Volume 12 Nยบ3
Celebrating 125yrs of Isolas
Hedgehog CEO talks cyber security to B2B
Premium Insurance comes to the Rock
Another successful Chamber dinner
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Contents
In this issue: FOREWORD page 5
· Time to pull together
NEWS FEATURES page 6
· Peter Isola - Continuing the family legacy
page 12
· Pete Bassill: Hacker in Chief at Hedgehog Security
page 16
· Gibraltar Yachting Business Development Association at the Singapore Yacht Show
MANAGING EDITOR Jeremy Nicholls
page 18
· Vote of Confidence in Gibraltar Insurance Sector from Slovakian Investors
editor@b2bgibraltar.com
CHAMBER NEWS page 20
· Chamber Annual dinner
PUBLISHER Copywrite Communications
JOURNALIST Jo Ward ADVERTISING Jane Pizarro sales@b2bgibraltar.com
PRODUCTION Jorge D. Caballero production@b2bgibraltar.com
BUSINESS BRIEFS page 22
· Accelerated evolution marks revolution in banking compliance
page 23
· New data centres business launched
page 24
· Isolas supports Calpe House
page 25
· GibFibre – The new name for Gibraltar’s true alternative telecommunications company
page 26
· KPMG Gibraltar eSummit predicts a bright future for the Industry
page 28
· Isolas advises on purchase of Gibraltar first division football club
page 29
· Regus opens its doors at the World Trade Center
page 29
· Triay & Triay wins Law Firm of the Year Award
page 30
· Mons Calpe Suite re-launch
page 31
· The Fortress is secure but the gates must remain open
page 32
· International Medical Group acquires ALC Health
page 32
· Gameiom granted Gibraltar B2B remote gambling licence
PEOPLE ON THE MOVE page 33
· Lino Brydges joins alternative finance provider, Sancus
page 34
· PWC announces senior management promotions
DESIGN Copywrite Communications
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Edward Macquisten Chief Executive Tel: 200 78376 Fax: 200 78403 info@gibraltarchamberofcommerce.com B2B is published by Copywrite Publishing for the Gibraltar Chamber of Commerce four times per annum. No part of this publication may be reproduced without the permission of the Gibraltar Chamber of Commerce or the publishers
3
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Foreword
Foreword: Time to pull together
In the eleven months since the Brexit vote much has happened and the outcome of the exit, although not crystal clear, is clearer, albeit not necessarily favourable.
relationship, where we can act as a conduit for other EU businesses to access the UK markets, and where we can build new business relationships with our commonwealth partners.
The posturing of the EU would appear to indicate that the UK is heading for a hard exit and Gibraltar now faces a big challenge. Over the coming months we need to work together, endeavouring to make a success of Brexit. The Government has worked tirelessly in trying to create certainty for our economy exploring all the new avenue’s available, and securing full support from the UK government. Gibraltarians are entrepreneurs by nature and we have faced adversity in the past. We must now look to the realities of the future and work together as a team to ensure the most beneficial result for our economy. We will need to explore other areas with the UK where we can expand our business
Your Chamber board, as business leaders, will work with Government to deliver certainty for the private sector. The recent performance of our economy has been not insignificant. As the Chief Minister told us at our recent dinner “New firms continue to seek licences to operate from Gibraltar and the employment numbers continue at record levels, with unemployment, importantly remaining at record low levels” At the same time the Chamber will hold the Government to account when it comes to fair business practices and business costs.
We have confirmation that Gibraltar will be fully taken into account in the talks to establish future trading relationships, but this will take time along with great deal of effort from us all.
We will continue to forge relationships with our neighbours; in fact the Cross Frontier Group (CFG) is going from strength to strength developing new objectives, such as the move to create an Economic Group of Territorial Cooperation (EGTC). We all know that Brexit won’t be an easy ride, by but working together we can make it smoother.
5
News Features
Peter Isola: Continuing the family legacy
Peter Isola addresses guests at The Terrace Pavilion of the House of Commons In celebration of ISOLAS 125th Anniversary
As Senior Partner at Isolas Law Firm, Peter Isola is justifiably proud that the company is celebrating its 125th anniversary this year, but not only is Isolas the longest established law firm in Gibraltar; it is now leading the way in the development of the Fintech industry in Gibraltar and was recognized as a tier 1 law firm by Chambers this year.
having come to Gibraltar in the late 18th
wanted to do when I grew up and I told him
century from Genoa. Peter’s great
that I didn’t want to be a lawyer, but that I
grandmother was a Parody who married into
would like to become an accountant or an
the Isola family, and it was his grandfather
architect,” Peter explains. “I have always had a
Albert who continued the practice in 1921 that
fascination with mathematics and always loved
still bears the Isola family name. From the early
spreadsheets,” he says, going on to admit that
50s Peter’s father, Peter J. Isola, together with
the first thing he did when he returned to
his elder brother William, worked with their
Gibraltar was to write a programme (before
father until his
Windows) to work
death. The firm
out what estate
Born and bred in Gibraltar into a very close,
enjoyed a strong
duty was payable
warm Italian family environment, Peter went to
reputation from its
the Loreto Convent followed by the Christian
early years. His
Brothers School until at the age of nine he was
contribution to
sent to Stonyhurst, the Jesuit boarding school
Gibraltar politics
in Lancashire. “It was an interesting
was honoured
experience,” he says, “but my body couldn’t
recently by the
cope with the cold.” Peter tells how he
naming of ‘Peter
discovered snow for the first time. “It looked
Isola Promenade’ at
so beautiful from inside, but I remember
Mid Harbours
asked him why he
running out onto the snow and running
Marina. “My family
hadn’t brought
straight back in because it was so freezing
is very grateful that
cold.” Unfortunately it was a huge shock to his
my father has been recognised in this way,”
law. “My father said ‘you told me you didn’t
system and his knuckles and knees opened up
Peter says, laughing as he continues “and
want to do law’, so I really felt the pressure was
and he had to go to Matron every day until
when everyone’s much older, they will think it is
off.”
they were cured.
me!”
Harking back to his Italian ancestry, it was
Peter acknowledges his father with not
know what I wanted to do,” Peter states, “and
Peter’s great grand uncle Horace Parody who
pressurising him to become a lawyer. “In fact, I
as a result of that I started analysing what I
founded the law firm in 1892; the Parody’s
was about fifteen when he asked me what I
really enjoyed and I realised it had been A
I have always had
by clients on death.
a fascination with
So when his father
mathematics and always
trip to the UK with
loved spreadsheets
came back from a careers booklets on accountancy and architecture, Peter
back a booklet on
“When I was about eighteen I really didn’t
6
News Features
level English and History.” Peter goes on to say
readiness, but it was clear that my mother
was totally dependent, that I was coming back
that the use of English language in law is
wasn’t very happy about my going with a
to help him with the firm.”
important in articulating arguments both as an
young Princess,” he laughs saying, “she was
advocate and in drafting generally and that
worried that I might not come back, and
Home was in Bell Lane, but that is also where
law is history . “Looking at precedents, at past
although it was one of my regrets later in life,
Isolas’ offices were. “The first floor was the
cases and learning from historical decisions,”
at the time I agreed not to go. .”
office and the second and third floors were
he states, “so I fell into the law in that way but
home,” Peter states, carrying on describing
once I decided on a legal career I never looked
Peter knows that his decision to become a
how there were days when he never went out
back.”
lawyer pleased his father tremendously, but he
of the building. “My Mum would call us at
didn’t realise how much until he qualified and
about 9 o’clock to come up for dinner and
After retaking his A levels, Peter went on to
decided that he didn’t want to come back to
when we had finished we would come back
Kingston Polytechnic: “On the basis that no
work and live in Gibraltar. “The frontier had
down and carry on working,” he says. “It was
university in their right mind would have
quite normal for me at that time to work
me,” he states. Peter cites the difference at
until midnight most days and also to work on
that time between going to university or to
Saturdays. It was very intense.”
Polytechnic as one that enabled him personally to become a better grounded lawyer.. “Polytechnic tended to be more an extension of school, being taught by a teacher rather than being tutored and left to your own devices, so I learnt more and felt very confident when I finished,” he says.
We have always been
Enjoying the business of law, Peter continued to develop the firm over the
happy to invest in our
years, making it efficient in every way.
work space and facilities
firm and get on with life, so I was very
“I felt a tremendous desire to develop the efficient with my time but really enjoyed the 80s in Gibraltar.”
