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Highlights
- A joint committee of MPs and their peers have come up with several recommendations for the UK’s Online Safety Bill.
- The new recommendations aim to protect young kids from having access to pornography, prevent vulnerable members of society from being encouraged to self-harm, amongst others.
- Some of the proposed rules include rules against cyber-flashing, penalisation of tech firms for hosting fraudulent ads.
A joint committee of Members of Parliament (MPs) and their peers laid out several recommendations for the UK’s Online Safety Bill, in order to tighten the draft legislation before Parliament votes on it in 2022.
The committee’s recommendations aim to protect young kids from having access to pornography, prevent vulnerable members of society from being encouraged to self-harm and more.
Some of the proposed new rules also include cyber-flashing related offences, penalisation of tech companies for hosting fraudulent ads, introducing a digital ombudsman for handling user complaints against a specific tech platform and more.
The draft bill covers several popular sites and apps, including Facebook, Google, TikTok and others.
In view of this, let us take a closer look at 2 FTSE listed cybersecurity stocks and their investment prospects:
- Kape Technologies PLC (LON: KAPE)
Kape Technologies is a UK based cybersecurity company.
The group’s H1 2021 revenues rose by 61.9 per cent to US$ 95.5 million, compared to H1 2020 revenue of US$ 59.0 million.
Its H1 2021 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 75 per cent to US$ 28.7 million, up from US$ 16.4 million in H1 2020.
The group forecasts its FY 2021 revenues to be between US$197 and US$ 202 million. And expects its FY 2021 adjusted EBITDA to be in the range of US$ 73 to US$ 76 million (on a reported basis)
Image source: EODHD/Others
Kape’s shares closed at GBX 398.50, down by 1.60 per cent on 13 December, while the FTSE AIM 100 index, which it is a part of, ended at 5,785.16, down by 1.27 per cent.
The company’s market cap was at £1,219.57 million, and its one-year return stood at 123.25 per cent as of Monday.
- Darktrace PLC (LON: DARK)
Darktrace is a UK based company in AI-powered cybersecurity space.
The group’s Q1 2022 customer base rose by 47 per cent (on a year-on-year basis) to 5,975.
Its Q1 2022 net annualised recurring revenue (ARR) stood at US$ 24.1 million, up by 63.8 per cent from Q1 2021 (on a constant currency basis).
Image source: EODHD/Others
Darktrace’s shares closed at GBX 391.80, lower by 1.31 per cent on 13 December, while the FTSE 100 index, which it is a part of, ended at 7,231.44, down by 0.83 per cent.
The company’s market cap was at £2,736.99 million as of Monday. Darktrace was admitted to the LSE earlier this year on 30 April.
