London, 12 July 2016: Contego, the multi-source fraud detection platform, today announced that it had achieved the Cyber Essentials PLUS certification, a government-backed, industry-supported scheme to help organisations protect themselves against cyber attacks.

Since 2011, Contego has been helping banks, Fintech and property firms to reduce the risk of fraud and improve and automate compliance, Anti-money Laundering (AML) and Know Your Customer (KYC) checks and processes. Furthermore, Contego’s single risk scoring platform can handle complex, multi-source fraud detection and compliance checks in real-time, all delivered via a single API, which expediates and improves customer onboarding.

The scale and rate of cyber attacks is increasing and poses a real threat to UK businesses. According to a recent PwC survey, commissioned by the UK government, 90% of major UK businesses and 74% of small companies suffered a cyber security breach in the last year. Furthermore, in 2015, the average cost of a cyber breach was between £1.46m and £3.14m for a large organisation and £75k to £311k for a small business.

To achieve the stringent Cyber Essentials PLUS certification, Contego undertook a complete review of all security processes in the organisation, which were then independently tested by IASME, one of the four Cyber Essentials accreditation bodies appointed by the government.

The Cyber Essentials PLUS certification enhances Contego’s commitment to meeting the highest standards of security. The platform is cloud hosted by Amazon Web Services and Contego is certified to the ISO 27001:2013 information security standard. A customisable solution, the Contego platform can adapt to the latest industry changes, from regulation to technological advancements.

Adrian Black, CEO, Contego, said: “We are really pleased to have achieved the Cyber Essentials PLUS certification. We are continuously looking for ways to improve our cyber security and submit to industry standards. Holding this certification in addition to our existing certifications, demonstrates to our customers and suppliers that their data is safe with us and that we are vigilant to emerging cyber threats.”