Kaspersky races ahead as banks boost cyber defences

A surge in high-profile corporate hacks and banks bolstering their IT defences helped profits jump last year at cyber-security giant Kaspersky Lab.

The business, founded in Moscow by Eugene Kaspersky but whose holding company is registered in London, saw pre-tax profits grow 20% to $104 million (£85.5 million) last year, according to Companies House accounts. Underlying revenues rose 13%.

Kaspersky’s UK chief executive Kirill Slavin said businesses were becoming more aware of the threat of data breaches, which have damaged the reputations of companies including TalkTalk and Yahoo.

“With the number of attacks on the increase by the hour, companies are becoming a bit more agile,” Slavin said.

Kaspersky, which sponsors the Ferrari Formula One team, is helping banks such as Barclays shore up their cyber defences.

Slavin said being privately owned meant it can spend several years on longer-term projects instead of chasing short-term profits.

“We don’t have quarterly pressure from the Wall Street titans so we can afford longer research and development cycles.”