INCE.L Regulatory News (INCE)

REACH

For Immediate Release

The Ince Group plc

(AIM:INCE)

Launch of an integrated cyber security solution for the maritime sector in cooperation with Mission Secure Inc.

1 February 2021, London: International legal and professional services firm, Ince, is pleased to announce a new venture with Mission Secure Inc., one of the world's leading Operational Technology (OT) cyber security companies. The venture signals the development by newly established InceMaritime (100 per cent. owned by Ince), of a first of its kind integrated legal advisory, business consultancy and technology offering for the maritime sector.

Beginning with cyber security, over the course of 2021 InceMaritime plans to launch further managed service solutions in key areas for the maritime industry. This comes at a crucial time of unprecedented change and regulatory transformation for businesses in the maritime sector.

The launch of InceMaritime is founded on an understanding of the increasing complexities of the maritime industry and the need to provide fully integrated and all-encompassing solutions that enable organisations to respond to the challenges facing the sector. This requires collaboration between industry partners with specialist expertise, and the creation of transparent ecosystems that can protect ship owners and operators, and help them thrive in a transforming market.

InceMaritime will provide clients with a fully integrated cyber security offering that protects on-shore and on-vessel OT networks, safeguards operations, and ensures compliance and business continuity.

The joint proposition comprises:

· A full audit of a company's existing policies to ensure compliance in line with the new ISM Code for Cyber Security Guidelines (IMO 2021).

· The implementation of the patented Mission Secure Platform, the first integrated platform built for OT cyber protection, which is designed to harden vessels' control systems networks against cyber threats.

· The deployment of Mission Secure Managed Services, providing 24/7 cyber security monitoring, threat hunting, and incident response support to ensure continual vessel resilience for ship owners and managers.

· Legal and crisis management services in the event of a cyber attack.

The integrated offering will provide ship owners, operators and managers with complete reassurance that the significant operational, commercial and compliance risks that they face from the impact of cyber attacks are mitigated. With 92%* of estimated costs arising from cyber attacks being uninsured, and the access and limits of cover often restricted, it is intended that owners and operators who sign up to the new service will benefit from better insurance terms and preferential premiums. In addition, P&I Clubs and insurance companies will also benefit from a reduction in potential claims.

The launch of Ince and Mission Secure's cyber security offering comes at a critical time for the industry. From 1 January 2021 onwards, all ship owners and managers must ensure that systems and management for handling cyber security risks are incorporated into vessels' safety management systems (SMS) from the date of the next annual audit of the SMS. This requirement to be verified is mandated by IMO and enforced by Port State Control. Despite this, many organisations are not ready for compliance or don't fully appreciate the full impact and the threat of cyber attacks; meaning their operations are ripe for a cyber attack and exposed commercially, as well as failing to comply with the new regulations, creating a real risk of Port State Control detention.

-more-

Commenting on the announcement, Julian Clark, Global Senior Partner at Ince, said:

"Cyber security is one of the industry's greatest challenges. The threat level and sophistication of hackers increases every day with the result that many shipping companies do not fully appreciate the seriousness of the issue they face. The combination of the new IMO requirement together with the devastating impact a cyber attack can have on their operations creates yet another burden for those engaged in vessel operation. In such an ever-evolving risk scenario, who can an owner/operator turn to for a cost effective, reliable solution? Our cooperation with Mission Secure brings all the essential elements that an organisation needs to fully protect itself - from compliance to advanced technology implementation - into one, combined offering."

"The maritime industry is transforming and becoming more complex. The launch of InceMaritime is responding to this and provides a viable, proactive and loss prevention solution for the market. We want to provide both advice and action, where we will collaborate and bring in specialist experts, like Mission Secure, to provide clients with the best possible solution to help them navigate industry challenges, stimulate growth and thrive."

Rick Tiene, Vice President at Mission Secure, said:

"There have been a number of recent high profile cyber attacks within the maritime industry that highlight the impact on operations and the high financial cost faced. Cyber attacks are becoming increasingly sophisticated by the day, and organisations are struggling to keep up with the security challenge."

"Of most concern is the fact that even if they are compliant with the latest IMO regulation as well as other industry cyber security guidelines, the reality is that they will not be sufficiently protected, particularly from OT cyber attacks. Ship owners and managers need to move beyond just basic compliance, and away from a tick-the-box approach to cyber security. By partnering with Ince, we can provide a complete cyber security solution for clients that not only ensures compliance, but utilises the very latest, military grade, advanced technology to provide the necessary ongoing protection."

-ENDS-

NOTES TO EDITORS 

* The Express Tribune, Cyber attack on Asia ports could cost $110 billion, 30 October 2019

About The Ince Group plc

The Ince Group is a dynamic international legal and professional services business with offices in nine countries across Europe, Asia and the Middle East. With some 800 people, including over 100 partners worldwide, The Ince Group delivers legal advice, strategic guidance and business solutions to clients ranging from the world's oldest and biggest businesses operating across numerous industries to ultra-high net worth individuals. Through its entrepreneurial culture and "one firm" approach, the business offers its clients over 150 years of experience, insight and relationships. The Group is driven by a unique team of passionate people whose broad expertise and deep sector specialisms provide their clients with solutions to all their complex legal and strategic needs.

InceMaritime is a subsidiary of The Ince Group plc.

About Mission Secure

Mission Secure®, an OT cybersecurity leader, is setting a new standard in OT cyber-protection stopping OT cyber threats head-on. The Mission Secure Platform backed by 24/7 Managed Services is the first to seamlessly integrate OT visibility, segmentation, protection, threat hunting, and incident response, delivering military strength, industrial grade OT protection. With Mission Secure, customers keep critical operations up and running and safe from harm.

FOR FURTHER INFORMATION, PLEASE CONTACT: 

About Reach announcements

This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.