During the year when Peter was retaking his A levels he attended a crammer college in
The real growth period in Gibraltar was seen
Oxford. “I met a lot of interesting people,”
from February 1985 when the frontier fully
he says “including the Princess of Bhutan
only just opened to pedestrians in 1982, so for
opened; allowing firms to take their business
- whose brother was King.” At a time when
a 23 year-old single lawyer there would have
activities initially into Spain and Portugal, as
people generally couldn’t travel to the
been a limited social life and it wasn’t an
well as with the UK which, to some extent, had
Kingdom, the Princess invited him to go to
attractive prospect,” he explains. “I was told in
already been in place. “We were forming
Bhutan. “I had the jabs and the air tickets in
no uncertain terms by my father, on whom I
companies for owning property in Spain and Portugal,” Peter explains, “and that is when my brother Lawrence and I set up the Fiduciary Group dealing with corporate and trust matters which grew exponentially over the next couple of decades.” Before that, there were relatively few lawyers in Gibraltar and Isolas had been dealing mainly with local and admiralty matters. “When I joined Isolas there were seven or eight people working for the firm,” Peter states. “In fact Yolanda Harnamji, now in her 85th year, is still here and has been with us since I was a young boy wearing shorts. She is very much an integral part of the firm and on her 80th birthday I promised her a job for life The combined law firm and Fiduciary now has around 110 employees including partners, directors, accountants and wealth managers. Moving to Portland House in March 1994, Isolas grew from a couple of units on the
The Isola Brothers Celebrating ISOLAS 125th Anniversary at the House of Commons in London
second floor to the entire second floor, Fiduciary on the first floor and a substantial ground floor area for their conference and
7
News Features
afterwards we thought, actually it’s not that bad, it could bring new opportunities so let’s get on with it and move on.” The amount of publicity for Gibraltar as the result of Brexit, (Article 50, Clause 22, now Clause 24) Peter sees as being amazing and positive. “What we have found since the 23rd June is actually, surprisingly and unexpectedly, an increase in business,” Peter confirms, giving as an example an enquiry from a company that is in Malta looking to establish in Gibraltar to ensure that if it is a hard Brexit it can passport to the UK. “There will be opportunities and we are an extremely resilient community.” board and seminar rooms. “We have always
Having been Vice Chairman of the Gibraltar
“What we are trying to achieve in Gibraltar,
been happy to invest in our work space and
Bar Council, a former President of the
and something that I think the British
facilities”.
Chamber of
Government is extremely supportive about, is
Commerce as well
an arrangement whereby we can continue to
Peter J. Isola was
as currently advising
passport into the UK,” he states.
happy for Peter junior
the Government on
to take the reins of the
Far from seeing Brexit
a number of
Peter likens Brexit to the late 1990s when
committees
Gibraltar was forced by the EU to bring the tax
including a Brexit
exempt company to an end. “This had been
working group,
the mainstay of our finance centre and we
Peter has recently
grandfathered existing companies in 2005,” he
been appointed to
states, “and there have been no tax exempt
the board of the
companies since 1st June 2006 but we
Peter says. “It also
Gibraltar Financial
weathered the storm. Then in January 2011 we
became clear to me
Services
brought in our new tax legislation lowering
very soon after I had
Commission (FSC).
corporate tax to 10% and Gibraltar grew and
firm from early on. “My father was very modern in his outlook and I wasn’t inhibited by a patriarchal figure holding me back,”
as doom and gloom Peter sees it as a challenge
started that both my brother Albert and my
“That is going to be interesting and time
grew financially. The forced changes and our
father were better advocates in court than I
consuming, but it is something which I feel I
ability to adapt saw Gibraltar’s revenue grow .”
was.”
am more than ready to make a positive contribution,” Peter says. “As Director of a
Despite the uncertainty of Brexit, Peter is also
Remembering his early days at Isolas, Peter
number of gaming, insurance and financial
quite confident about the frontier. “Spain
says his father was initially concerned when
services firms including a gaming plc and the
remains within the European Union and they
Peter and Lawrence wanted to set up Fiduciary.
Gibraltar International Bank, I have the relevant
have to abide by EU directives,” he states,
Although they already had a corporate trust
experience and knowledge to assist the
“and the EU directives which are being applied
element, it wasn’t streamlined and Peter
Commission.”
today at the frontier on reasonable flow etc.
wanted to make it efficient and marketable. “I
8
will remain.” He went on to explain that we are
asked him to arrange a meeting with Robert
Far from seeing Brexit as doom and gloom
still an external border of the EU and that an
Goldwin at Barclays Bank because I wanted to
Peter sees it as a challenge, but one that he is
EU a directive, amended in 2016, enforces and
borrow £50,000, to expand Fiduciary and my
confident will ultimately see Gibraltar grow.
enhances this. “We will of course occasionally
father told me that I must be crazy and that the
He describes how on the 24th June last year,
have a hard time because our neighbour can’t
bank wouldn’t lend me the money,” he recalls.
the day after the Referendum, the company
help reacting from time to time, but we should
“We went to the bank and I said to Robert that
had an away day in Marbella. “On the coach
accept it in our stride.”
I wanted to pay interest only in the first three
on the way there everyone was quite down and
years. My father was saying to Robert ‘he
depressed, but in the evening everybody came
Keen to highlight that although Isolas as a firm
thinks you are going to lend him the money’,
back full of bounce and full of energy after a
is 125-years old, Peter is proud they are very
which made me a little bit irritated, but in the
really great, fun day,” he states, going on to
much at the forefront of new developments,
end the loan was agreed and the Fiduciary
say that he thinks that reflects what happened
including leading the way on FinTech (financial
Group never looked back.”
in Gibraltar. “Initially Brexit was seen as a
technology) developments. “As a lawyer I have
disaster, and we really didn’t expect it, but then
worked across the whole spectrum, starting off
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What makes you tick?
with criminal legal aid work in court, going on
Putting a different point of view forward to one
to personal injury claims, property, financial
usually raised, Peter thinks that the biggest
services, company law, trust law and gaming
worry, above that of the frontier, would be if
What makes you happy: Lying on a
law,” Peter explains. “As Senior Partner I am
Spain left the European Union.
beach - Arte Vida Hotel in Tarifa.
used to contributing when another lawyer
“If that happened they could do what they
seeks assistance and bounces something off
want at the frontier,” he explains, “but whilst
What makes you sad: When my family
me, but I have to defer to the younger
they are within the EU they have to comply
is not happy.
generation when it comes to FinTech issues,”
with EU directives.”
he says, laughing. FinTech offers opportunities for businesses using software for financial
With several events planned to celebrate the
services, including cryptocurrencies like
125th anniversary both here in Gibraltar and in
Bitcoin, and with the jurisdiction’s proven track
the UK, including a very successful reception at
record for innovation in this area it is an
the House of Commons and the publication of
attractive post-Brexit opportunity for Gibraltar
a book about Isolas’ history written by Richard
to rival that of eGaming.
Garcia, Peter wants to stress how grateful he is to his family and in particular to his mother.
Biggest fear: Failure. The best place you have been to in the World: Marrakesh.
Best thing about Gibraltar: The combination of lifestyle; being able to work and live in the efficient English environment of Gibraltar combined with
Throughout his career at Isolas, there have
“Rosie Isola, my mother, has been the
been two areas of work that Peter favours.
matriarch of the family, very much in the image
the Spanish mañana relaxed attitude in
“Undoubtedly, one is the private client,
of a strong Italian mamma,” he confirms.
Sotogrande.
dealing with ultra-high net worth individuals;
“Although she is 90 she is still driving around
setting up family offices and structuring their
and controlling everything,” he says, adding
global affairs.” The other, he says, has to be
proudly that some years she received the MBE
family, in particular my four children; and
the gaming industry, which he has seen
in recognition for her charity work with the Red
although separated, my wife Dorthe
progress since its infancy in Gibraltar in the
Cross.
who despite everything has always been
80s, and also the growth in the capacity and
Most valuable possession: My whole
there for all of us.
capability of these gaming companies which
Peter also praised the strength of the synergies
contribute so much to our economy.
between himself and his brothers, Lawrence
Sport: Cycling, paddle tennis and the
and Albert, as being an important factor.
gym, in that order.
