Cyber crimes worldwide have been getting worse as the internet gets better, with reports from the national cybersecurity agency in Australia reporting cybercrimes increasing 13% in 2021, with an incident occurring on average every 8 minutes. As new attack methods and vectors, and the use of sophisticated AI evolve, the average business loss from email scams surged to over $50,000 last year.

Global cybersecurity company FirstWave Cloud Technology Ltd (ASX: FCT) has been filling in the void for business at risk as they begin the Phase II launch of its CyberCision platform, in its most transformational technology upgrade in the Company’s history.

FirstWave first launched CyberCision in October 2021, where the platform enables its service partners to deliver a comprehensive range of security services to their small-to-medium-sized businesses (SMB) customers from a single platform via a SaaS model.

CyberCision applies best-in-class cybersecurity technologies to protect its partners’ SMB customers from cyber attacks. The platform includes features such as enhanced integration and automation for the platform to be adopted by partners, mobile reporting, and advanced detection and response capabilities to protect SMBs from the latest targeted cyber threats.

FirstWave’s partners include some of the world’s largest telecommunication companies and Managed Serviced Provides such as Telstra and CISCO, where they can quickly adopt and rapidly scale cybersecurity solutions provided by FirstWave that can protect their customers from attacks and threats.

Phase II will introduce and improve three core areas that have been a focus identified by the Company’s partners.

One of their heaviest focuses is the introduction of Frictionless Email Security, which will support the speed and scale of the platform adoption by making it simple for customers to add email security using their Microsoft 360 account.

The Company will also introduce a CyberCision white-labelled app to provide real-time monitoring of cybersecurity threats and historical reporting.

There have also been planned developments in the platform’s advanced detection and response capabilities by introducing another layer of security. This additional level will include dark web monitoring, post-delivery email analysis and threat risk scoring.

“This is another fantastic milestone for FirstWave. The Phase II CyberCision launch provides us with increased access to high growth markets and empowers our partners to rapidly onboard customers at scale. With CyberCision Phase II now launched we are looking forward to marketing these new capabilities together with our service provider partners and accelerating the adoption of the CyberCision technologies,” said FirstWave CEO, Danny Maher.

For the quarter ended March 31 2022, the Company had a strong cash position of $12.5m. Revenue increased by 11.8% quarter-over-quarter (QoQ) to $3.1m and gross profit climbed 17.7% to $2.21m QoQ.