Data protection firm Vault365 eyes further UK expansion and revenue growth

The business, which has an office on Little Island in Cork, has experienced high demand since it launched on the Irish market last year amid a surge in cybercrime and ransomware attacks

Vault365 CEO Cillian McCarthy: 'We are seeing a huge demand for data backup solutions among businesses in the face of an evolving cyber threat landscape.'  File picture

Data protection firm Vault365 has predicted its revenues will reach more than €2m in the next 18 months following plans for further expansion into the UK market. This revenue forecast increased from a previous estimate of €750,000 for 2023.

The business, which has an office on Little Island in Cork, launched on the Irish market last year and has experienced high demand for its services as cybercrime and ransomware attacks are on the rise.

“We are seeing a huge demand for data backup solutions among businesses in the face of an evolving cyber threat landscape,” said Vault365 chief executive Cillian McCarthy. “We are excited to scale up our Vault365 capabilities.”

The company, which is headquartered in Dublin, already has a presence in the UK with a base in London but is eyeing up further growth in that market.

To fuel this plan, Vault365 announced it will create four new jobs in technical and sales roles across Ireland and the UK in this year.

Two of these roles will be hired in Cork and one other job will also be filled in Ireland. It is not clear if this role will be remote or based in Dublin. The last role is for a sales position which will be based in the UK.

Since its launch last year, Vault365 has onboarded three resellers in the Irish market, with two more set to join in 2023. The company developed a backup system for business that want to protect their data from ransomware and cyber-attacks through the use of technology provided by a company called Veeam.

Vault365 offers data backup services for both data stored on premise and in cloud applications, including Microsoft 365. All data is then hosted at the company’s data centres in Ireland.

Vault365’S services are currently being used to secure data for 25,000 Microsoft 365 accounts across the company’s 30 clients, including SafeFood and the National Concert Hall.

IT and communications service provider Paradyn invested around €500,000 in the launch of new Vault365 last summer. Almost half of Irish businesses said they are planning to increase spending on cyber security this year, as a similar proportion say they have already introduced or upgraded their cybersecurity in the last 12 months, according to Grant Thornton.

A report published by the professional services firm found that the total cost impact of cybercrime in Ireland last year was around €10bn.

Meanwhile, Cork-based cybersecurity firm Smarttech247 in recent months said it has witnessed a jump in state-related attacks, mainly due to the Russian invasion of Ukraine.