BAE to expand focus on cyber security
Europe’s largest defence company is planning on buying the firm SilverSky, which provides cloud-based email and network security services to over 5500 customers worldwide across the financial services, retail, healthcare, energy and manufacturing sectors.
The importance of cyber security is becoming front page news following a massive hack of the cloud resulting in leaked images of celebrities appearing online.
The move towards cyber security as a major revenue driver continues the global trends, as Governments begin to spend less on traditional defence procurement and more on ‘future technologies’ such as cyber.
BAE has long identified cyber security as a future growth area. BAE currently derives about 7% of its revenues from its cyber security arm, with the unit achieving $500m of sales in 2013.
Chief Executive Ian King said: “The acquisition of SilverSky enhances our strategy to grow BAE Systems’ Applied Intelligence commercial cyber security business.
“Together, the enlarged business will offer corporate clients a suite of products and services to protect critical information and networks and detect cyber threats and financial crime. The enlarged business has outstanding growth opportunities.”
The acquisition is expected to close before the end of 2014.
You can find out more about the predicted growth of the cyber security industry by downloading our free Industry Insight Report, which outlines the importance of effective cyber security for your firm, looks at current trends in the market and where the industry is heading in the future.