Cybersecurity outfit ECSC secures £1m loan as it reports growth in 2021

Growth in assurance division helps firm pass £6m revenues last year

Cybersecurity outfit ECSC has secured a £1m loan as it reports growth in its full-year 2021 results.

The Bradford-based firm claims that it has entered a five-year loan agreement worth £1m with BOOST&Co to help support its organic growth plans.

The loan will incur an interest rate of nine per cent per year and includes the option to increase the total sum to £1.5m.

The announcement came as the cybersecurity outfit posted financial results for full-year 2021, which showed revenues up eight per cent to £6.14m while EBITDA was "positive" for the year.

Its Assurance division grew revenues by 15 per cent to £3.12m, while its managed detection and response (MDR) division grew by seven per cent to £2.59m.

Founded in 2000, ECSC operates two security operation centres (SOCs), one in Yorkshire and another in Brisbane, Austrailia.

ECSC's CEO Ian Mann said: "We are delighted to report growth across both our MDR and Assurance divisions, which is a testament to the continued efforts and expertise of the team.

"We are also pleased to have secured the new loan which will assist us in pursuing our growth plans.

"Cyber security continues to be a key priority for all businesses, with most now recognising the importance in investing in key solutions in order to avoid costly breaches and disruptive down time."