Connect with us

GRTech

Cyber Defenses and Cyber Insurance: A Holistic Approach to Cyber Risk management

By: Chester Wisniewski, Director Global Field CTO

Published

on

Cyber Insurance
Sophos
Sophos

The landscape of cyber threats has significantly expanded in terms of volume, complexity, and impact of attacks over the past few years. Consequently, regardless of their size, industry, or geographic location, the vast majority of companies prioritize protection against these threats and primarily strive to implement robust cyber defense measures to counteract them.

However, given the difficulty of preventing and anticipating all current and future forms of threats, especially the methods attackers use to bypass defenses and introduce ransomware into a system, organizations worldwide also tend to adopt cyber insurance policies to safeguard their operations in the event of a successful intrusion. According to a study conducted in early 2023, 91% of global companies have some form of cyber insurance.” 

If 47% of companies declare having subscribed to an independent insurance policy, and 43% have opted for insurance integrated into broader coverage, independent and integrated cyber policies are the two main types in the market. It is crucial for companies to choose coverage that aligns with their specific needs and risks, ensuring the best possible protection for their data and operations.

Before subscribing to insurance, conducting an audit of existing solutions is essential, questioning whether they benefit from top-notch first-line cybersecurity protection. Indeed, this can impact their access to cyber insurance and the selection of a policy that best suits their particular needs.

The quality of cyber defenses significantly influences corporate coverage. First-line cybersecurity measures can notably affect the adoption and choice of a cyber insurance policy for companies. According to the aforementioned study, 95% of respondents specifically cite that the quality of implemented cyber defenses has a direct impact on the insurance they subscribe to, affecting both the cost and terms of the policy, ensuring access to the coverage that suits them best.”

“According to the study, 60% of organizations with cyber insurance state that the quality of their existing defenses influenced their ability to secure coverage. Furthermore, 62% mention its impact on the policy’s cost, and 28% note its effect on insurance contract terms. Ensuring the most comprehensive and robust protection layer is essential to save money and select insurance that best meets the business’s requirements.

Interestingly, cybersecurity measures play a more significant role in obtaining independent cyber insurance compared to integrated coverage. 71% of those with independent policies note that the quality of their protection influenced their coverage, while only 49% of those with integrated policies believe it impacted their ability to contract cyber insurance. Conversely, the performance of security measures has a greater influence on the cost of integrated policies (67%) than independent insurance (58%).

Therefore, companies should prioritize assessing the effectiveness and robustness of their cybersecurity solutions before seeking cyber insurance tailored to their needs. This approach enables them to select the most appropriate policy and negotiate favorable costs and terms.”

“The importance of cyber insurance in protecting against ransomware

The primary threat facing businesses today has a name: ransomware. This type of malicious software, designed to encrypt and steal organizational data, followed by a ransom demand, has become the top concern for Chief Information Security Officers (CISOs) in recent years.

Given that its introduction into a system can result from highly varied, often unpredictable, and constantly evolving tactics, techniques, and procedures (TTP), it is impossible to guarantee that a company will not experience a successful intrusion. Hence, it is crucial for organizations to have, in addition to traditional cybersecurity solutions, a tailored cyber insurance policy that allows them to protect against data encryption, theft, or deletion.

In the event of data encryption, companies with the support and assistance of their insurer during the data recovery process, and those who, to qualify for insurance, have implemented enhanced security measures such as secure backups or incident response plans, are more likely to recover their encrypted data. According to the study, 98% of those with independent cyber insurance successfully restored their encrypted data, compared to 97% for those with integrated coverage, and only 84% for those without insurance.

It’s worth highlighting that beneficiaries of cyber insurance are more inclined to pay the ransom to retrieve their data. Thus, 58% of independent policyholders who fell victim. 

“In conclusion, while cyber insurance is now an essential element of business protection, it is inseparable from the quality of solutions and security measures taken to safeguard information systems and organizational data. It is crucial for global stakeholders, regardless of their industry, to ensure they have the most comprehensive, robust, and effective first-line protection to best guard against ransomware attacks and all other types of threats.

It’s also noteworthy that some managed cybersecurity solution providers offer complementary insurance guarantees in the event of a successful attack to further strengthen business protection. These aspects only reinforce the quasi-symbiotic relationship between cyber insurance and cybersecurity solutions.”

GrassRoots.ng is on a critical mission; to objectively and honestly represent the voice of ‘grassrooters’ in International, Federal, State and Local Government fora; heralding the achievements of political and other leaders and investors alike, without discrimination. This daily, digital news publication platform serves as the leading source of up-to-date information on how people and events reflect on the global community. The pragmatic articles reflect on the life of the community people, covering news/current affairs, business, technology, culture and fashion, entertainment, sports, State, National and International issues that directly impact the locals.

GRTech

Sophos Partners with Tenable to Launch New Sophos Managed Risk Service

Published

on

Sophos Partners with Tenable

. New Fully Managed Solution Provides Visibility, Risk Monitoring, Prioritization, Investigation, and Proactive Notification to Prevent Cyberattacks  

April 4, 2024 – Sophos, a global leader of innovative security solutions that defeat cyberattacks, today announced a strategic partnership with Tenable, the Exposure Management company, to provide Sophos Managed Risk, a worldwide vulnerability and attack surface management service.

