TechAssure has announced a partnership with RiskAnalytics and ICE Cybersecurity to launch an exclusive cyber insurance option called The ShadowNet Program, a real-time, proactive cyber intelligence service.
Using RiskAnalytics’ proprietary cybersecurity solutions, and ICE Cybersecurity’s assessment and analytics platform, insureds can actively participate in a global network for cyber threat information-sharing and blocking of malicious IP addresses in real-time that promises to minimize ransomware exposure.
“Cyber insurance and cyber security have always been reactionary in their defense of cyber risk,” said Garrett Droege, executive director of TechAssure, an international nonprofit association of insurance and risk management experts for technology-related risks. “The ShadowNet Program allows clients to be proactive in minimizing 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, Droege added.
“For too long, companies have taken a reactive, ‘detect and respond’ approach to cybersecurity,” said Brian Branner, managing partner at RiskAnalytics. The ShadowNet Program helps companies avoid letting cyber criminals in their networks in the first place, he said.
The program also utilizes cyber-risk assessment and analytics tools from ICE Cybersecurity. ICE’s tools assess an organization’s attack surface and reports on vulnerabilities an attacker could exploit to introduce ransomware. ICE’s reports are used to help insureds 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.
“Companies should always be monitoring vulnerabilities, hunting threats, and managing attack surfaces,” said Ford Winslow, founder of ICE Security. “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, he said, maintaining that this proactive approach not only reduces ransomware risk, but also helps brokers and insureds negotiate for more favorable insurance terms and conditions.
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