“The gaming industry has dominated the last
“Lawrence is CEO of Sapphire Networks and
ten years of my life and it is the highest factor
also successfully manages and develops
in the economy of Gibraltar, not only directly
property such as Europort and Kings Wharf,
but indirectly, because the gaming community
whilst Albert was a lawyer with Isolas but is now
has attracted a lot of young people,” Peter
Minister for Financial Services and Gaming,”
says. It is these generally well paid employees
he explains. Nowadays there is a raft of
who like to spend their money, going out and
younger Isolas coming through their law
enjoying life that has contributed to the growth
studies potentially joining what is a
of restaurants and developments such as
tremendous team of partners and associates
Ocean Village and Queensway Quay, making
already driving the firm forward “And of course
Gibraltar a cosmopolitan hub. Asked about the
Joey Garcia, my partner and nephew who is
wish I had worked harder’ so I am trying
danger of losing the gaming industry post
prominent in the funds and FinTech space”.
to now (a little late!) to achieve a more
Brexit to other jurisdictions, Peter says that
Hobbies: Golf and reading. Greatest achievement: Apart from my family it would have to be the development of Isolas and Fiduciary. Regrets: Not spending more time with my family and taking more holidays. On your death bed you’d never say ‘ I
balanced life.
when he spoke at the KPMG eGaming Summit
Something else that Peter is justifiably proud
he tackled the issue head-on. “We asked
of is the Peter J. Isola Foundation, a charitable
questions about what people thought was the
foundation set up after the death of his father
knows about you: I never wanted to
biggest factor that would see eGaming
in 2006, with contributions from friends, clients
be President of the Gibraltar Chamber
companies leaving Gibraltar,” he states. The
as well as Isolas and Fiduciary. “Any money
biggest threat was deemed to be the frontier,
raised goes to benefit charities operating
of Commerce. I had assumed someone
with 53% putting that before VAT or the EU.
within Gibraltar,” Peter states, explaining that
With 60-70% of the working population of the
they have recently donated money to the
eGaming companies living in Spain and with
Snoezelen multi-sensory rooms in the new
but no-one did!
no low cost affordable rental housing in
Dementia Centre and are committed to
Gibraltar, the frontier is obviously the main
supporting the Calpe House development in
Motto: Quant Je Puis (As Much as I
issue.
the UK to the tune of £30,000.
Something that nobody generally
would stand against me for political reasons and I could have stood down,
Can) – the Jesuit motto – and certainly in my sport and in my work it has been ‘as much as I can’.
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News Features
Hedgehog CEO talks cyber security to B2B the penetration testing world, whose minds aren’t wired in the same way as the general populous. “We are all a little bit weird in different ways,” he says. “I am letters dyslexic but I see patterns in numbers.” After his time in the services and getting involved in what he calls ‘some crazy things’, Pete says that he needed a year out. “I ran a diving ship, The Caribbean Explorer 2, for a year just to get some head space and that was a wonderful experience.” Realising the hospitality industry was not where he was destined to be, Pete came to Gibraltar in 2001. “This came about because in a job interview I foolishly said that I could be anywhere in the world tomorrow, so they said ‘OK, you start in Gibraltar on Monday’.” Pete’s career in the security world began when he came to work for Victor Chandler. He carried on to EuroBet and then to Coral (when they bought EuroBet), eventually becoming Chief Information Security Officer for Gala which saw him back in the UK working out of the Woking and Nottingham offices.
there are a lot of people What does a hacker look like? Is he (or maybe she) a scary, faceless hoody-wearing figure who furtively lurks in dark corners or sits hunched over a laptop sporting an itchy balaclava and a pair of gloves? These Hollywood stereotypes couldn’t be further from the truth, especially where Peter Bassill, CEO of Hedgehog Security is concerned, although he does seem to be wearing a black T-shirt with PORT SCANNING IS NOT A CRIME emblazoned on it in white print. This is apparently a reference to network port scanners and the fact that in some states and countries, the action of actively probing a network may be illegal. “My best work is done in a three piece suit,” he says. “If I want to walk in somewhere and I look like I belong, sound like I belong and act like I belong, then no-one questions you.” Cyber security expert Peter Bassill is definitely a good guy though and not one of his devious counterparts. There are many terms for legitimate hackers, White Hat Hackers and Ethical Hackers being two of them, and Peter is justifiably proud of his published ethics policy. “If you ask me to do something illegal,
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in cyber security, especially in the penetration testing world, whose minds aren’t wired in the same way as the general populous.
“I used to find any excuse to get down to Gibraltar,” Pete says and then relates how he was sitting around with some old army buddies on one of those occasions, moaning about the British weather, and the decision was made: “Let’s go to Gibraltar.”
one of two things will to happen,” he explains. “First of all I am probably going to put the phone down on you, or if I am in a particularly antagonistic mood and I get lots of information out of you, then I am going to report you to the National Cyber Crime Unit.” Pete is ‘Hacker in Chief’ at Hedgehog, a company that he formed in 2010 in the UK and to which he added a Gibraltar office base in November last year. Having ‘been dragged up all over the world’ with a Dad who was in the air force, Pete then joined the Royal Anglians at the age of eighteen.
Realising that nobody else in Gibraltar was doing the kind of cyber security work that Hedgehog was undertaking elsewhere, Pete saw a gap to set up here. “We had done work with the Gibraltar University, the Gibraltar Bank, as well as with a Gibraltar based Law Firm, and it was at a time when the Gibraltar Government was saying that they wanted to reinforce the importance of cyber security.” The Hedgehog Security Gibraltar office was set up in November 2016 and Pete and his wife Issy now spend fifty per cent of their time here and the other half in the UK where they have a home in the Peak District.
Since he was knee high Pete admits to always having: “this thing with computers, they make sense to me”. He goes on to say that there are a lot of people in cyber security, especially in
It was Issy who originally came up with the name Hedgehog. “The unofficial strapline is something that I would like to use but can’t,” he says, going on to paraphrase the reasoning
News Features
behind the name. “Hedgehogs are small, cute and cuddly but if you annoy them they are really prickly - and they also keep the ‘idiots’ on the outside.” Although Pete describes Hedgehog as the smallest cyber security boutique company, they undertake work all around the world. “Our client base is phenomenal,” Pete says proudly. “We undertake work for the largest reinsurance firm in Japan – Tokyo Marine – as well as Formula 1 teams and airlines, but we just happen to be headquartered in Gibraltar.” Hedgehog is now looking at the local market and identifying potential clients who they want to talk to. “It’s a case of recognising who is feeling the pain or who is likely to get targeted by cyber activists, by hacking groups or by foreign governments, and then helping them to bring their level of security up,” Pete explains. The online gambling industry has been a target for cyber criminals for many years and with an increasing number of Gibraltar based operators, Pete knows the risks involved if the right security levels are not in place. “Companies may have cyber security in place, but do they get it independently verified?” he comments. “We were doing a security review, a penetration test, for a large gambling company here and we found a hole in one of the systems that would allow us to put a key logger on any of the appliance machines.” With cyber-criminal methods becoming even more sophisticated, Pete knows that it is too easy to let in-house procedures lapse. “In that particular instance the software should have been tested annually, but we detected a bug going back a good four years that no-one had found before,” he states. Cyber security events can negatively impact a business and Hedgehog is seeing an increase in interest from merger and acquisition companies who want to know if a company is really worth the investment. “That is another side of what we do,” he confirms. “We have been asked to investigate a particular entity; see how secure it is, how people hack it and discover whether the intellectual property has been stolen.” There are many types of cyber-crime and Pete
outlines the most common cyber adversaries that he believes people should be aware of. “I always ask a client who they want to protect themselves against,” he states. “If you want to protect against a hacking group, a collective of people that download scripts and run them, then you have got quite a low value to get over. If you want to protect yourself against people that have got a genuine passion for what they are doing, ‘the hacktivists’, then they are generally quite clued up people with a lot of time but without a budget.” He goes on to mention the targeted hacking groups and the organised crime groups, those with a bigger budget, time and a higher level of sophistication. Then it goes up to Government level, where hackers can be motivated by economic, political, and military advantages.
smiles as he says this, continuing “or is it as simple as you want to defend against the auditor that is coming in to write up an audit report on you?” If a client wants that we then put our audit hat on and we take the standard that you are planning an audit against and we really throw the book at you, we audit it with a lot of zeal and it gives the client a whole different perspective.”
“I often ask clients whether they want to defend against me, which makes them think when I tell them that their first problem is that I have walked through their front door,” he
“You never know when you are going to find a padlock that needs to be opened,” he says pulling out a case of lock picks, swiftly followed by his laptop and a USB key. “This looks like a
Apparently, computer hackers also love picking locks and often utilise penetration testing exercises using a combination of digital and physical skills, including lock picking, to test the security of a facility. In response to the question ‘what has lock picking got to do with cyber security?’ Pete says: “Basically all you are doing is you are exploiting a weakness in the design and that is all cyber security does.” This is where Pete’s resemblance to a Hollywood stereotype in the guise of Tom Cruise in a Mission Impossible film comes into play as he unpacks his rucksack revealing the contents one by one.
