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Cyber security company scores renewal with Tesco Bank

Cyber security company scores renewal with Tesco Bank

(Image shows Think Cyber founders Dr Mike Butler and Tim Ward)

Pioneering security company ThinkCyber, a SETsquared Surrey member, has secured a second contract with Tesco Bank for its Redflags™ cyber security solution following positive feedback and engagement from the retail bank’s employees.

ThinkCyber first secured the Tesco Bank deal a few years after launching and rolled out its solution to the bank’s employees early in 2020. Redflags™ delivers notifications and alerts on a user’s desktop to encourage them to consider and learn more about potential cyber threats.

With its foundations in behavioural science theory, Redflags™ delivers drip-fed content and smart notifications in real-time so that users receive insightful information concerning potential security threats. The software enables employees to make secure decisions and provides employers with measurement of engagement and visibility of risk, enabling informed decisions to be made for the entire network’s security.

Tesco Bank started using Redflags™ during the COVID-19 pandemic after a successful pilot in 2019. “Redflags™ from ThinkCyber has been very well received by our colleagues,” said Pete Martin, Tesco Bank Cyber Security Manager. “Colleagues across all levels of Tesco Bank have really bought into the whole concept of receiving regular “bite sized” awareness alerts, which has been particularly useful during the recent pandemic for colleagues working at home. The tool allows us to deliver much better risk-based training, at the right time, to our colleagues based on new or existing threats”.

ThinkCyber became a member of SETsquared Surrey in 2017. Its founders, cyber security experts Tim Ward and Dr Mike Butler, met while working for Surrey Research Park firm BAE Systems Detica. The pair believed a new approach was needed because users were still prone to a multitude of security risks despite the many existing tools to counter cyber security challenges.

They credit the Entrepreneurs in Residence at SETsquared Surrey and SETsquared events for pivotal support for the growth of ThinkCyber.

“Our mentoring sessions have been great in giving us space to bounce new ideas around, help us convert ideas into solutions, and develop a pricing strategy” explained Tim Ward, co-founder and CEO at ThinkCyber. “SETsquared events on topics including developing pitch decks and funding applications have provided practical support that has considerably impacted our development.”

ThinkCyber also took part in SETsquared 2020 Invest. As SETsquared’s annual investment showcase, it was attended by over 300 investors and gives start-ups from across all five Business Acceleration Centres a platform to pitch for investment.

 

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