results
" ... Our "Land and Expand" model is built around securing an initial sale with a customer and then following with additional licences or product orders. This model continues to prove successful. Successes during the period include the expansion of a contract with a healthcare provider for an additional 5,000 PEM endpoints alongside Osirium PAM. With a 28% increase in customer numbers in the year, including 16 new customers, we expect to see further cross-selling and contract expansions as we move through 2021. ... "
https://www.lse.co.uk/rns/OSI/final-results-v0wdczyeqclzjvu.html

If the above stats. apply to the whole of 2021, that would equate to £1.625M. of net additional revenue.
I.e. 100 new customers x £16.25K. of net additional revenue per new customer.

Of course, reality could work out differently: the Q1 level of customer wins may not be maintained, and the net additional revenue per new customer may be different to 2020.

But this 'back-of-the-envelope' calculation could indicate the potential for a nice 'surprise' on the upside.

Note that as from Edison's 11 June 2021 update, they were forecasting 2021 OSI revenue of £1.68M.
That looks pretty conservative to me, and I think that it could easily be upgraded.

OSI's H1 results to the end of June are due in September, and could herald an upward rerating of OSI's s.p.

11th Jun 2021 7:00 am RNS Final Results
" ... David Guyatt, Chief Executive Officer, commented :
"2020 was a challenging year for Osirium, as it was for many companies, but we are particularly proud to have achieved a record Q1 and Q4 alongside a string of pitch wins against our largest competitors.
A positive start to the year was dampened by challenging external market conditions because of the pandemic. Despite this, through careful cost management, the dedication and hard work of our staff, and a growing demand for privileged access in our markets, we were able to deliver against our strategic objectives for the year and were pleased to see a return to encouraging trading momentum as we closed it off.
Looking ahead, the pandemic will continue to provide for a degree of uncertainty as we move through 2021 with respect to both our direct and indirect sales channels. While the exact timing of deals will remain difficult to predict in the near-term, market conditions are gradually improving, there is momentum in the business, and our clear and proven strategy to capitalise on the vast opportunity ahead of us is strengthened by the recent fundraise. With privileged access now widely recognised as a core requirement of IT security, the Group is confident in its future prospects and another year of progress in 2021." ...
Current trading and outlook
Moving through 2021, we are seeing continued momentum with a record Q1 and a healthy pipeline of opportunities through our direct and indirect sales channels. While we remain vigilant to the ongoing economic uncertainty and risks to our end markets, we are encouraged by the gradual normalisation of trading conditions.
Home working has laid bare many of the risks to cyber security among organisations, and many have made PAM a priority to ensure their company data, privileged accounts and regular business processes remain secure. The ease of implementation of the Group's platform and professionalism of customer engagement remains a key competitive advantages. Osirium provides the ideal solution for organisations wanting great quality security but without unnecessary complexity and protracted implementation.
Healthcare, a key target market for the Group, continues to provide exciting opportunities, with a number of deals signed with providers in the public and private sectors during the period. In December 2020, NHS England announced funding for trusts via NHS Digital for PAM projects to protect backups targeted in ransomware attacks. In the first quarter of 2021 the Group secured a substantial number of new NHS accounts and will continue to capitalise on new opportunities in this sector. More widely, we continue to see strong demand across the public and private sectors for our services, with organisations valuing our ease of implementation and levels of customer support alongside our first-class technology. ..."
https://www.lse.co.uk/rns/OSI/final-results-v0wdczyeqclzjvu.html

Clearly NHS cybersecurity is facing unprecedented challenges, requiring new approaches.

Which creates a stellar opportunity for OSI ... and one which it has already been capitalising on. -

11th Mar 2021 7:00 am RNS NHS Trust Customer Wins

"Osirium Technologies plc (AIM: OSI.L), a leading vendor of cybersecurity software, is pleased to announce it has strengthened its position in the public sector through a series of NHS trust customer wins for its Privileged Access Management (PAM) solution.

These new customer wins follow on from a cybersecurity guidance by the National Cyber Security Centre and a NHS Digital initiative, launched towards the end of 2020, which provided funding to NHS trusts for privileged access solutions to address the mounting challenge from ransomware targeting backup systems.

The Group responded rapidly to this initiative and is pleased to report nine new NHS trust customers since the beginning of February, with these deals providing significant upsell opportunities in line with Osirium's "land and expand" strategy.

Notably, these customer wins were secured in collaboration with three of the Group's channel partners, demonstrating the growing contribution of the indirect channel to Osirium's sales. The Group is experiencing increasing traction across a wide range of markets through these domestic and international partners, working more closely with them through joint marketing campaigns.

