Osirium scores three-year cybersecurity contract with Fortune 500 oiler

Osirium on Tuesday signed a three-year contract to provide software and professional services to the UK arm of a Fortune 500 multinational integrated oil and gas company.

The cloud-based security software vendor has been appointed by the unnamed oil and gas outfit to deliver its full PxM platform offering privileged account management, privileged task management and privileged session management modules and associated consultancy services to 400 company devices.

The initial stages of the project have been driven by the need for businesses to demonstrate GDPR and Sarbanes Oxley compliance.

Furthermore, the AIM traded company said its new customer requires its platform in order to automate privileged access into its network infrastructure, allowing a more secure approach to managing common privileged tasks on switches and firewalls.

David Guyatt, chief executive at Osirium, said: "This win demonstrates two key aspects of our strategy. Firstly, it underlines how customers are seeing privileged access management as the way forward for managing GDPR and Sarbanes Oxley compliance. Secondly it validates our business model of effectively engaging customers with an outstanding quality of service and the rigorous Osirium proof of concept programme."

Osirium’s shares were up 0.82% at 123.50p at 1105 GMT.