CloudCover | December 27, 2021
The cybersecurity insurance market is in trouble, fueled by a rapid increase in cyber attacks – up 486% from the beginning of 2018 through the end of 2021, according to Aon. As a result, insurers have little choice but to raise rates and scrutinize policy terms and conditions, as there’s no historical data to set policies and premiums like traditional insurance products.
CloudCover, the company Reimagining CyberSecurity, is making strides to improve cyber safety by creating the first end-to-end cyber security technology and insurance platform. Today, the company announces the continued rollout of its suite of CloudCover insurance products with the launch of a new insurance offering: CloudCover Cyber Liability (CCCL) and Information Systems Business Interruption (ISBI) insurance. The release of the cybersecurity insurance coverage brings forward an entirely new market category: cybersecurity network and data insurance cover that utilizes the CC/B1 PlatformTM to obtain the data analytic set required to efficiently underwrite and set accurate premiums. CloudCover’s $1 Million Ransomware Warranty was launched in September 2021.
Through its CCCL insurance, CloudCover will issue a $1 million cover per occurrence and a $10 million aggregate policy. This insurance option covers:
First-party response costs, including any costs associated with the investigation and remediation of cybersecurity breaches, as well as payment for costs associated with notifying affected parties of the breach,
Third-party liability and regulatory costs, including any costs associated with the defense of lawsuits, regulatory fines, and penalties in addition to the costs associated with any judgements rendered from those activities, and
Cover for any ransom demanded by cyber criminals who have locked the insured company’s network or computer systems.
Similar to the CCCL coverage, CloudCover will also issue $1 million coverage per occurrence and a $10 million aggregate policy for its ISBI coverage. The insurance policy provides payment for lost revenue in the event that a Distributed Denial of Service (DDoS) attack disrupts or compromises the insured party’s network.
Both insurance covers are powered by CloudCover’s CC/B1 Platform, an advanced Intelligent Threat ManagementTM security solution. The CC/B1 relies on a patented AI/ML (automated intelligence/machine learning), X-NDR (extended network detection and response), SOAR (security, orchestration, automation and response) technology that empowers risk awareness, risk control, and risk transfer in near real time. The platform operates as a Firewall EverywhereTM, collecting data from all corners of an organization’s network, streamlining and utilizing machine learning to detect, analyze, and stop suspicious activity – all while using the collected network patterns with risk scoring and building actuarial models for incremental cybersecurity network insurance.
“This marriage of cybersecurity technology and cyber insurance represents the creation of a new market,No other security vendor is able to provide cybersecurity risk scoring, risk event mitigation and mediation, accurate identification and threat stopping, and cyber risk insurance underwriting and auto-adjudication for claims in one platform. Using cybersecurity technology to learn about a company’s network and utilizing that data to create more accurate premiums and better coverage gives our industry the opportunity to better control cybersecurity insurance losses in the future, as we’ll be able to detect threats and issue micro-policies in a fraction of a second.”
Stephen Cardot, founder and CEO of CloudCover
In the months ahead, CloudCover plans to debut the final product in its initial CyberSafety Insurance Coverage portfolio: Cybersecurity Network Data Insurance, which will be the first insurance policy to insure data in motion with both first- and third-party liability coverage. This insurance, which will launch in February 2022, makes it possible for organizations to insure and thereby value their intangible assets, i.e., data, just as they would other company assets – something that’s been long seen as impossible in the FASB/GAAP industry.
In order to purchase CloudCover’s insurance offerings, a company will need to have the CC/B1 Platform installed on its network in addition to completing CloudCover’s CyberSafety Registry.
CloudCover is an AI-driven, virtual machine-learning cybersecurity platform. CloudCover has reimagined cybersecurity as a risk-predictive CyberSafety Platform – delivering real-time extended network detection and response through a patented, math-based security orchestration automated response risk aware/control solution. The CloudCover SOAR capability accumulates data between an organization’s diverse security technologies and environments and streamlines them into holistic actions on potential risks. The CC/B1 Platform provides an ever-evolving, protective security layer to your existing cybersecurity tech stack – meaning network threats are detected in near zero-second speed with near zero-threat accuracy. With CloudCover, the elusive “single pane of orchestration” capability of an organization’s network security isn’t a myth – it’s reality.
Futurex | October 12, 2021
Futurex’s key management technology and Google Cloud EKM give customers more control over encryption keys to maximize data security, privacy, and compliance
BULVERDE, Texas, October 12, 2021 — Futurex, a leader in hardened, enterprise-class data security solutions, today announced support for Google Cloud External Key Manager (EKM), giving customers more control over encryption keys. Google Cloud EKM gives users full separation between their data and encryption keys, enabling users to create, store, and manage their encryption keys in a third-party key management service (KMS) — such as Futurex’s key management servers (KMES). Users can turn to Futurex KMES Series 3, a FIPS 140-2 Level 3-validated key management enterprise server, or Futurex's VirtuCrypt cloud service to handle all cryptographic key lifecycle management to maximize data security, privacy, and compliance.