The new service features a dedicated Sophos team that leverages Tenable’s exposure management technology and collaborates with the security operations experts from Sophos Managed Detection and Response (MDR) to provide attack surface visibility, continuous risk monitoring, vulnerability prioritization, investigation, and proactive notification designed to prevent cyberattacks.

The modern attack surface has expanded beyond traditional on-premises IT boundaries, with organizations operating frequently unknown numbers of external and internet-facing assets that are unpatched or under protected, leaving them vulnerable to cyberattackers.

This is evident in the newest Sophos Active Adversary Report, also released, which identifies three tasks that organizations must prioritize to minimize the risk of brazen intrusions that lead to ransomware or other types of attacks.

These include closing exposed Remote Desktop Protocol (RDP) access, enabling multi-factor authorization and patching vulnerable servers, all of which were top entry points in breaches handled by Sophos Incident Response in 2023.

The Sophos Managed Risk service can assess an organization’s external attack surface, prioritize the riskiest exposures, such as open RDP, and provide tailored remediation guidance to help eliminate blind spots and stay ahead of potentially devastating attacks.

“Sophos and Tenable are two industry security leaders coming together to address urgent, pervasive security challenges that organizations continuously struggle to control. We can now help organizations identify and prioritize the remediation of vulnerabilities in external assets, devices and software that are often overlooked. It is critical that organizations manage these exposure risks, because unattended, they only lead to more costly and time-consuming issues and are often the root causes of significant breaches,” said Rob Harrison, senior vice president for endpoint and security operations product management at Sophos. “We know from Sophos’ worldwide survey data that 32% of ransomware attacks start with an unpatched vulnerability and that these attacks are the most expensive to remediate. The ideal security layers to prevent these issues include an active approach to improving security postures by minimizing the chances of a breach with Sophos Managed Risk, Sophos Endpoint, and 24×7 Sophos MDR coverage.”

“While the latest zero day may dominate the headlines, the biggest threat to organizations, by a large margin, is still known vulnerabilities – or vulnerabilities for which patches are readily available,” said Greg Goetz, vice president of global strategic partners and MSSP, Tenable. “A winning approach includes risk-based prioritization with context-driven analytics to proactively address exposures before they become a problem. Sophos Managed Risk, powered by the Tenable One Exposure Management Platform, delivers outsourced preventive risk management, enabling organizations to anticipate attacks and reduce cyber risk.”

Specific key benefits of Sophos Managed Risk include:

  • External Attack Surface Management (EASM): Advanced identification and classification of internet-facing assets, such as web and email servers, web applications, and public-facing API endpoints
  • Continuous monitoring and proactive notification of high-risk exposures: Proactive notification when a new critical vulnerability is identified in an organization’s internet-facing assets
  • Vulnerability prioritization and identification of new risks: Swift detection of high-risk and zero-day vulnerabilities, followed by real-time notification to ensure critical internet-facing assets are promptly identified, investigated and responded to by order of importance

“One of the biggest challenges organizations face when improving their security posture is prioritizing what to handle first. This type of guidance helps solve that issue and reduces the workload for security teams tasked with tackling vulnerability and exposure management,” said Craig Robinson, research vice president of Security Services, IDC. “Solutions such as Sophos Managed Risk can be a differentiator by enabling overwhelmed teams to take a more holistic approach to continuous monitoring and threat management.”  

Sophos Managed Risk is available as an extended service with Sophos MDR, which already protects more than 21,000 organizations globally. The Sophos Managed Risk team is Tenable-certified and works closely with Sophos MDR to share essential information about zero-days, known vulnerabilities and exposure risks to assess and investigate possibly exploited environments.

“Sophos Managed Risk simplifies the difficult and resource consuming task of identifying vulnerabilities, really understanding the extent of risk exposure, and prioritizing necessary remediations,” said Kieron Stone, cybersecurity business development manager at Phoenix Software Ltd. “As a trusted managed service provider (MSP), this is a service we’re proud to stand behind, and nearly all our customers using it have already discovered significant vulnerabilities that they were previously unaware of. For organizations that don’t already have a well-defined vulnerability patching cadence, this is a must-have service for the identification of vulnerabilities and building that schedule; and for organizations that are already managing vulnerabilities, it’s a second set of eyes for added peace of mind that they’re not missing anything.”

Organizations benefit through regular interaction, including scheduled meetings with Sophos experts to review recent discoveries, insights into the current threat landscape, and recommendations for remediation and prioritizing actions. Additionally, organizations can initiate inquiries via the Sophos Central platform, allowing users to directly engage with the Sophos Managed Risk team for tailored support, reports and to review their latest prioritized alerts.

