Ransomware remains a persistent menace in the UK. In 2023 alone, ransomware attacks were projected to cost businesses more than $30 billion worldwide, with a 105% increase in incidents globally between 2021 and 2023.
While insurance is a vital means of securing businesses against adverse situations, companies are seeking insurance to transfer the risk of cyber-attacks to insurers.
Cyber insurance firms depend on cybersecurity tools and technologies to assess security control requirements in companies. However, these tools often rely on passive OSINT data sources, resulting in inaccurate results. The outbreak of AI has further complicated the security assessment process.
Introducing CyberMindr: A SaaS-Based Platform for Cybersecurity Evaluation
- Identifying Vulnerabilities & Exposures:
– External Scanning: Actively scans the customer’s public-facing assets (e.g., websites, servers, applications) to identify known vulnerabilities, misconfigurations, and outdated software, eliminating historical and false positive data.
– Exposure Analysis: Analyses exposures of sensitive data, such as misconfigured databases or publicly accessible cloud storage, JavaScript keys, and code leaks. - Public Code Leaks: CyberMindr detects code leaks via public GitHub and paste bins, providing visibility into potential vulnerabilities.
- Compromised Accounts: CyberMindr detects compromised endpoints by advanced malwares that are undetectable by security technologies and defences.
- Simulating Attack Scenarios: CyberMindr detects potential attack paths that a cybercriminal might exploit to gain unauthorized access to the network.
- Continuous Monitoring: Continuous monitoring of the external attack surface provides real-time alerts on new vulnerabilities or changes in the attack surface. It also helps in identifying trends and patterns in vulnerabilities, aiding in proactive defence strategies. In 2022, 74% of cyber insurance claims were related to ransomware attacks, underscoring the need for ongoing vigilance.
- Security Score: CyberMindr assess the customer’s security posture against Hackers exploiting the organisations and provide a security score or rating, which gives a quantifiable measure of the customer’s security posture.
- Risk Assessment & Quantification: By identifying and assessing external vulnerabilities, CyberMindr help quantify the risk level associated with each vulnerability.
- Compliance and Reporting:
– Compliance Checks: CyberMindr assist in checking compliance with regulatory requirements by identifying gaps in security controls.
– Detailed Reports: They generate detailed reports that can be used for internal reviews, compliance audits, and insurance assessments. - Enhanced Due Diligence: CyberMindr’s comprehensive evaluation provides a thorough and unbiased assessment of a customer’s external security posture. This is crucial, given the alarming statistics from the UK government: 40% of businesses have experienced a breach or attack at least once a month, while 21% have faced such incidents weekly in the past year.
By utilizing CyberMindr’s discovery tools as part of the evaluation process, insurance companies can ensure that they are making informed decisions about the cybersecurity posture of potential customers. It helps enhance their ability to identify, assess, and mitigate potential cybersecurity risks, leading to a well-informed decision-making process when sanctioning cyber insurance.
Benefits for Insurance Companies:
- Informed Decision Making: Utilize accurate and up-to-date data for evaluating customers’ cybersecurity posture.
- Comprehensive Reporting: Access detailed reports for internal reviews, compliance audits, and insurance assessments
- Current Evaluation: Scoring based on current cybersecurity posture rather than a score based on historical data.
Conclusion: In summary, CyberMindr equips cyber insurance companies with the tools necessary to make informed, data-driven decisions about their clients' cybersecurity posture. By identifying vulnerabilities, providing continuous monitoring, and offering detailed reports, CyberMindr ensures a proactive approach to managing cyber risks. With CyberMindr, insurance companies can confidently sanction cyber insurance policies, knowing they have a comprehensive understanding of their clients' security needs.