With these recently signed contracts, Osirium now counts a growing number of NHS trusts as customers. The Group continues to see a healthy pipeline of further deals in this field and, as part of its ambition to become a key player in UK healthcare, will continue to target the remaining NHS trusts in collaboration with its partners.

David Guyatt, Chief Executive Officer, said:

"We're delighted to have secured these new NHS trust customers. These new contracts reflect not only the growing attention now paid to privileged access security across public healthcare but the importance of Osirium's indirect channels to our sales.

With bookings momentum continuing from our record Q4 last year, we look forward to securing more deals of this nature as well as exploring the significant upsell opportunities presented by these initial contracts through our proven "land and expand" strategy.""

https://www.lse.co.uk/rns/OSI/nhs-trust-customer-wins-1w0kljrbih4fwe3.html

Osirium @Osirium·Aug 20
"Congrats to Andy harris on featuring in Top Business Tech's article advice CTOs would give to their 25-year-old selves."
https://twitter.com/osirium?lang=en

"CTOs share advice to their 25-year-old selves

12th August 2021

... Andy Harris, CTO, Osirium

What advice would you give to your 25-year-old self?

My top tips for my 25-year-old self are to remember that all successful software-based products require ground-up re-writes, and these can be very expensive, so the art to master is picking the right time. Consider that version 2, or around 50 customers, is a super rough but helpful guide to follow – also remember that this advice doesn’t include Apps. Be warned; if you ever find yourself, or your team, creating a new language for operation or configuration, then you are almost certainly committing a crime against software development. Just don’t do it; use the most appropriate existing language.

Avoid creating a ‘God Box’ product. If you do create a product that everyone has to use, please recognise that this has special responsibilities and take far more effort to ensure that these products fail gracefully; which certainly requires more effort than getting the product to work in the first place. Testing is insufficient for this class of product, only the evilest beatings will do.

Usability will trump functionality far more times than you think!

Your customers and users will often tell you WHAT they want, so keep communicating until they have told you both what they NEED, and WHY they need it. Only at this point will you have a true definition of a feature. Keep asking the questions.

In nearly all circumstances, what your sales team tells you about the competition is far less important than they think. On the other hand, what customers say about the competition is golden information. Choose carefully which conversations you take the most notes from.

Whilst testing, there are issues that may happen just once, and odd messages may appear in your peripheral vision. These are the ‘canaries of doom’ – track them down until you are satisfied they are vanquished.

Try a different language or operating system at least once a year, you need to be exposed to different paradigms.

Ultimately, the pursuit of art is the balance of technical achievement; do more art achieve more tech. ..."

https://tbtech.co/news/ctos-share-advice-to-their-25-year-old-selves/

"30 JULY 2021
Record High Costs of Data Breach
Mark Warren

Increasing Cost of a Breach due to COVID

The Ponemon ‘Cost of a Security Breach” report has just been published. It’s now in its 17th year, so it has become the definitive source of information on the state of cybersecurity preparedness and the impact of breaches.

As usual, the report includes interesting insights and, for the first time, the report can show the impact of remote working due to the COVID pandemic.

The main headline will be widely reported: the average cost of a breach has risen by 10% to $4.24 million (up from $3.86m in 2020). That’s the global average. In the UK, the average cost has risen from $3.90m to $4.67m. For data normalisation, Ponemon only reports in USD, as a rough estimate, that’s around £3.35m. There are probably several reasons why the costs have increased, but remote working is a significant contributor as the average cost is estimated to be $1.07m higher when remote working is involved.

For me, some other topics are worth considering ...

Ransomware costs

Ponemon estimates the average cost of a ransomware attack is $4.62m, which is above average.

They say that malicious attacks that destroyed data were even slightly higher, averaging $4.69 million. The percentage of companies where ransomware was a factor in the breach was 7.8%. That seems a little on the low side, in my opinion, as I’ve seen other data showing the number of ransomware increasing rapidly.

Ransomware attacks are growing in complexity, especially in how they can identify and compromise the most valuable accounts such as Domain Admins. Osirium CTO Andy Harris wrote about the “lateral movement” threat, and Osirium offers a special package to protect backups from ransomware attacks.

Zero Trust

Adopting a “Zero Trust” approach to cybersecurity shows significant benefit, according to the Ponemon data. “The average cost of a breach was $5.04 million for those without zero trust deployed. Yet in the mature stage of zero trust deployment, the average cost of a breach was $3.28 million, $1.76 million less than organisations without zero trust, representing a 2.3% difference.”

Zero trust is still in relative infancy, with only 35% of organisations having it deployed. A little worryingly, almost half of organisations have no plans in place to deploy zero trust. There may be many reasons for the slow adoption: for many it looks too complicated or may restrict agile operations, but a pragmatic approach can be highly effective and affordable. ..."

https://www.osirium.com/blog/record-high-costs-of-data-breach

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