“You can’t fix what you can’t see. Sophos Managed Risk is shining a light on areas of exposure that require remediation in order to keep customers protected. Combining Sophos’ elite MDR experts with Tenable’s industry-leading exposure management technology gives us a full picture view of vulnerabilities with the guidance we need to minimize risk,” said Brooks Roy, president at Communications Consulting, Inc. “The real value add for us as a channel partner is having the ability to easily manage Sophos Managed Risk’s prioritized alerts across our customer base on the Sophos Central dashboard.”

Sophos Managed Risk is available with a term license through Sophos’ global network of channel partners and Managed Service Providers (MSPs). A Sophos MSP Flex version will be available in 2024.

Continue Reading

TechNews

inq.Digital Supports Payments Forum Nigeria [PAFON 1.0]

Published

on

PAFOn 1.0
PAFON SPEAKERS

Inq. Digital Nigeria Limited has been announced as a sponsor of Payments Forum Nigeria [PAFON 1.0] maiden edition holding this Thursday in Lagos.

inq. Digital Nigeria Limited, a subsidiary of inq. Group is an emerging leading digital and cloud solutions provider that delivers simpler seamless solutions to complex business challenges.

With offices in Lagos, Abuja, Port Harcourt and Kano, inq. provides reliable and affordable Intelligent Connectivity, SDN/NFV, Cloud and Digital services (including Edge –AI) for Nigerian businesses including those in the payment space.

Participation is FREE, however, pre-registration is required: https://bit.ly/4c4N19H.

Speaking ahead of Payments Forum Nigeria [PAFON 1,0] scheduled to take place at Oriental Hotel, Lekki Road, Lagos on Thursday, March 21, 2024 by 9am under the theme: “Payments: Trust, Security and Privacy in AI Era”, Mr. Chike Onwuegbuchi, the co-founder of TechCastle Foundation, the organisers, said the goal is to enable information exchange and knowledge sharing on key industry insights issues amongst key stakeholders, with the objective of ensuring a collaborative and proactive approach to push for policies that enable growth, tackling/mitigating fraud and limiting occurrences and losses.

Speakers

The following speakers are lined up for the Forum: Chibuzo Efobi, Director, Payments System Management, Central Bank of Nigeria (CBN); Festus Amede, Chairman, Committee of Chief Information Security Officers of Nigerian Financial institutions (CCISONFI; Dr. Adewale Peter Obadare, Chief Visionary Officer (CVO), Digital Encode Limited; Adetokunbo Omotosho, Chief Executive Officer, Cybervergent; Roosevelt Elias, Founder, Payble; Ikenna Ndugbu, chief compliance officer, Moniepoint MFB, and Peter Evbota, Sales Director at inq. Digital Nigeria Limited.

Payments Forum Nigeria is organised by TechCastle Foundation and sponsored by: inq. Digital Nigeria Limited, Cybervergent, Moniepoint, Digital Encode Limited, Payble with support from the Central Bank of Nigeria (CBN).

Continue Reading

GRTech

S Mobile Tech Hub Opens Registration to Entrepreneurs in Southeast

Published

on

Kingsely Adonu, founder and CEO, S Mobile Group

•⁠ ⁠500 successful candidates to get starter-packs

•⁠ ⁠Rolls our Free Data, Airtime to Civil Servants, Students, others

S Mobile Tech Hub, an offspring of S Mobile Group has open applications to technology entrepreneurs in the Southeast Nigeria.

S Mobile Tech Hub was recently conceived by Mr. Kingsley Adonu, a visionary entrepreneur and CEO/Founder S Mobile Group, who aims to manifest the Group’s deliberate programmes towards building a dynamic and vibrant startup ecosystem in eastern region of the country.

APPLY by visiting www.smobilegroup.com to register.

Speaking against this backdrop, Mr. Adonu, said that even against tremendous challenges faced by the youth in the Southeast, they must be actively engaged in digital skills development in order to eschew social vices and make positive contributions towards maintaining peace and progress in the region.

“Unfortunately, a lot of our young people are facing numerous barriers to participating in formal and informal sectors today. In December 2015, the United Nations Security Council adopted UNSCR 2250 on Youth, Peace and Security. The resolution was the first to recognise the important role young people can play in preventing conflicts, and sustaining peace.

“It is on this premise and more that S Mobile is thinking out of the box by extending digital skills programmes to empower the youth to be more economically relevant. This will also go a long way in supporting the efforts of the Governors in the Southeast who are not resting on their oars until we have crime-free society with less poverty index.

“S Mobile Tech Hub has been positioned as a platform for entrepreneurs to leverage trends to accelerate their skills and innovation especially in the areas of artificial intelligence, robotics, big data, etc., which have become embedded in our daily lives.

“We are rolling out free data and airtime to civil servants, students, farmers and other entrepreneurs, for connecting with MTN Nigeria services.

Also during the cohort 1 of S Mobile Tech Hub programme 500 successful technology entrepreneurs across the Southeast region will be sponsored with the starter-tools to live their dreams.

“Together, let’s turn technology into your personal pathway to empowerment, growth, and societal well-being. Don’t just dream about a brighter tomorrow; let’s build it together today!”, the company said on Wednesday.

Continue Reading

Trending