DATA SECURITY

GM Sectec and SecurityScorecard Bolster Design Partnership

SecurityScorecard | March 17, 2022

SecurityScorecard
SecurityScorecard, the leader in security ratings, and GM Sectec, a leader in cyber protection laser-focused on the payments industry, today announced a design partnership to expedite the global growth and acceptance of security ratings in more than 55 countries across the globe.

GM Sectec's network of over 50,000 clients and end users across the world now has quick insight into the security posture of suppliers and business partners, as well as the capacity to conduct self-assessments, thanks to the relationship with SecurityScorecard.

COVID-19 has contributed in greater usage of digital tools and data generation, with the World Bank estimating that by the end of the year, yearly total Internet traffic will have climbed by 50% from 2020, reaching 4.8 zettabytes. The article emphasizes how businesses are more interconnected, as well as how rising digitalization has pushed the global population onto a new path of cyber dangers and assaults. In comparison to other insurable risks, the rapid increase in ransomware highlights the speed and scope of cyber risk. Ransomware attacks have climbed by 150% in the last year, with total ransoms paid up by 311% 2. Insurance providers had a record high loss ratio of 67% 3 as a result of the huge increase in frequency and severity.

"Enhancing our existing alliance with SecurityScorecard, supports organizations anywhere in the world in hardening their security posture and achieving the adoption of secure technologies and practices. Organizations need to understand their true cyber risk and be able to respond quickly and efficiently to strengthen their position."

Héctor Guillermo Martínez, president of GM Sectec

SecurityScorecard is the industry's top platform for security evaluations, with thousands of firms using it throughout the world. Vendor risk management, self-monitoring, board reporting, cybersecurity insurance underwriting, and M&A due diligence have all seen increased use cases as the firm has grown.

Aleksandr Yampolskiy, CEO and co-founder of SecurityScorecard said that "Organizations look to SecurityScorecard to transform the way they understand, mitigate, and communicate cybersecurity risk. Partnering with GM Sectec delivers value to organizations around the world by providing clearer visibility to their cyber postures and dramatically improving their ability to communicate, mitigate and respond to risks."

GM Sectec has over 50,000 clients and users throughout the globe, as well as four Critical Incident Response and Replication Centers (CIRRCs), three in the US and one in Mexico, that provide managed detection and security services to its customers 24 hours a day, seven days a week, 365 days a year. SOC 2 Type 2 Service Organization, TMA Certified, authorized to use CERT, PCI Qualified Security Assessor, PCI Approved Scanning Vendor, PCI Point-to-Point-Encryption (P2PE), PCI PIN, PCI PFI, UL Listed, Visa Preferred Partner in Cybersecurity, and FIRST Incident Response team member are just a few of the certifications the company has received.

Spotlight

Despite headline-grabbing data breaches that have proven costly to organizations in many sectors, the purchase of cyberinsurance to cover potential costs remains relatively rare. Cyber-insurance policies vary widely, but they often cover notification expenses, credit-monitoring services, and, in many cases, legal defense costs and even government penalties. “Cyber-insurance is viewed as much more of a discretionary purchase, and risk managers really have to be educated on the need to purchase the coverage and what the coverage actually provides,” says David Bradford, who published a 2012 survey that addresses cyber-insurance for RIMS, the risk information management society.

Spotlight

Despite headline-grabbing data breaches that have proven costly to organizations in many sectors, the purchase of cyberinsurance to cover potential costs remains relatively rare. Cyber-insurance policies vary widely, but they often cover notification expenses, credit-monitoring services, and, in many cases, legal defense costs and even government penalties. “Cyber-insurance is viewed as much more of a discretionary purchase, and risk managers really have to be educated on the need to purchase the coverage and what the coverage actually provides,” says David Bradford, who published a 2012 survey that addresses cyber-insurance for RIMS, the risk information management society.

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