Contract expansion
Acuity RM Group plc announced an expansion of services with an existing customer in the nuclear industry, supporting their third-party risk management activities through its STREAM® software platform. While the order value is described as modest, this agreement signifies a growing trend of existing customers increasing their engagement with Acuity's software and consultancy services, indicating customer value derived from the platform and team. The company highlights the increasing importance of third-party risk management in cybersecurity, particularly in regulated sectors like the nuclear supply chain, where scrutiny of supplier controls is intensifying.
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Acuity RM Group plc (AIM: ACRM), the software group specialising in cyber-security, which supplies its award-winning STREAM® software platform for the Governance, Risk and Compliance ("GRC") market, and associated consultancy services, announces that an existing customer, a major supplier to the nuclear industry, has expanded its engagement with the Group through an additional services agreement.
While the value of the order is modest, the additional services will support the customer's third party risk management activities, extending work already delivered as part of the customer's use of STREAM®.
The agreement is the latest in a series of expansions by established customers of the Group, under which existing users of STREAM® have increased the scope of the software and services they receive from Acuity. The Board regards the continued expansion of existing customer relationships as an indicator of the value customers derive from the platform and the Group's consultancy team.
Third party risk management has become a growing component of organisations' wider cyber-security and resilience programmes. A number of recent high-profile incidents affecting UK businesses, including the attack on Jaguar Land Rover, have been reported to have involved the compromise of suppliers, service providers or other third parties rather than the affected organisation's own systems directly. Organisations operating in regulated and safety-critical sectors, including the nuclear supply chain, are consequently subject to increasing scrutiny of the controls they apply to their own suppliers.
David Rajakovich, Chief Executive of Acuity, commented:
"Customers rarely buy everything on day one. They typically start with a defined problem, and when it is solved properly, they come back with the next issue that needs resolving - and this agreement follows that exact pattern. What has changed is where the next problem tends to sit. Boards in the nuclear supply chain are now being asked not just how secure they are, but how secure their suppliers are, and they need evidence rather than assurances. That is a question STREAM® was built to answer, and it is opening conversations for us in sectors where the standard of proof is high."
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