Niche merchant bank launches cyber security division

Privately-owned Salamanca has teamed up with the specialist firm Si Secureview, whose previous clients have included US government agencies, multinationals like Pepsi and banks including Citigroup.

The joint venture will manage Salamanca clients’ IT networks to protect them from infiltration attempts by hackers.

Salamanca claims to model itself on the old-fashioned banking model of investing in businesses while working closely with them on managing their risks by helping with due diligence and security of staff in dangerous places.

It says clients have been increasingly requesting assistance on cyber security.

Those in the oil and minerals industry have become most concerned, particularly since suspected Iranian intelligence operatives hacked into the systems of Saudi Aramco last year.

Salamanca said customers were now viewing cybercrime with similar high importance as political risks and physical security.

Heyrick Bond Gunning, MD of Salamanca, said: “Cyber security is a growing and ever complex threat for both large and small companies, with the potential to cost them hundreds of thousands of pounds and irreparable reputational embarrassment. As we have seen from recent high profile attacks, it is vital that businesses are able to protect themselves from potential threats and in the case of penetration, are able to swiftly respond and remediate threats before they impact the security and reputation of a business.”