Zyber partners with Citalid to quantify Cyber Risk in minutes
US-based Zyber Insurance partners with Citalid, the leading European Cyber Risk Quantification platform, to enable CISOs, Risk Managers, and C-level executives to translate cyber risk into financial terms in minutes. Citalid’s CRQ Platform augments the FAIR methodology and goes beyond traditional CRQ solutions, leveraging Citalid’s unique Cyber Threat Intelligence and Artificial Intelligence simulations for accurate and automated estimation.
“This partnership with Zyber is a testament to our shared vision to push the boundaries of cyber risk management. It marks a significant milestone for Citalid, as we extend our industry-leading CRQ solutions to the U.S. market to meet the evolving demands of U.S. businesses in a rapidly changing regulatory environment” said Maxime Cartan, Co-Founder and CEO of Citalid.
Cyber Threats are evolving in frequency and complexity; organizations face increasing pressure to fortify their cybersecurity defenses. However, with finite resources and budget constraints, deciding where to allocate cybersecurity investments can take time and effort for Chief Information Security Officers. CISOs now have an extra challenge to communicate cyber risk in financial terms and discuss the risk tolerance with the board; a recent U.S. Securities and Exchange Commission (SEC) regulation now mandates that companies disclose significant cybersecurity incidents in 72 hours, demanding a new approach to Cyber risk management.
Open FAIRTM (Factor Analysis of Information Risk) is the golden standard methodology for decomposing Cyber risk into Loss Event frequency and magnitude. Leading consulting firms around the world and a significant number of risk Managers have adopted it. However, calculating it manually and with analysts’ subjective guesses has raised questions about whether the time and effort required to estimate the risk with FAIR would prove reasonable, and how easy to implement it would be.
“We have decided to partner with Citalid because they go beyond, having a unique Cyber Threat Intelligence to drive frequency estimations, automatically simulating the susceptibility of an attack with AI-based modeling and leveraging years of historical insurance claims enriched with their exclusive Bayesian algorithm to estimate the magnitude of losses. CISOs can have a preliminary calculation in minutes and then improve the accuracy with follow-up in-depth analysis based on FAIR,” said Amri Tarsis, Co-Founder and CEO of Zyber Insurance
The Importance of FAIR-based CRQ Platforms for Enterprises
Objective Risk Assessment: Advanced CRQ platforms offer a data-driven approach to estimating cyber risks. They use Cyber Threat Intelligence insights and historical data from insurance claims to provide an objective analysis beyond subjective judgments.
Estimation Accuracy: FAIR methodology decomposes the risk and leverages advanced statistical models like Monte Carlo, allowing more accurate estimation.
Regulatory Compliance: Under the new SEC regulations, companies must notify stakeholders promptly about significant cyber incidents. CRQ platforms facilitate compliance by offering real-time insights into the organization’s risk exposure and potential financial impacts, ensuring timely and accurate reporting.
Risk Prioritization: By quantifying the potential impact of various cyber threats, CRQ platforms enable organizations to prioritize their cybersecurity efforts effectively. This ensures that limited resources are allocated to areas with the highest risk.
Strategic Decision Making: CRQ platforms provide the Board of Directors with clear, quantifiable data on cyber risks. This empowers them to make informed decisions regarding the organization’s risk tolerance, cybersecurity investments, and the residual risk they need to transfer investing in Cyber Insurance.
About Citalid:
Citalid is a leading SaaS platform for Cyber Risk Quantification (CRQ). Recognized in the Gartner Hype Cycle and winner of the Zurich Innovation Championship, Citalid enables businesses and insurers to make informed decisions about cyber risk by translating dynamic data into actionable financial metrics. Citalid has strategic expertise in Cyber Threat Intelligence: its data lake fuels the model and automates most inputs, giving companies a better understanding of their risk environment and allowing them to improve their risk exposure with minimal effort. https://citalid.com/
About Zyber Insurance:
Zyber is a US-based Insurance Agency and Specialty Broker with expertise in Tech. It provides Business Insurance, Cyber Risk quantification, and technology advisory to Startups and Midsize enterprises. Learn more at https://www.zyberinsurance.com
Press Release Contact information
Zyber Insurance
Roberta Santini / roberta@zyberinsurance.com
Citalid
Marie Giesbert / Marie.giesbert@citalid.com
