COGNOSEC AB completes the inclusion of Cognosec GmbH (Austria) – 11 May 2018

Cognosec GmbH previously operated under the UC Group and collaborated with Cognosec AB under an exclusive licence and service agreement.

This inclusion will align internal processes and maximise Cognosec AB’s technical expertise and accreditations across the subsidiaries around the globe.

Cognosec AB (Publ) (“Cognosec”, or the “Company”), (Nasdaq: COGS, OTCQX:CYBNY), a leading supplier of cyber security solutions with operations in Europe, Africa and the Middle East, has completed the inclusion of Cognosec GmbH (Austria) (“Cognosec Austria”) following the final consent from its financial partners, making Cognosec Austria a wholly-owned subsidiary of Cognosec AB.

This inclusion is in line with Cognosec’s strategy to provide professional and managed services across the EMEA space.

Cognosec Austria is formally incorporated into the Cognosec Group of companies following approval of the transfer by the Austrian Company Register Court on the 29th April 2018 and pursuant to the terms of the agreement between UC Group and Cognosec, with an effective date of the transfer of the 1st January 2018. This information was disclosed in the 2016 company description, prior to the listing of Cognosec AB on Nasdaq First North.

Cognosec Austria, with its head office in Vienna, offers advisory and technical services in areas of cyber security, governance, risk and compliance (GRC), IT service management, information security and systems, IT portfolio and project management risk assessments, in addition to GRC integration services, including GRC, ERM, ICS, and ITGC design and implementation.

Cognosec Austria also possesses a number of accreditations, including that of ‘Qualified Security Assessor’ and ‘Approved Scanning Vendor’, both in accordance with the Payment Card Industry Data Security Standard (PCI DSS), the security standard overseen by the International PCI Security Standards Council. Recently, Cognosec Austria received accreditation with the Cryptocurrency Security Standards: this is in aid of its plan to diversify its services offering into the new and rapidly-growing area of distributed ledger technology and related applications such as Initial Coin Offerings (ICOs).

Cognosec Austria’s certifications and licenses enable Cognosec and its group companies to provide a comprehensive set of services, including the conducting of audits, risk assessments and further complements the cyber security products side of the Cognosec business, to offer a 360-degree cyber security solution for all customers.

Commenting on the integration of Cognosec Austria, CEO Oliver Eckel stated:

“Everyone in Vienna is delighted to officially join Cognosec AB, where we will be able to best utilise the expertise we have developed over the last seven years. The skillset of Cognosec GmbH, combined with the coverage provided by Cognosec AB, will help further cement our position as one of the preeminent cyber security providers in the EMEA region.”

Cognosec AB Chairman Kobus Paulsen commented:

“The formal inclusion of Cognosec GmbH into the Group solidifies our position as a complete cyber security solution provider, that offers resilience rather than the overrated protection angle. Cognosec GmbH encapsulates the true cyber skill of the Group and is what we are recognised for in the market, offering professional advisory and managed services that cover the entire cyber spectrum, from incidence response to building SOCs (Security Operation Centres). Cognosec GmbH is product agnostic but works in conjunction with our value added distribution business, Credence Security. This combined market offering enables us to manage the entire cycle of our clients’ cyber security needs.”