It’s a case of
recognising who is feeling the pain or who is
likely to get targeted
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News Features
Hedgehog CEO talks cyber security to B2B (continued) What makes you tick?
USB in every way, but if I take it apart,” he says demonstrating how easily it can be done, “inside is a little micro-computer with a 32 gig storage card in it.”
What makes you happy: Knowing that all the work has been done at the end of the day and that I can relax (which is rare), as well as throwing a car round a circuit and taking my wife out for dinner.
Pete explains how all he has to do is walk into a business, plug the device into a USB port (where it will then attempt to work out what the keyboard could be and subsequently pretend to be the keyboard or mouse), at which point the computer will talk to it, eventually giving him access to all the systems, enabling him to steal whatever he wants. “Hollywood really mirrors us,” he says, “it is where they get all their ideas from.” Admitting that he is an eight year old boy in an adult’s body, Pete bubbles over with enthusiasm as he talks about the rest of his kit, ranging from innocuous iPhones, “if I plug this into a computer it is going to start charging itself but it is also going to catalogue your computer for all your office files and copy them to the phone” to BlackBerrys. “Firms have white listed BlackBerrys because they can charge off computers, which is great, so now I can go and plug my BlackBerry in and not only will it start charging but it will also do something malicious in the background, dragging files down.” It’s not all risk free though. “I have looked down the wrong end of MP5’s a few times,” he states. “I don’t mind getting arrested, and on certain engagements that is the correct response.” Pete explains how he and his colleagues carry ‘get out of jail free’ letters on a company’s headed paper signed by the stakeholder. “I have a massive amount of respect for the police, but there are times when a Taser has been pointed at me and I let the officer to arrest me and take me down to the station so that we can deal with the desk sergeant, it’s safer.”
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What makes you sad: Not providing the clients with the right level of quality. What is your biggest fear: Failure! Favourite place in the world: There are two: a little island in the Dutch West Indies called St. Kitts. I love it because it has got everything; there are rain forests, a bit of desert, the people are wonderful and so friendly. The other place is Gibraltar. Best thing about Gibraltar: The people are friendly and open, it has a family culture and it is a bit quirky. Nor is it all digital security for Hedgehog, with technical security being by far the biggest issue; looking at web applications, people’s websites, and digital infrastructure. “Cyber security is really a buzz word,” Pete states, “but it is 70% people, 20% process, 10% technology - so I can carry out a purely digital cyber-attack but if I really want to employ a good attack, and humans are still the weakest point, I am going to target people electronically.” The success of Hedgehog has given Pete an opportunity to pursue his passion for motor racing, one which he has instilled in his employees as well and there is now a Hedgehog team racing GT Sports with MX-5’s. “Everyone in Hedgehog is family to me so although we all work ridiculously hard and long hours, occasionally we go and do something really crazy and off-the-wall,” he says. “The only thing that I struggle with in Gibraltar is that there is no race circuit here.” Starting off in the Monoposto series, Pete moved on to race in Formula Ford and Formula 3 and has locked horns with Lewis Hamilton and Damon Hill. “Racing is fun,” he
What is your most valuable possession: My wife.
Favourite Sport: I am a massive participant and fan of motor sport but also scuba diving and boxing. I need to find a boxing club in Gibraltar. Greatest Achievement: Getting married to Issy. Favourite film: Hackers, of course! Motto: I will never allow anyone to be harmed if I can prevent it. Something that nobody generally
knows about you: I appeared as Mr. January in a nude calendar for a voluntary organisation wearing nothing but a strategically placed life jacket!
Argus is the only Chartered Insurer in Gibraltar. The exclusive Chartered Insurers status is evidence of our commitment to an overall standard of excellence and professionalism to our customers, partners and employees. PO Box 45, Regal House, 3 Queensway, Gibraltar T+350 200 79520
F +350 200 70942
E enquiries@argus.gi
www.argus.gi
www.argus.gi | Regal House, Queensway, Gibraltar | Licensed by the Financial Services Commission
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Hedgehog CEO talks cyber security to B2B (continued) exclaims, “and Lewis Hamilton just happened to be bombing round the same circuit as me. We had some really close races.” Then, just like a Tom Cruise character, there’s the time Pete attempted to steal a 747 from an airfield, all in the name of penetration testing of course! “The entire premise was how far into an airfield could you get and then to see if we could actually steal a plane,” he says. “That took eight weeks of research and three weeks of doing the job which is above and beyond what we typically do in cyber security, but we proved that stricter security measures needed to be implemented.”
increasingly clever at doing so. “You have got cyber-crime and then you have got cyber enabled crime,” he explains, “and people are finding new and improved ways of doing it, especially with the rise of internet connected devices.” His advice is that if people aren’t patching their machines and maintaining good levels of personal security for their own devices, there could be carnage with an increase in lost data. Pete is now taking Hedgehog forward to the next level and the company is recruiting for local office staff in Gibraltar. “I am really excited about it,” he says.
Looking to the next five or ten years, Pete thinks that cyber criminals are going to be carrying out the same sort of attacks as at present but that they are going to get
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Gibraltar Yachting Business Development Association at the Singapore Yacht Show
Richard Felipes and General Secretary, Gabriel Gonzalez of the Gibraltar Yachting Business Development Association (GYBDA) recently attended the 2017 Annual Singapore Yacht Show and conference.
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The conference and events gave the GYBDA an opportunity to speak positively about Gibraltar and the advantages the jurisdiction offers namely, its strategic location, the port services, yachting facilities, the Gibraltar maritime flag, registrations, corporate structures and the berthing opportunities. The event was also the perfect platform to further extend the network of connections the association has to now include the Asia Pacific region.
GYBDA has now been invited to be considered for full membership of the prestigious International Council of Marine Industry Associations (ICOMIA). ICOMIA aims to bring together all the national boating federations and other bodies involved in the recreational marine industry, into a global organisation and to represent them at international level. ICOMIA was formed in 1966. Richard told B2B “It is important for the sector in Gibraltar to look at growth markets outside the EU. The industry can be serviced perfectly well in this age of modern technology and communications, irrespective of the distances involved. The event was the perfect platform to extend the Network of connections in the Asia Pacific region. In addition, we coincided with many of our European connections who also attended”
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News Features
Vote of confidence in Gibraltar insurance sector from Slovakian investors open and honest and admitted that they had little experience in setting up a new insurance company.” Andy goes on to state that it was recommended that they find another jurisdiction from where they could be passported into Slovakia. “All the big European insurers have a branch in Slovakia, so the regulator was accustomed to this model, but no-one had a local insurance company,” he says, “so the launch of Premium proved to be newsworthy in the Slovakian market.”
The Gibraltar insurance sector has gone through some challenging times recently, but a vote of confidence from new Slovakian insurer Premium Insurance in their decision to set up in this jurisdiction after intensive research is reassuring. A long connection with Gibraltar and extensive experience in both the financial services and insurance industries led to Andy Baker being headhunted to become local MD of Premium. Born in the north-east of England, Andy’s career in insurance has taken him around the globe, his association with Gibraltar going as far back as 1987. “I was working out of London for an insurance company with an agency in Gibraltar, so I used to come in every month back then,” he says. Returning in 2007 as Chief Executive of Argus (Europe), during which time the company acquired their agency in Malta leading to a three and a half year stint over there, Andy’s contract finished in 2013. “I wasn’t sure whether I had retired or I was unemployed but after two months of an English winter I decided I was unemployed, so I came back to Gibraltar and worked for the Insurance Regulator for
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18 months before becoming the MD of specialist travel intermediary Staysure,” he states.
We only write in Slovakia and the Czech Republic through our branch office in Bratislava
Premium Insurance is the first company that was licensed since the Brexit vote and with insurance companies confronting a marketplace that is changing more drastically than perhaps ever before, what was it that persuaded the Slovakian board to opt for Gibraltar? Andy explains that the investors are the largest independent insurance broker in Slovakia. “It is not an unusual move to go from risk placers to risk takers, so they decided they wanted to set up an insurance company in Slovakia. The Slovakian regulator was refreshingly
Andy outlines the three key aspects that meant the Slovakian Regulator was comfortable with Gibraltar as jurisdiction of choice for Premium. “Firstly Gibraltar had an experienced regulator and offered full EU access and, secondly, it was open for business and open to discussion,” he says. “It wasn’t an easy process, but it was thorough and very professional.” The third point was that in Gibraltar they had experience in the insurance management system and approach, which is very supportive and cost-effective for a start-up insurance business. In this respect, Premium is a client of Artex / Quest Insurance Management and Premium is based in their offices at Ocean Village Marina. “Quest is probably the biggest insurance management company in Gibraltar and can provide all of the services that we need from one location,” Andy explains. The investors came over many times during the fifteen month long licensing process, so by the end of the process they were very comfortable. “This is the first Slovakian insurance company founded in a very long time, if ever,” Andy says “and the fact that a Slovakian investment vehicle could be based in Gibraltar has attracted international interest.” Premium also distinguishes itself from other Gibraltar insurance captives in that it is not focused on the UK. “We only write in Slovakia and the Czech Republic through our branch office in Bratislava ”, Andy states. “What is also different to the usual Gibraltar model is that we only write commercial business, with no motor insurance policies.”
