“Cyber insurance and cyber security have always been reactionary in their defense of cyber risk,” said TechAssure Executive Director, Garrett Droege. “The ShadowNet Program allows clients to take a proactive approach to minimize ransomware risk by blocking specific IP addresses and improving their overall security posture. As the cyber market hardens, companies that are not proactively managing cyber risk will be unable to locate cost effective coverage and, in many cases, will be unable to secure coverage entirely.”
With decades of cybersecurity experience in the insurance vertical, RiskAnalytics has weaponized threat intelligence to allow companies to “join the fight against Ransomware.” Managing Partner Brian Branner adds, “For too long, companies have taken a reactive, ‘detect and respond’ approach to cybersecurity. The ShadowNet Program is a real-time, proactive cyber intelligence solution that helps companies avoid letting cyber criminals in their networks in the first place.”
The program also utilizes a host of cyber-risk assessment and analytics tools from ICE Cybersecurity. ICE’s tools assess your organization’s attack surface and reports on vulnerabilities an attacker could exploit to introduce ransomware. ICE’s reports are used to help the Insured improve their security posture and better protect their brand and reputation and provide a basis for their insurance broker to advocate for better cyber-insurance coverage. “Proactive management of your company’s cybersecurity posture is critical to preventing ransomware. Companies should always be monitoring vulnerabilities, hunting threats, and managing attack surfaces. Unfortunately, for many companies, the first time they learn about their cybersecurity posture is when their insurance company scans their network during the insurance procurement process. At that point, the insured has lost the opportunity to fix any found vulnerabilities and help their broker position them as a best-in-class risk before they go to market for a quote. A proactive approach not only reduces ransomware risk, but helps brokers and insureds negotiate for more favorable insurance terms and conditions.” Said Ford Winslow, Founder of ICE Security.
MORE ABOUT TECHASSURE
Established in 2000, TechAssure is a unique consortium of risk management experts serving innovative industries, such as technology, telecommunications, life sciences, clean tech, as well as the venture capital and private equity firms that fund them. Comprised of over 35 specialist firms located in technology hubs across the world, TechAssure members collectively serve over 5,000 clients and represent over $10 Billion in premium volume. The association also produces a proprietary annual benchmarking report for the industries it serves.