“We continue to add security and flexibility for Google Cloud users, giving them full control of the location, distribution, and access of their externally-managed keys,” said Bahul Harikumar, Head of Infrastructure Security Partnerships at Google Cloud. “Google Cloud EKM and Futurex give users more security options and more control.”
Futurex’s robust key management platform is globally available and highly scalable, providing a versatile, external key service using fully-validated HSM and cloud technology. In addition to solutions for Google Cloud External Key Manager, Futurex’s KMES Series 3 offers:
Cloud key management
Public key infrastructure (PKI)
Certificate Authority (CA)
Integration with numerous 3rd-party applications and services
“Google Cloud’s commitment to encryption is evidenced by its support for external key management partners and we are thrilled to support Google Cloud EKM with our FIPS 140-2 Level 3-validated systems,” said Ryan Smith, vice president, global business development, at Futurex. “Futurex’s centralized encryption makes everything easier by fulfilling multiple key management use cases in a single platform.”
Futurex’s Google Cloud EKM can be deployed via Futurex on-premises key management servers, Futurex’s VirtuCrypt Cloud, or an on-premises/cloud hybrid. For more information on Futurex’s support for Google Cloud EKM, visit futurex.com. Google Cloud will be showcasing its Cloud EKM at its Google Cloud Next ‘21 conference, taking place October 12-14, 2021.
For more than 40 years, Futurex has been a trusted provider of hardened, enterprise-class data security solutions. More than 15,000 organizations worldwide, including financial services providers and corporate enterprises, have used Futurex’s innovative hardware security modules, key management servers, and enterprise-class cloud solutions to address their mission-critical systems, data security, and cryptographic needs. This includes the secure encryption, storage, transmission, and certification of sensitive data. For more information, please visit futurex.com.
ITC Secure | December 16, 2021
ITC Secure (ITC), a leading advisory-led cyber security services company and a Microsoft Gold cyber security partner, and Cassava Technologies, the pan-African technology leader, announced today that they have entered into a Joint Venture (JV) to build and launch an extensive portfolio of cyber security services, powered by Microsoft Azure cloud technologies in Africa.
Hardy Pemhiwa, the CEO of Cassava Technologies said: “Digital transformation in Africa is accelerating the adoption of cloud services which is creating an urgent need to better protect users and business-critical data. Cassava Technologies footprint covering more than 15 countries in Africa, we are well-positioned to meet the growing needs of businesses and individuals and expand access to cybersecurity and other digital services. We look forward to bringing ITC’s world-class cyber expertise, coupled with Microsoft’s industry-leading technology, to build Africa’s digital future.”
“The strategic partnership between ITC Secure and Cassava Technologies, as a pan-African technology leader, will bring Microsoft’s cutting-edge cloud security solutions to the African market to drive the growth of the technology sector and innovation across Africa.”
Andre Pienaar, the Chairman of ITC Secure
Admiral Mike Mullen, the Chairman of ITC Secure USA said: “The combination of ITC Secure and Cassava Technologies will help guide us to the future while addressing the growing needs of individuals and organisations in the African market for a secure digital world, built on the best solutions and delivered by the best experts.”
Replicating best practice of a leading UK SOC to build a cutting-edge SOC in Africa
ITC’s 24/7 Operations Centre, based in London, is at the forefront of delivering managed security services. As part of the JV, ITC and Cassava Technologies will build a state-of-the-art SOC in Africa. The centre will leverage Cassava Technologies’ in-depth knowledge of the African continent and ITC’s extensive experience in cybersecurity, to enable the rapid delivery of cyber services and operations on the continent.
Steering the future
ITC’s mission to ‘make the digital world a safer place to do business’ echoes Cassava Technologies’ vision of a digitally connected future that leaves no African behind. This JV addresses the growing need to ensure that individuals and organisations are safe and secure online and will further demonstrate how cyber security can be a business enabler, helping to drive growth and create jobs across Africa.
Facilitating knowledge transfer locally
The skills gap in the cyber security industry continues, with recruitment and retention an ongoing challenge. The JV will facilitate access to experts globally and close collaboration and knowledge transfer locally. This will enable faster on the ground response, the sharing of cyber security best practice and streamlined sharing of internal resource.
Extended portfolio of cyber security services
ITC’s integrated delivery model provides access to the best cyber security skills, technology, and governance. Encompassing a unified suite of solutions that start with an advisory-led approach, including Identity and Access Management capabilities and managed security services like Managed Detection and Response.
At the heart of ITC’s integrated delivery model is PULSE, an extended detection and response platform powered by Microsoft Sentinel, that integrates specialist knowledge and expertise.
ITC is a Microsoft Gold partner in Security and Cloud and a member of the Microsoft Intelligent Security Association. Organisations will gain access to a level of expertise recognised by Microsoft as the “highest, most consistent capability” – underpinned by a cohesive set of services that scale.