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What Premium is doing is taking small lines on a broad range of industrial and, commercial business, but their specialism is the more complex risk. “One of the problems with commercial insurance is that you want to be confident that you are going to be paid if you have a claim, and because we are a new insurance company it begs the question why should we trust Premium? Andy comments. “We have significant competitive advantage in that the investors have worked with these customers for years, and their advice is trusted. Premium becomes an extension of the service that they can offer to their clients.
“We don’t write in the UK, only in mainland Europe jurisdictions, so there is no lifeline if passporting goes,” Andy confirms. “It is obviously a risk, and it is number one on our risk register as you might imagine, however, the board’s view is that it probably won’t happen for three years and in two to three years the company will be in a good place.” Andy clarifies this by stating that with a proven track record of profit which will have gone back in to the company to grow their capital base, it could re-domicile easily. “We have already talked to the Slovakian regulators and they would be happy to do that, however if we want to continue to use
What Makes you Tick? What makes you happy: I enjoy going out for meals and the social side of life combined with fresh air and as much exercise as possible. What makes you sad: When my football team Sunderland lose. It is a curse and as my wife will tell you she leaves me alone for an hour after the results come in because I go and pace and mutter and then I think we might win next week. Biggest fear: Health. I enjoy life so much that I want to be able to live as long as possible. Best thing about Gibraltar: The multi-cultural, multi-lingual, multinational society - there is something different about it.
Steve Quinn (R) & Andy Baker (2nd R) with the Premium Directors
Best place that you have visited in the world: From a holiday point of view it would be the Maldives, from a ‘where would we buy if we won the lottery’ point of view, it would be the south of France. Most valuable possession: Family.
Speaking just a day after the Government reiterated its complete support for the insurance sector in Gibraltar and their confidence in the important role played by the GFSC in delivering high European standards of insurance regulation, Andy’s thoughts are that all parties concerned are now working together. “Like many regulators they must still be feeling their way with Solvency II because it is one thing to work up towards the actual implementation of Solvency II regulations, and there were substantial changes required, but quite another to then work out how to regulate within that,” he says “and I think that as an industry we are starting to work with them to appreciate just what is needed, but it is a process of give and take.” The big question is obviously how Gibraltar’s insurance industry will be affected by Brexit and Premium’s stance is to be prepared and not to stick their head in the sand.
the insurance management model then Quest / Artex already operate in Malta and are actively looking at Luxembourg and other jurisdictions.” “If passporting stays, then we will stay,” Andy says, “so the preference is obviously that we don’t have to move, but that we keep all options under review for now.” Andy’s personal view is that Gibraltar is very sensibly repositioning itself as a market that will facilitate international companies wishing to access the UK. “Because of its bi-lateral agreements, which will come with the UK, Gibraltar will be ideally suited, so in that sense I don’t think that the risk is as dire as people think. The border is, of course, another issue altogether!” “The future is unknown but there is a lot of work going on at the moment, both at Government level and regulator level and also in the market, and I think that is absolutely right.”
Sport: Football and I like cricket, but I don’t have a chance to indulge in it. Hobbies: Music is important to me, either rock or country rock. Favourite Author: I have a favourite genre which is detective fiction, because my task is to try and find out what happens before the end . Favourite Film: Where Eagles Dare – I am a big Clint Eastwood fan. Greatest Achievement: I set up a unit when I was working in London which looked after 84 agencies in 14 countries, and that was so successful that they used it as a business model throughout the group. Motto: Look forward, don’t look back!
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Chamber News
Chamber holds another successful Annual Dinner
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Chamber News
The Chamber of Commerce held their Annual black tie dinner in the Victory Suite at the Rock Hotel on Wednesday the 26th of April. The
President Christian Hernandez welcomed the assembled guests and introduced The Chief Minister the Rt Hon Fabian Picardo who addressed a
packed house, delivering his speech with the cameras of the BBC rolling. Here is a selection of images of Chamber Members enjoying the evening.
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Business Briefs
Accelerated evolution marks revolution in banking compliance
Johann Olivera speaking at the seminar
A technology and regulatory change is driving a new revolution in Banking was the key judgement presented by EY at a recent seminar at the Sunborn. Led by Johann Olivera, Partner at EY, and Faith Howe, Senior Manager, EY, the event was an opportunity for delegates to learn about the impact of recent technological transformation and regulatory change in the Banking sector. Commenting on that change Mr Olivera said: ‘The speed of evolution and impact of technological innovation on business models is accelerating. We are experiencing a scale of transformation not seen to date in the Banking arena. It is no longer sufficient to review change through the prism of hindsight or rely on incremental adjustment. We need to be imagining what the future will look like and then determine what we can do to position ourselves, and quickly.’ Key emerging themes included: • Technology fueled transformation changing the competitive landscape • Unprecedented economic and political risks challenging global strategies • Regulatory and supervisory approaches continuing to evolve • Many large financial institutions are in the early stages of transforming themselves into more agile, digital-age companies. Under increased competitive pressure from Fintech and other technology companies, banks are identifying ways to leverage technology to improve customer service,
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increase efficiency, simplify structures and operations, and make better use of their data’ said Mr Olivera. ‘They are also increasingly identifying where they can partner with technology companies. Transformation will require some difficult trade-offs and new ways of thinking about talent and culture if banks and large firms are to successfully address legacy structures, processes, and systems to build a platform for the future. Financial institutions are operating in an unprecedented monetary and fiscal policy environment, and that environment may be with us for some time, as the underlying causes of slow growth are largely structural, not cyclical. However, regulation will always lag behind market developments. The revolutionary change in the financial services landscape is likely to be met with a more gradual process of regulatory evolution,’ said Johann. The four imperatives for the Banking industry in 2017 have not changed: • Managing tighter capital and liquidity requirements • Making resolvability part of business as usual • Keeping conduct risk under control • Embedding good governance What has changed: • Demands from Supervisors to make real progress on these imperatives • The economic and political environment • The rise of Fintech.
The combination of these factors is bringing to the fore the need for banks to have sustainable business models that are able to consistently generate a return on equity in excess of the cost of capital. The economic environment of low growth and low interest rates weakens bank’s earnings. Changes to US economic policy, on-going stagnation in Japan, lower growth in China and elections in France and Germany and Brexit all create uncertainties Faith Howe, senior manager at EY provided an overview of the new classification and measurement and impairment rules introduced by IFRS 9, and effective 1 January 2018. Faith commented that this new standard represented “the most significant change in accounting standards since 2005. The key change affecting banks relates to the introduction of the expected credit loss model in response to the global financial crisis where banks were felt to have provided “too little too late”. She added whilst that there is a substantial amount of technical accounting changes, the real challenge (and opportunity) rests in finance, credit and risk functions working together to develop internal credit risk models that generate loss provisions in accordance with the standard. There was a clear message from Faith for Audit Committees around the need to have strong governance over the project implementation.
Business Briefs
New data centres business launched
A specialised data centres services business, Rockolo, was recently formally launched. Rockolo will conduct its business separate to, and at arm’s length from, its parent Company, Gibtelecom. Operating since the start of 2017, today’s announcement is timed to coincide with the week of the annual egaming summit being held in Gibraltar. “The creation of Rockolo and its running of what used to be Gibtelecom’s data centre business is part of an internal restructuring
Speed For a borrower we know that quick decisions are a priority.
of the group” said Tim Bristow, Chief Executive Officer of Gibtelecom. “Having a separate entity dedicated to the provisioning of data centre services will allow for a greater focus and specialisation on what is a highly demanding and technology dependent business”. Adrian Moreno, a director of the new Company, added that “Rockolo can better tailor its products to meet customers’ evolving needs and requirements, including rolling out new services and other facilities in due course.”
hosting services by Gibtelecom have been informed that these are now being served by Rockolo Limited, under the same terms. With the launch of our new data centre at the recently inaugurated World Trade Center, Rockolo now has some 1600 m2 of facilities at two locations in different parts of Gibraltar, providing customers with much sought after geographical redundancy. All the data centres have strict data security standards, are monitored round the clock and have substantial back-up electrical power and diverse communications links.”
