The increasing threat of cyber crime has at least brought some good news for one company today, as NCC Group announced a substantial increase in both its revenue and profit.
The cyber security and risk mitigation firm reported revenue for its full year to May of £209.1m, up 56 per cent from £133.7m the year before.
Meanwhile, adjusted profit before tax grew to £37m, up 45 per cent from the prior year's £25.5m.
NCC Group also raised its total dividend for the year by 17 per cent to 4.65p, compared with 3.98p the year before.
Shares in the company closed up 6.5 per cent at 279p.
Why it's important
This year has seen no shortage of surveys warning firms of the rise of cyber crime, but NCC Group's figures show in black and white just how much the threat has grown as of late. The company's revenue growth was 19 per cent organic, while its forecast contracted recurring revenue and current order book also increased by 67 per cent to £104.6m.
The company has also grown the number of employees it has worldwide by 40 per cent to 1,857. In addition, the business announced today that it is creating cyber security committee with a similar standing to audit and remuneration committees.
What NCC Group said
"The threat of being hacked or having valuable data stolen continues to grow at a seemingly unstoppable pace," said Rob Cotton, group chief executive of NCC Group. "With our global reach and increased product range, we remain tightly focused on exploiting the opportunities to deliver sustained long term growth.
"The cyber crime arms race is the single biggest threat to corporates and individuals globally particularly as cyber crime is not bound by national borders or political and trade treaties."
The threat of cyber crime is no laughing matter, but at least it has helped NCC Group to raise its bottom line.