Companies Apply Risk Modeling and Proprietary Data for Cyber Security Risk Reduction and Return-on-Investment (ROI); End Result is Increased Confidence in Cyber Risk Insurance Coverage, Reduced Costs
Waterloo, ON (Oct. 7, 2021) – eSentire, recognized globally as the Authority in Managed Detection and Response (MDR), and Guidewire Software, Inc. have announced that eSentire is leveraging Guidewire Cyence’s market-leading, internet-scale cyber data listening and modeling capabilities to support in financially quantifying and reducing cyber risk.
“Cyber threats pose one of the greatest risks to businesses today, yet it is becoming increasingly harder to identify and protect against those risks – and secure insurance coverage,” said eSentire Chief Technology Officer Dustin Hillard. “The combination of eSentire and Guidewire Cyence technologies and expertise fill a significant gap to help businesses assess, design, and implement cyber risk solutions – and quantify their security ROI and risk reduction.”
eSentire’s technical cybersecurity expertise in 24/7 threat detection and response to real-time and zero-day threats, combined with Guidewire’s strengths in economic modeling, will enable cybersecurity leaders to tie the efficacy of their security spends to security program return-on-investment.
The eSentire Atlas XDR platform, ingesting data from over 1,000 customers across 70 countries worldwide, automatically blocks more than 1 billion threats per year and learns from more than 2 million rapid, human-led investigations per year, yielding a significant proprietary data set that maps internal risk factors to security outcomes. Guidewire’s cyber risk modeling and scoring data for more than 600,000 businesses is now integrated with eSentire’s asset risk scoring, providing security recommendations through eSentire’s Insight Portal:
Business Risk Scoring: eSentire customers now have access to Guidewire’s Cyence Risk Rating within the eSentire Insight portal. This business risk rating predicts the probability of a public data breach in the next 12 months. Each business risk rating is contextualized based on industry, size, and revenue band in comparison to its segment peers.
Asset Risk Scoring: eSentire customers will benefit from eSentire’s own artificial intelligence risk models learned from targeted attacks defended across its global customer base to determine the probability of an internal security incident originating at the asset level over the next three months. eSentire leverages these insights to make proactive security recommendations on how to reduce each customer organization’s risk.
In March 2021, The Royal United Services Institute reported that despite ransomware being the leading claim source for cyber insurers, many organizations are not approved due to open internet access, primarily through open Remote Desktop Protocols (RDP). Through their work together, eSentire and Guidewire have identified and remediated several open RDP scenarios, thereby reducing risk and enabling the organizations to improve their cyber insurance risk profile. In fact, eSentire and Guidewire have developed preferred cybersecurity insurance relationships with Guidewire customers that deliver improved deductibles and expansive coverage for eSentire customers.
Hillard added, “eSentire customers now have the opportunity to engage with an expert Cyber Risk Advisor to build a proactive security plan tailored to reducing risk in their environment while considering business- and asset-specific insights,” says eSentire Chief Technology Officer Dustin Hillard. “As a result of our work together, we earn the confidence of the insurance market and our customers get improved cyber risk insurance pricing and policy coverage.”
“We are thrilled to join eSentire in making tangible, transparent, and quantifiable cyber risk reduction a reality for businesses worldwide,” says Guidewire Chief Innovation Officer Paul Mang. “We are committed to helping organizations manage the economic volatility associated with cyber threats, both through the efficient use of risk transfer insurance solutions and through proactive risk management actions.”
This exciting innovation in cyber risk quantification has been complemented by the introduction of eSentire’s Cyber Risk Advisor program as part of the firm’s overall customer success engagement model. These advisors are security practitioners with consultative and solutions architecture experience, who act as an extension of the customer’s cybersecurity team, demonstrating a clear understanding of each organization’s business objectives and security priorities. The Cyber Risk Advisor supports customers with infrastructure assessments, regular service reviews, and interprets risk scoring metrics to develop a tailored risk reduction roadmap with recommendations that prioritize risk mitigation. These recommendations are based on the insights driven from eSentire’s 24/7 Security Operations Center, Threat Response Unit (TRU), and the new Guidewire Cyence Risk Rating integration.
1. Royal United Services Institute (RUSI), Ransomware: A Perfect Storm (Mar. 2021).
eSentire, Inc., the Authority in Managed Detection and Response, protecting the critical data and applications of 1000+ organizations in 70+ countries from known and unknown cyber threats. Founded in 2001, the company’s mission is to hunt, investigate and stop cyber threats before they become business-disrupting events. Combining cutting-edge machine learning XDR technology, 24/7 Threat Hunting, and proven security operations leadership, eSentire mitigates business risk and enables security at scale. The Team eSentire difference means enterprises are protected by the best in the business with a named Cyber Risk Advisor, 24/7 access to SOC Cyber Analytics & Elite Threat Hunters, and industry-leading threat intelligence research from eSentire’s Threat Response Unit (TRU). eSentire provides Managed Risk, Managed Detection and Response and Incident Response Services. For more information, please visit www.esentire.com.
Guidewire (NYSE: GWRE) is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from new ventures to the largest and most complex in the world, run on Guidewire. As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation. For more information, please visit www.guidewire.com.
Source: Guidewire Software, Inc.Tags: cyber risk, Guidewire