Daniel Hook, Rockolo’s Data Centres’ Manager added “customers who were previously being provided data centre
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We believe in direct funding and borrowing between fellow entrepreneurs and professionals. This means funders can expect higher returns, greater transparency and comfort in the knowledge that we shall be lending alongside – and where required – in front of you. For borrowers, we work hard to ensure we understand your needs with our experience and permanent capital, acting with speed and flexibility. We provide certainty by having the ability to underwrite the loan and syndicate thereafter. sancus.com
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Business Briefs
Isolas supports Calpe House Trust
L to R: Peter Isola, Charles Marfe, Genevieve Bossino-Soussi, Albert Poggio & Eddie Yome
Peter Isola, Senior Partner of ISOLAS law firm, and Genevieve Bossino-Soussi, Trustee of The PJI Foundation, met with representatives of the Calpe House Trust, Vice-Chairman Albert Poggio OBE GMH, and Trustees Charles Marfe and Eddie Yome to present a cheque to the organisation. ISOLAS has committed to providing £30,000 to the Calpe House Trust to support their mission and help in funding the major development they are undertaking to set up a new Calpe House at a much larger facility. These new premises will provide 38 ensuite bedrooms and a large communal area to accommodate the ever-increasing number of sponsored patients travelling to London for specialised medical treatment. The staff at ISOLAS and Fiduciary have also pioneered a payroll giving scheme, which has been taken up by a number of other local firms, whereby an automatic donation of £2 (or more for those who so wish) is made from subscribing staff members’ salaries on a monthly basis. This year’s contributions will also go towards the Calpe House Trust.
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Peter Isola told B2B, “We are delighted to be able to support the Calpe House Trust and, by extension, the fantastic service they have been providing GHA patients for over thirty years now. The Calpe House in London is an invaluable resource for Gibraltarian patients and their families, providing a home-from-home where they can feel comfortable and supported, and it is now time to secure its future.” Albert Poggio expressed his gratitude on behalf of the Calpe House Trust for the generous donation from ISOLAS, thanking the firm for their continued commitment to supporting the Trust’s mission, and encouraging other local businesses to follow suit and work with them to ensure the continuity of the service they provide for many years to come. This year, in time for ISOLAS’ 125th anniversary, The PJI Foundation will be launching a new website and setting out exciting plans to give more support to important community programmes such as this one. Throughout the year, The PJI Foundation assesses appeals for funding and makes contributions to a range of
deserving local organisations and initiatives. Recently, for example, The PJI Foundation, together with Sapphire Networks and Europort International Holdings, collected and donated £16,104 to the Gibraltar Alzheimer’s and Dementia Society, sponsoring a hairdressing salon and three reminiscence rooms at the new Dementia Day Care Centre; a much-needed facility which will support people living with Dementia in the community, as well as their families and friends. The PJI Foundation is committed to investing in the Gibraltarian community by supporting local charitable organisations and promoting philanthropic social projects with a view to bolstering stronger support systems for the most vulnerable groups in the community, as well as fostering greater opportunities for development. For further information, please visit The PJI Foundation’s new website at: www.pjisolafoundation.gi
Business Briefs
GibFibre – The new name for Gibraltar’s true alternative telecommunications company GibFibre a 100% privately owned company, with almost 100 years of history, born from providing services to businesses on the Rock, Gibfibre is the first 100% fibre network provider in Gibraltar. With investment to date of approximately £10m and approximately 100km of fibre deployed – reflects their ambition to become the leading telecommunications provider in Gibraltar. They are a bold and innovative company taking a dynamic and modern approach to local and international companies located on the Rock. Gibfibre specializes in providing bandwidth and network solutions for the on-line gaming and financial services community. These
include IP Access & Transit, Local & International Leased Lines, Media & Voice Services.
fibre network they provide innovative data and media delivery solutions catering for the most diverse of business needs.
Their International PoPs (Points of Presence) provide companies and organisations a gateway with the global reach required in todays connected world. With their 100% fibre network, they have no legacy network to maintain and manage therefore they provide a cost effective and flexible alternative to their competitors.
Working with strategic partners, Gibfibre is continuously evolving their network with new ‘standards based’ fibre technologies, while incorporating complimentary services that enhance the performance of their network making them uniquely positioned to offer improved, cost effective and reliable business solutions for customers.
“Our network architecture has been designed to offer geographic redundancy, reliability and security. Our adherence to stringent SLAs ensures the highest customer demands can be met” GibFibre told B2B. In addition to providing a future proofed
For further information please visit us at www.gibfibre.com or call us on +350 2006515
60 wines by the glass 40 small dishes of Mediterranean cuisine 30 John Mackintosh Square GX11 1AA Gibraltar Tel:200 70201 info@vinopolisgastrobar.gi www.vinopolisgastrobar.gi
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Business Briefs
KPMG Gibraltar eSummit predicts a bright future for the Industry
The glittering Sunborn Hotel in Gibraltar was the location for KPMG’s 7th annual eSummit in Gibraltar recently. Attended by nearly 300 delegates, the event featured over 40 keynote speakers and experts from the world of eBusiness.
KPMG and Mishcon de Reya, social responsibility and customer interaction by GamCare, and the National Online SelfExclusion Scheme from the NOSES project team. The traditional IMGL Masterclasses this year debated Consumer Protection, Technology & Data, and Regulation.
concluded with a panel session on the Evolution of eGaming moderated by Phill Brear of the Gibraltar Gaming Commission. Delegates then headed off to discuss the topics of the day over drinks, after which the Government of Gibraltar hosted a dinner for key speakers and visiting delegates.
This summit marks the 15th in a series hosted by KPMG across the Isle of Man, Gibraltar and Malta. The agenda covered a number of issues ranging from regulatory and market news to presentations by key providers and advisers to the gaming and tech sector, and included a pivotal update on the current state of play in Gibraltar, post-Brexit and pre-Moneyval.
Of particular note were updates by Clive Hawkswood of the RGA (Remote Gambling Association), and by Keith Bristow of the GAMLG (Gambling Anti-Money Laundering Group). Mr Bristow explained how critical the role of the GAMLG is becoming in a technology-based world where proactive management of AML risks is both eminently possible and desirable. A focus on technology followed with David Briggs of GeoComply illustrating how location fraud enables cyber-crime and Iain Corby of Gamble Aware exploring harm and minimisation online.
The KPMG eSummit is considered to be one of the most prestigious occasions in the global eGaming calendar. The ideal place for industry professionals to network and glean news on their sector, it is generously supported by many sponsors, including: HM Government of Gibraltar, Continent 8 Technologies, Gibtelecom, ISOLAS, Mishcon de Reya, Hassans, SMP Compliance Academy, W2 Data, Gecko Technology Partners, Ramparts, Featurespace and Joelson.
Opening the eSummit, the Hon. Albert Isola of the Government of Gibraltar, enthused: “Since Brexit last June, our growth figures have actually increased in both the eGaming and Financial Services sectors. We have been working closely with the UK government to look for the benefits within the challenges we face, including maintaining fluidity at the frontier. We are engaged in a healthy, constructive and very positive view and vision for the future of Gibraltar.” Alongside sessions in the Main Room, delegates attended breakout workshops on gender diversity in the gaming sector by
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Turning to new territories, a fascinating look at the potential gaming market in Africa was provided by John Kamara of Global Gaming Africa, where in Kenya alone, 50% of all payment transactions occur via mobile. Effective Risk Management was the hot topic in an expert presentation by Jeremy Harding-Roberts of Featurespace. Attracting high-calibre speakers has always been a priority for the KPMG eSummits and this year was no exception. The programme
Micky Swindale, Head of Advisory for KPMG Gibraltar, and the organiser of the KPMG eSummits from the inaugural event in 2010, said “I was delighted with both the content and the attendance this year – and the generosity of the feedback is really encouraging. On a personal note, it was a pleasure to lead the gender diversity workshop, and I feel there is some really important work we can do in this area to assist the many operators who are missing out on competitive advantage in terms of their talent and customer base.”
CYBER SECURITY TRENDS 2017
Increased Focus on Prevention This year, businesses are focusing on four main areas: • Adoption of new safeguards for digital business models; • Implementing business-critical threat intelligence and information-sharing programs; • Securing the potential of the Internet of Things; • Taking a proactive approach to managing geopolitical threats.
38%
62% 62% of businesses use managed security services for cyber security and privacy
Planning for 2018 2017 is the year of change in how businesses protect their data to prepare for new regulations in 2018: • New EU legislation; • A new data protection directive; • New data protection regulation; • New network information security directive; So this is the time for businesses to evaluate their gaps in compliance and prepare for that transition.
