RCS - Crossword Cybersec - Liverpool John Moores University Research

Crossword CybersecurityAnnouncement

16/12/2021 07:00

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RNS Number : 7940V  Crossword Cybersecurity PLC  16 December 2021

Crossword Cybersecurity and Liverpool John Moores University research reveals
underlying supply chain assurance issues

UKRI-funded research project by Crossword Cybersecurity and Liverpool John
Moores University digs into the causes of supply chain risk and assurance
failures.

 

 

16 December 2021 - London, UK - Crossword Cybersecurity Plc
(http://www.crosswordcybersecurity.com/) (AIM:CCS, "Crossword", the "Company"
or the "Group"), the technology commercialisation company focused on cyber
security and risk management, discovers new shortcomings to current supply
chain risk assurance processes as part of a research project conducted in
partnership with Liverpool John Moores University (https://www.ljmu.ac.uk/) .
The joint research project was undertaken to investigate the underlying
problems and causes of failures in supply chain risk and assurance.

 

The research project was awarded a £233K grant (of which £158k was awarded
to Crossword as per the announcement
(https://www.crosswordcybersecurity.com/company-news/categories/investor-news)
on 15 December 2020) by the Made Smarter Innovation programme, delivered by
UK Research and Innovation (UKRI). The award was made through the digital
supply chain competition, which forms part of UKRI's Industrial Strategy
Challenge Fund
(https://www.ukri.org/our-work/our-main-funds/industrial-strategy-challenge-fund/)
(ISCF) Made Smarter Innovation programme.

 

Between April and September 2021, the project team analysed around 118,600
data points collected through 26 enlisted UK manufacturing businesses to
underpin the new, original research, which includes an in-depth analysis of
the Nuclear and Automotive industries.

 

One of the key findings from the research is that the approach to most
supplier assurance programmes is fundamentally broken - namely, that
businesses haven't standardised what information they ask for, how they ask
it, and how they share it. This leads to a huge amount of duplication and
supplier assurance fatigue and ultimately a lack of supply chain transparency.

 

 

Prof Claire Hannibal of Liverpool John Moores University said: "The research
delivered offers a contemporary investigation of current challenges to sharing
information in multi-tier supply chains."

 

As part of the project, leading third-party risk assurance thought leaders,
Crossword Cybersecurity and Liverpool John Moores University collectively used
the £233K grant to develop a new digital supply chain risk & assurance
method that can address the underlying problems and causes of failures in
supply chains. The knowledge acquired from the research and new concept design
will provide new thinking in approaches to improving supply chain resilience.

 

Lola Adeyemi, Research Project Manager at Crossword Cybersecurity said:
"Imagine a single supplier receiving a request for information from multiple
organisations, each using slightly different wording and slightly different
methods. This requires a lot of effort. Standardisation is a great solution in
this situation and can be the innovative breakthrough in quite a challenging
space".

 

Ken Fraser, Rizikon Assurance Product Manager at Crossword Cybersecurity
commented: "The study shows that information standards to improve the
efficiency of information exchange are the key to supply chain resilience.
This is something we have designed and are adopting in Rizikon."

 

Liverpool John Moores University and Crossword Cybersecurity are currently
writing up the complete set of findings for publication.

 

Crossword continues to collaborate with industries and organisations to help
reduce systemic risk, save costs, improve supply chain resilience. If you
would like to get involved, please get in touch.

 

 

ENDS

Contacts

Crossword Cybersecurity plc - Tel: +44 (0) 20 3953 8460

Email: info@crosswordcybersecurity.com

Tom Ilube, Chief Executive Officer

Mary Dowd, Chief Financial Officer

 

Grant Thornton (Nominated Adviser) - Tel: +44 (0) 20 7383 5100

Colin Aaronson / Daphne Zhang

 

Hybridan LLP (Broker) - Tel: +44 (0)203 764 2341

Claire Louise Noyce

 

For media enquiries contact:

Lorena Duke, GingerPR

crossword@gingerpr.co.uk (mailto:Crossword@gingerpr.co.uk) - Tel: +44 (0)1932
485 300

 

About Crossword Cybersecurity plc

Crossword Cybersecurity (https://www.crosswordcybersecurity.com/) plc focuses
on the development and commercialisation of university research-based cyber
security and risk management related software and cyber security consulting.
The Group's specialist cyber security product development and software
engineering teams work with its university partners to develop the research
concept into a fully-fledged commercial product that it will then take to
market. The Group's aim is to build up a portfolio of revenue generating,
intellectual property based, cyber security products. Rizikon Assurance
(https://www.rizikon.io/) , Crossword's leading product, is a SaaS platform
that enables medium to large companies to assess and manage all risks from
their suppliers.  Nixer CyberML, another Crossword product, is a new tool for
businesses that want to solve advanced security and cybercrime problems, such
as detecting and dealing with compromised accounts, fraud, and in-application
denial of service attacks.  Identiproof, Crossword's most recent product, is
the World Wide Web Consortium (W3C) verifiable credentials compatible
middleware and wallet technology. Crossword's team of expert cyber security
consultants leverages years of experience in national security, defence and
commercial cyber intelligence and operations to provide bespoke advice
tailored to its clients' business needs, including threat monitoring.

 

About Made Smarter Innovation

Made Smarter Innovation is a national programme to help businesses who make
things capitalize on new digital technologies. Our programme will support the
transformation of UK's manufacturing capabilities through the development and
innovation of industrial digital technologies (IDTs). We give UK manufacturers
access to a digital innovation ecosystem that helps prove their idea, quickly
develop it with experts and scale it. The £300 million partnership between
government and industry will provide match-funding, specialist advice and
result in radical manufacturing solutions. Delivered by UK Research and
Innovation.

 

 

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