About ITC Secure
ITC Secure is an advisory-led cyber security services company.
We have a 25+ year track record of delivering business-critical services to over 300 blue-chip organisations - bringing together the best minds in security, a relentless focus on customer service and advanced technological expertise to help businesses succeed.
With our integrated delivery model, proprietary platform and customer-first mindset, we work as an extension of your team throughout your cyber journey and always think not only about you, but also your customers and the reputation of your brand.
ITC Secure a certified Great Place to Work® and is headquartered in London, UK. With a dynamic balance of the best in people, technology, and governance, we make cyber resilience your competitive advantage.
About Cassava Technologies
Cassava Technologies is a pan-African technology leader providing a vertically integrated ecosystem of digital solutions, designed to significantly accelerate connectivity and drive digital transformation across the African continent. Cassava Technologies creates the enabling digital infrastructure with cross-border fibre, renewable energy solutions, and a state-of-the-art network of data centres that provides access for millions to complementary digital services of Wi-Fi, Cloud, cybersecurity and fintech solutions. This ecosystem aims to transform the lives of individuals and businesses across the continent by enabling social mobility and economic prosperity.
Covail | December 23, 2021
Covail, a Columbus-based cybersecurity and digital optimization firm founded by Central Ohio’s largest companies, is being acquired by a leading Managed Detection and Response firm.
Covail announced today that it has agreed to be acquired by cybersecurity and managed detection and response (MDR) services provider GoSecure. The transaction is estimated to close in December 2021. Terms of the acquisition were not disclosed.
“Since our founding six years ago as the Columbus Collaboratory, our goal has been to find ways to leverage collaboration to deliver successful AI, cybersecurity and cloud-based software solutions to our Fortune 500 clients,With this acquisition by GoSecure, our clients will now have access to an even broader set of capabilities and expertise thanks to our ability to leverage GoSecure’s class-leading capabilities and solutions. This will also help to further accelerate market penetration for our leading-edge security products and AI capabilities.”
Covail CEO Matt Wald
Covail, as Columbus Collaboratory, was born out of the aspiration of seven of the largest companies in central Ohio – American Electric Power (AEP), Battelle, Cardinal Health, Huntington Bank, L Brands (now Bath & Body Works), Nationwide, and OhioHealth – in partnership with One Columbus. The goal of the endeavor was to solve common automation, AI, and cybersecurity challenges across multiple industries. “The diversity and maturity of these founding companies made Covail the innovative, value-driven, solutions partner that it is today”, said Michael Krouse, SVP of Strategy and Transformation at Ohio Health and Chairman of the Covail Board. “Covail accelerated the cybersecurity and AI capabilities of the founding companies, upskilled critical tech talent for the region, and built a high-growth company that contributed to our region’s economic growth engine. It’s exciting to be able to leverage this strategic relationship to secure Columbus as the Midwest’s premier cybersecurity hub.”
Through its ecosystem of collaborators and commercial partners, Covail’s technology teams executed over 1,000 engagements and collaboration sessions that solved complex business challenges using machine learning and the latest cyber defense practices. The firm’s work attracted top technology talent to the region, Wald said, and led to the development of software products that enabled advanced cyber threat detection and continuous risk management.
GoSecure is a recognized cybersecurity leader and innovator. The company is the first and only to integrate endpoint, network and email threat detection into a single Managed Detection and Response (MDR) service.
GoSecure plans to leverage Covail’s talent, proprietary technology, and client relationships to build a regional presence in Central Ohio that will help accelerate its momentum in the US market. GoSecure’s access to technology talent and partnerships made Columbus an attractive, economically viable location for a cybersecurity hub, Wald said.
Wald said partnership with the original companies in the Covail firm will continue, along with an expansion to additional businesses with the goal of making Central Ohio a major U.S. cybersecurity operations center.
Covail™ is a trusted solutions partner, enabling organizations to optimize through Intelligent Operations solutions that lower total risk and cost for key business functions, equipping them to transform from a position of strength. Since 2015, Covail’s experts in Cybersecurity, Artificial Intelligence (AI), and Automation have been delivering business results for leading Fortune 500 companies across industries. Trustworthy, Intelligent Operations. Accelerated. Learn more at covail.com.
GoSecure is a recognized cybersecurity leader and innovator, pioneering the integration of endpoint, network, and email threat detection into a single Managed Detection and Response service. The GoSecure TitanTM platform delivers predictive multi-vector detection, prevention, and response to counter modern cyber threats. Titan MDR offers a detection to mitigation speed of less than 15 minutes, delivering rapid response and active mitigation services that directly touch the customers’ network and endpoints. For over 10 years, GoSecure has been helping customers better understand their security gaps and improve their organizational risk and security maturity through MDR and Advisory Services solutions delivered by one of the most trusted, skilled and experienced teams in the industry.