Changes to Threat Landscape • Evolution of ransomware – more targeted and focussed; • DDOS – growing number of DDOS attacks; • Credential theft – more businesses are moving to cloud applications, but once an attacker gains your credentials they can access all of your cloud applications without having to touch your network again.
Discover your new cyber security strategy! Get in touch to find out how we can train your staff to spot threats and reduce security risks in your business.
1st Floor, 138a Main Street
+350 540 65558
hello@hedgehogsecurity.gi
Business Briefs
Isolas advises on purchase of Gibraltar first division football club ISOLAS has advised Mr Pablo Victor Dana, Partner at Heritage Wealth and Michel Salgado, former Real Madrid footballer, on the acquisition of Gibraltar United Football Club Limited, a Gibraltar company that operates Gibraltar United Football Club. Gibraltar United Football Club is a football team from Gibraltar who currently play in the Gibraltar First Division, a football league established by the Gibraltar Football Association (the “GFA”). The GFA was formed in 1895 and in May 2013 was admitted as the 54th full member of UEFA, European football’s governing body. In 2016 the GFA was also accepted as the 211th full member of FIFA, world football’s governing body. In a statement, Mr Dana
L-R: Pablo Dana, Paul Collado, Michel Salgado, Christian Caetano & Stuart Dalmedo
said: “I would like to thank the team at ISOLAS and Fiduciary for their hard work in assisting with this transaction, and I hope that this is the start of a long relationship”.
Perspective matters The future asks more of business. A need for wider knowledge, swifter actions and more agile capability. A demand to look at the world from a whole new viewpoint. Deloitte identifies the new perspectives that will drive decisions; to build confidence in shaping the solutions that matter. A fresh view on addressing your most challenging decisions awaits at: Tel: +350 200 41200 Fax: +350 200 41201 info@deloitte.gi www. deloitte.gi
Merchant House, 22/24 John Mackintosh Square, P.O. Box 758, Gibraltar © 2017 Deloitte Limited. A member of Deloitte Touche Tohmatsu Limited
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The ISOLAS team advising on the transaction consisted of Partner Steven Caetano, Senior Associate Christian Caetano, and Associate Stuart Dalmedo.
Business Briefs
Regus opens its doors at the World Trade Center Gibraltar has invested in the infrastructure needed to build the growth it has experienced and the latest manifestation of that is the new World Trade Center Gibraltar, a state-of-theart office building close to the international airport, which opened for business in January this year. In view of Gibraltar’s continuing economic success and to capitalise on future growth, Regus, the global workspaces leader, has partnered with World Trade Center to bring the benefits of flexible working space.
Mark Dixon, Chief Executive of Regus, said: “We have wanted to open a facility in Gibraltar for some time and we are delighted that the World Trade Center now gives us the opportunity to add Gibraltar to our expanding network. This
will enable us to offer businesses and travellers the opportunities and benefits that flexible working offers. Modern, dynamic businesses need flexibility, agility and the ability to work where they want and when they want.” Regus is the world’s largest provider of flexible workspace solutions, with a network of 3,000 locations in over 1,000 towns and cities, across more than 100 countries, serving 2.3m members. Through our range of office formats, as well as our growing mobile, virtual office, and workplace recovery businesses, we enable people and businesses to work where, when, and how they want, with a range of price points. Our customers include some of the most successful entrepreneurs, start-ups and multi-billion dollar corporations. www.Regus.gi
Triay & Triay wins Law Firm of the Year Award Corporate Livewire was impressed with Triay’s commitment to maintaining the highest standards and ethics in the profession, building strong relationships with clients and its ability to deliver practical and proportionate legal solutions. They summed Triay’s work up by saying, “The team at Triay & Triay have the expertise to provide the perfect introduction to Gibraltar and its advantages, and they are ever-willing to assist and advise further.”
Melo Triay
Triay & Triay has once again won a prestigious accolade for its services. Being named Law Firm of the Year in the Corporate Livewire Global Fund Awards is a testament to the outstanding work of the firm and in particular the Financial Services team.
Gibraltar, as a financial services jurisdiction, has grown exponentially since the downturn in the global financial markets, and Triay’s Financial Services team has been at the forefront of developing Gibraltar as the jurisdiction of choice for a number of investment services and funds seeking a place to establish their business. The Triay team has a wealth of experience in advising banks, payment institutions,
investment funds, fund and asset managers as well as insurance companies and brokers. As part of their work they have provided an array of services including advice and assistance with the initial structuring and restructuring of licensed entities, passporting into other EU jurisdictions and the disposal of financial services entities. The award in many ways is not only a recognition of Triay’s work, it also highlights Gibraltar’s tax, operational and lifestyle advantages, which are second to none for those in the financial services and investment sector. These benefits, when coupled with Gibraltar’s high regulatory standards that meet EU requirements and its common law system, make it a strong and attractive jurisdiction that actively encourages and facilitates business. Triay & Triay is very proud to have been contributing to Gibraltar’s reputation in this respect, and to have been doing so since 1905.
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Business Briefs
Mons Calpe Suite Re-launch The Mons Calpe Suite, located within the Cable Car Top Station, recently hosted a relaunch party after undergoing an extensive renovations program. To date, the Suite, known for being the most exclusive venue on the Rock, was only open for private functions. As from April the Top of the Rock venue is also open daily for brunch and lunch except Mondays.
Mons Calpe and shipping memorabilia used as part of the decoration. The Mons Calpe has a significant place in Gibraltar’s history and the idea of using old photos of the well-loved vessel, was to emphasise the strong maritime history of not only the company MH Bland but also of the Rock. Old photographs of passengers, and crew including a striking enlarged portrait of Captain Don Delf holds pride of place in the new look Mons Calpe Suite.
also representatives of Bland Travel, Parodytur, Persian Rose and the Gibraltar Taxi Association.
To the mark the occasion and to show off the new look, the Directors of MH Bland, hosted an evening cocktail party for the local business community. Attendance was phenomenal and all guests welcomed the idea they would now be able to meet with clients in this unique and spectacular venue for business lunches.
George Gaggero, Deputy Chairman of MH Bland, welcomed guests and congratulated the Mons Calpe team, lead by Charlotte Forde, for all their hard work in bringing a new vision to life. In his speech he said, ‘The investment into this venture serves as a testament to MH Bland’s wider commitment to Gibraltar’s tourism product’. Mr Gaggero was referring to the proposed new Cable Car which he hoped would form part of a new transport infrastructure being discussed with Government and its partners in the tourism industry who are all collaborating to bring this plan to fruition. He especially welcomed not only Minister Bossano but
Anyone wishing to reserve a table at the Mons Calpe Suite from Tuesday to Sunday between 10:30am to 4:00pm my do so by emailing: reservation@monscalpesuite.com or by calling 200 127 43/47. They will then receive an email on how to access the fast track to the Mons Calpe Suite and avoid any possible queues at the base station. Guests may also reserve a special table or pre-order their meal by requesting a menu of the day. There is a special menu for parties of 10 or more persons.
As the sun set, guests enjoyed some delicious in-house canapes served by the new team of waiters dressed in their trademark bow tie and braces. Some took the opportunity to wander around the Suite and top station and reminisce about the
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Mr Bossano responded on behalf of the guests, thanking the Directors of MH Bland and the Gaggero family for their long commitment to Gibraltar and looked forward to working with the business community to see Gibraltar through the challenging times ahead.
Business Briefs
Mons Calpe Suite Re-launch (continued)
The Fortress is secure but the gates must remain open significant increase in a Tory government majority at Westminster potentially would too. Any willingness on the part of the EU to try and help Mrs May ‘sell’ a deal to a Parliament where she has only a slight majority might be a bit less forthcoming if she had majority of 100+ MPs. Ironic, of course, because with such a majority, she herself would not be as beholden to the will of the hard Brexiteer faction of her party as she is today.
