UC Group moves online security to a new level with acquisition of information security specialists, Cognosec GmbH
UC Group has acquired Cognosec GmbH in a bid to extend its global information security services for the online business community. UC Group and Cognosec GmbH will jointly focus on assisting businesses to trade more securely, by providing integrated security, risk management and payment services, in response to the growing number and sophistication of cybercrimes.
Cognosec GmbH will become part of UC Group.s payment business, reporting to the Secure Trading Group. Secure Trading and Cognosec GmbH together will help merchants to secure the whole payment processing value chain – data, devices and networks – as cybercrime threats become more complex and harder to manage using existing safeguards. Critically, the two companies will also help online retailers and operators to meet their PCI DSS obligations as compliance becomes increasingly complex and expensive.
UC Group is a trusted advisor to US, UK, Asia Pacific and EU lawmakers and regulators and has extensively led the call for improved consumer and business protection to identify and minimise the growing risks to online businesses. In Europe alone, cyber-attacks are growing by 60 per cent a year, while 85 per cent of credit card record thefts are stolen by means of organised crime. The US currently accounts for 47 per cent of the global credit and debit card fraud, while generating only 27 per cent of the global total volume of purchases and cash, according to a recent Nilson Report.
The Cognosec GmbH acquisition enables UC Group to combat payment processing value chain and information security risks through the assessment and application of appropriate security for businesses in any part of the globe.
Based in Vienna, Cognosec GmbH is active in Europe, Middle East, Africa and the US and its multi-lingual and multi-disciplined team has significant experience in information security consulting and assurance in many sectors, including online gaming, Government, telecommunications, finance and ecommerce. Cognosec GmbH’s approach to compliance ensures that significant regulatory, internal governance and compliance issues are quickly recognised and addressed to enable management to align corporate risk appetite with its overall strategy, for businesses in both developed and emerging economies.
Oliver Eckel, CEO at Cognosec GmbH, says, “There are strong mutual benefits to both UC Group and Cognosec GmbH; through our specialisms in assurance, governance, enterprise risk and information security management, coupled with UC Group.s understanding of the online market and selected exclusive worldwide partnerships, we will be able to further extend our global reach. As more and more business goes online, the volume and type of threats to security are growing; we have the skills and track record to ensure that key business assets are safeguarded, whilst ensuring that businesses can trade uninterrupted. And with the advent of mobile business, our clients will be looking for even greater support, which we are better placed to offer as part of UC Group”.
Kobus Paulsen, CEO of UC Group, says, “UC Group leads the way in improving the quality and efficiency of internet business for online product and service providers. Recently UC Group has spearheaded the drive to regulate online gaming in Spain and the US to apply appropriate controls and safeguards for improved consumer protection. The acquisition of Cognosec GmbH strengthens our core proposition: to offer our clients safe and secure e-solutions for global trading”.
He went on, “With the massive growth in online business and a proportionate rise in hacking, data theft and viruses, the issue of security is truly global and that concerns not just businesses, but governments, regulators, acquirers, banks and the entire payments supply chain. By integrating the Cognosec GmbH service offering as part of the Secure Trading Group, we expect to boost our position as an early port of call for companies seeking security solutions and support to implement compliance projects within the payment card industry and their business operations”.