Introducing: Cyber Innovative Technologies
Cyber Innovative Technologies provides the only software in the world that quantifies cyber risk at the digital asset level in order to benchmark third-party vendor risk and elevate cyber resiliency of an organization using a proprietary risk engine, integrated platform and machine learning.
Let’s look at some unsettling facts if you are a business.
- 63% of reported data breaches are caused by third-party vendors. Cyber Innovative Technologies will quantify third-party risks using a digital asset approach and cyber risk expertise in order to minimize third-party vendor cyber risk. The results of reducing vendor cyber risk are safer organizations with increased cyber resiliency, and significantly lower cyber insurance and remediation costs.
- 85% of an organization’s value is a digital asset. Which means 85% of your company’s value is in digital form.
- Cyber risk is now the number one business risk.
Now let’s look at some key questions CISOs should be ready to answer.
Digital Asset Approach: Which digital assets does your vendor touch? Crown jewel, business critical?
Cyber Risk Quantification – Impact of a vendor breach: What loss exposures are you wide-open to by your third-party vendors? How much financial loss exposure from data exfiltration, business interruption and regulatory losses do you have?
Likelihood of a Vendor Breach: How well are the vendor’s security controls in place? Fully, partially?
Cyber Innovative Technologies addresses these three key challenges by identifying which digital assets will result in the most loss, quantifying the impact at the digital asset level based on how cyber insurance companies will pay claims – data exfiltration, business interruption and regulatory losses and determining the likelihood that the vendor will cause a cyber loss. Impact * likelihood is the measurement of risk, based on the digital assets.
Imagine you are trying to understand how much risk a vendor poses. Can you be sure that you could be operationally sustainable if you were breached because they had sloppy cyber hygiene? Target has lost over$1B since their 2015 data breach caused by a third-party HVAC vendor.
Another example would be if an Italian customer goes to the Gucci stand in Harrod’s Department Store in London and buys a silk scarf for herself. Harrod’s will collect the privacy information of the purchaser. This puts Harrod’s in scope for the General Data Protection Regulation (GDPR) that has up to 4% of annual revenue as a potential fine if the data is breached, collected or used inappropriately. The Harrod vendor that collects this data has poor cyber hygiene and the Harrod’s customer data is stolen by hackers. Harrod’s owns the data and they will be audited and most likely fined at least €20M.
CEO and serial entrepreneur Ariel Evans has conducted three years of research on cyber risk with leading cyber insurance companies like Arthur J. Gallagher, Zurich, AXA and AIG. Cyber Innovative Technologies addresses cyber risk by utilizing our cyber risk engine which allows for data from digital assets to utilize multiple algorithms and quantities cyber risk according to how cyber insurance companies pay claims: business interruption, data exfiltration and regulatory exposures.
Cyber Innovative Technologies is the only software that models cyber risk using a digital asset approach which allows our clients to identify and monitor which assets have the most risk, prioritize resource mitigation in alignment to impacts, build an effective cyber budgeting business case, avoid costly M&A mistakes and more.
What are you waiting for?