Selwyn Figueras
The French Presidential election this month, Parliamentary elections in France in a few weeks, a snap general election in the UK and then the German elections in September - all this political activity has, at once, both a significant bearing on Gibraltar and none at all. Let me explain. The election of Mr Macron, an out and out Europhile, as the new French President will have been received with some trepidation in the UK. Any hardening of the EU’s position vis-a-vis the UK is likely to shorten the odds of a hard Brexit, in much the same way as a
Interesting as all this is, it’s possible that it is irrelevant in the Gibraltar context, for two reasons: Firstly, on an objective analysis of the negotiating positions adopted by both the UK and the EU (in particular Clause 24) it is unlikely that any agreement reached would ever actually end up applying to Gibraltar; and secondly, whether or not an agreement is extended to us, our dependence on access to the EU single market is, in any event, really very limited. In fact, 90% of the services provided by Gibraltar are provided to the UK and it is expected that direct access to the UK will be safeguarded by virtue of a bilateral arrangement with the UK. Notwithstanding the above analysis, the professional community in Gibraltar has been busy exploring and developing new, ‘Brexit-insensitive’ areas of business, an
example of which is Fintech. The great big question mark in all this is the rather less complicated issue of fluidity at our land border with Spain. The border is a critical part of the economic construct in Gibraltar. It doesn’t matter how good your product or service may be if your employees can’t get to work in the morning. Events so far this year allow us, however, to contemplate the possibility that the Spanish authorities might not, after all, be intent on tightening the border screws and that they might, instead, be ready to acknowledge the value that Gibraltar offers the local area both directly by employing some 12,000 crossborder workers and indirectly by means of the economic benefit to the area from Gibraltar’s continued growth. On this note, it is worth reminding ourselves of the words of the Chief Minister at the recent annual Chamber of Commerce Dinner. He asserted that, ten months on from the referendum, ‘all is well, the fortress is secure.’ The hope must be that, going forward, the fortress remains secure, but only to the extent that we choose. The issue of border fluidity depends not on the letter of law, but on good will, and there is a glimmer of hope that common sense will prevail.
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Business Briefs
International Medical Group acquires ALC Health International Medical Group, a leader in global benefits and assistance services, recently acquired à la carte healthcare (ALC Health), an award-winning international medical provider with clients in more than 140 countries.
IMG - headquartered in Indianapolis, Indiana, USA - offers a full line of international medical insurance, trip cancellation and stop loss programs, as well as 24/7 emergency medical and travel assistance to meet the needs of anyone traveling or residing away from home.
Headquartered in West Sussex, UK, with offices in Gibraltar, Hong Kong and Marbella, ALC Health offers flexible and innovative international medical insurance plans to individuals, families and groups worldwide.
ALC’s leaders work alongside IMG’s executive management team, which oversees the direction of the combined entity. The firm now boasts more than 400 employees and 10 offices worldwide.
“Over the years, we have been approached by many companies to underwrite our plans, which often culminated in an offer to purchase ALC Health,” founder and CEO Sarah Jewell, MBE told B2B. “However, we did not feel that any of the proposals were the right one until IMG came along. There is a great deal of synergy and mutual ideology between our two companies.”
The acquisition strengthens IMG’s presence in Europe and Asia, as ALC Health’s market expertise and strategic positioning expands the company’s footprint across key markets in these regions. Additionally, ALC Health now has access to a wealth of resources provided by a company with more than 25 years of experience in the industry. “It was more of a marriage between two successful firms than an acquisition,” Philip Wright, managing director of IMG’s told B2B.
“We value ALC Health’s reputation for excellence and the personal touch it provides brokers and clients. We envisioned the acquisition as being a mutually beneficial relationship, in which ALC would provide IMG the experience necessary to further expand our reach, and IMG would provide ALC a wider base from which it could develop and still retain its identity and core values.” “IMG shares our passion, vision and commitment, and I’m absolutely delighted that they will be taking ALC Health forward over the coming years,” said Jewell. Together, IMG and ALC can leverage one another’s expertise and complementary product portfolios to better serve clients in Europe, Asia and beyond. “I foresee many great opportunities in our future, and I look forward to working together to strengthen IMG’s position as a leader in the industry,” Wright told B2B.
Gameiom granted Gibraltar B2B remote gambling licence
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Gameiom, a leading online gaming software and platform provider, has been granted a Gibraltar B2B remote gambling licence. Gameiom has established offices in Gibraltar to operate and grow its B2B business from the jurisdiction.
An exciting time awaits, as we begin to see more content go live through the GAMEIOM platform, not only with our own slots and Real Sports games, but also with the fantastic range of third party developers that have seized on this game-changing opportunity…..”
Stuart Carr, CEO of Gameiom told B2B, “….we have specifically targeted Gibraltarbased operators and the granting of the licence allows the company to be laserfocused on providing a fantastic pipeline of great content to a customer base hungry for new, innovative, high-quality titles.
ISOLAS, who provide legal services to a significant number of Gibraltar’s licensed betting and gaming operators acted for Gameiom in securing their B2B licence and in establishing operations in Gibraltar. The project was handled by Steven Caetano, Partner at ISOLAS.
People on the Move
Lino Brydges joins alternative finance provider, Sancus Lino moved from the UK to Gibraltar in 1985, joining RBS in 1990, reaching the position of Head of Mortgages before moving to NatWest as Head of Premium Banking and Mortgages in 2010. Sancus opened its office in Gibraltar in June 2015, providing lending solutions to smallmedium enterprises (SMEs), high net worth individuals and trusts. The company provides its own capital, underwriting each loan and then syndicating the loan with its pool of Co-Funders, giving them the opportunity to diversify their wealth into funding local projects.
Lino told B2B “Sancus is a unique business model, due to its size, structure and source of funding it can move very quickly to secure borrowing. We also take a more holistic view of a company or individual, based on years of experience and knowledge of the local market.” Steve O’Brien, Managing Director, Sancus Gibraltar added, “It is a great pleasure to have Lino on board, he is well respected in the business community and comes with a great deal of experience in our field and a deep understanding of mortgages, credit and risk.” The Sancus BMS Group also has offices in the UK, Ireland, Jersey, Guernsey and the Isle of Man*. *an affiliate
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People on the Move
PWC announces senior management promotions The Partners of PwC Gibraltar recently announced promotions to the senior management of the firm. Patrick Pilcher has been promoted onto the board of PricewaterhouseCoopers Limited and PwC Corporate Services (Gibraltar) Limited, PwC’s operating entities. Patrick is a Director in our Tax Department and has been with the firm for over 20 years. He is a Fellow of the Association of Chartered and Certified Accountants. He joined the Firm as a graduate in 1996 and he spent his first six years in the Assurance Department before transferring to the Tax Department in 2002. Patrick is PwC’s representative on the Gibraltar Society of Accountants Tax Faculty and is a former Secretary and Treasurer of
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the Society. He is also the Tax Department’s representative on both the Firm’s Business Development and Risk Management Forums. He is a regular contributor to the Gibraltar tax sections of Jordan’s International Corporate Procedures Guide and is responsible for the Gibraltar content of the PwC Worldwide Tax Summaries as well as the Gibraltar firm’s “Tax Facts” and “Doing Business & Investing in Gibraltar” publications. Lalit Khatwani and Kevin Duarte have been promoted from Senior Manager to Director in our Assurance Department. Lalit is an ICAEW qualified chartered accountant. After graduating from Cardiff Business School in 2004 he spent three years in PwC London training towards his ICAEW qualification. He
specialised in the audit of financial services clients, particularly FTSE 100 hedge fund managers and banks, as well as various private equity firms. Lalit now leads external and internal audits of leading banks and insurers in Gibraltar, and plays prominent roles in the audit of licensed gaming companies. Kevin is a fellow of the Association of Chartered Certified Accountants who joined PwC in 2003 after graduating in Accounting and Finance from Nottingham Trent University. During his time with the firm he has specialised in providing assurance services to a wide range of clients including construction companies, Government owned service companies and financial services, predominantly dealing with insurance, fiduciary and e-money licensed entities. He is one of PwC’s representatives on the
People on the Move
Gibraltar Society of Accountants Audit Faculty and assists with the firm’s summer student internship programme. PwC’s Territory Senior Partner, Colin Vaughan, said, “I am very pleased for all three of them as their promotion is a recognition of the contribution they have all made to the success of this firm. Their promotion is, naturally, very well deserved. All three are local and trained with PwC which gives us welcome options for succession planning. It is also important to note that both Lalit and Kevin were given their first taste of accountancy, as summer students, whilst still at Bayside School. It is therefore satisfying for the partners to have assisted them, and also Patrick who joined as a graduate, to develop from young students to experienced professionals.”
L-R: Kevin Duarte, Colin Vaughan, Patrick Pilcher & Lalit Khatwani
We understand our local businesses and cater to their requirements and needs To optimise your time simply call in and drop off your cash and cheques with our Cash Handling Service Making corporate banking our business If interested please phone us on 200 13900 traditional banking with a modern feel gibintbank
@gibintbank
www.gibintbank.gi | +350 (200) 13900 | Gibraltar International Bank Ltd, PO Box 1375, Ince’s House, 310 Main Street, Gibraltar GX11 1AA Gibraltar International Bank Limited is authorised and regulated by the Gibraltar Financial Services Commission. Company Registration Number 109679
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