Industry Use Cases
Cyber Hygiene in specific sectors and industries?
Small and Medium Sized Enterprises
The recent Covid-19 crisis has meant that many companies have been forced to go digital and take their businesses online. Now, more than ever, SMEs need to have a firm grasp of their security ratings in order to truly benefit from a digital economy. While going digital has helped many companies ensure business continuity during the recent pandemic, it has also opened them up to a myriad of cyber risks. Data breaches, phishing attacks and malware are some examples of newly-evolving cyber threats that SMEs have to deal with. In Singapore alone, there were 9,430 cybercrime cases — or 26 cases daily — reported in 2020, according to the Cyber Security Agency of Singapore (CSA).
While SMEs are busy making the switch from a traditional brick and mortar operation to an online service, they may not have the time or budget to assess how cyber safe their online presence is. Besides assessing their own cyber vulnerabilities, they also need to show customers that their website is safe and secure. Globally, more companies that deploy technology are recognizing that they have a cyber duty of care to their consumers.
Our suite of tools, provides business owners with an affordable, cost-effective user-friendly platform to leverage on and help SMEs win and retain business. It provides assurance to key stakeholders, customers, insurers and regulators that your business takes cybersecurity issues seriously.
Enterprise Vendor Risk Management
Some of the most devastating breaches in the past few years, have been rooted in the security weaknesses of third parties, and in fact, hackers themselves have admitted that contractors are often their primary target. Security ratings allow companies to quickly and cost effectively analyze and monitor the security posture of multiple vendors and partners to reduce their own risk profile and enhance compliance. Based on verifiable data, these cyber ratings are an improvement on, or add tremendous value to self-report security questionnaires, site visits or penetration tests currently used to assess third-party risk. As stated by Gartner in their ‘Top 10 Security Projects for 2019, "as digital transformation matures, the risks associated with the complex ecosystems become an integral part of their business. It is no longer just about the internal security and risk posture of an organization, but about the posture of suppliers, regulators, customers, business partners and platforms.’’ Evaluating the cybersecurity rating of a third- party, can reduce the time and resources typically used during due diligence processes and on-going monitoring. These results can help an organization operate more efficiently, protect their reputation and mitigate risks.
Cyber Insurance Providers, Venture Capitalists and Mergers & Acquisitions
Long-reliant on self-reporting questionnaires, insurance providers, venture capitalists, and merger and acquisition teams can now assess the cyber risk of prospective customers or investment targets using tangible, transparent and verifiable data. This data provides an insight into risk to some of the most common and easily executed cyber crimes. Cyber insurers can monitor and gain visibility into the security program for the duration of a policy of those they intend to underwrite or insure. By assessing compliance to cybersecurity standards and vulnerabilities or malware infections, insurers can more accurately price and assess their insurance risks.
In the same vein, mergers and acquisitions teams and venture capitalists can identify risks in their potential target acquisitions, pre or post due-diligence assessments, by keeping track of their prospects' security ratings. In addition to evaluating cybersecurity risk, these assessments allow any party to provide remediation strategies to a customer. This improves a customer's security profile, reducing the chance of a policy claim, and failed investments due to data breaches.
With the ability to cost effectively scan thousands of domains, Government Agencies and Institutional Security Researchers can analyze organizations, industries and government assets on a large-scale.
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