Cytegic

The Cyber Security Companies to Watch 2020 Trusted Most

Creating a Benchmark in Cyber Insurance Management

Security is not just a technological issue, it is a financial issue in current asymmetric world. An attack may cost a fraction of the defenses, so putting your funds and people where it matters is imperative. Working with external vendors and consulting firms to assess cyber risk and security is extremely expensive, long, and probably obsolete the day you received the report. Cytegic’s ACRO enables business executives to make the financial decision between risk reduction by investments in defenses and/or risk hedging with cyber insurance. The company’s patented, scientific approach provides digital-related risk oversight across the organization.

An interview conducted between Insights Success, and Elon Kaplan- Chief Executive Officer, allows organizations to automatically collect, process and analyze the widest range of security control data.

Below are its highlights:

What led to the inception of the company?

As we began to witness the move towards quantitative risk analysis to shift the conversation from a purely technical one to that of business risk in traditional enterprise risk management, we knew that we wanted to be part of solving this highly challenging task. Through Cyber Risk Quantification, using hard data, business executives and CISOs to answer their board of directors’ questions about the effectiveness of their cybersecurity program with confidence, make better decisions about budgets & technology investments and assist in meeting regulatory requirements. It’s the pillar of achieving business & ecosystem resilience, and we see ourselves as a critical player in bringing cyber risk quantification to businesses of all sizes in all industries.

32 | January 2020 Could you throw some light on your mission and vision statement? At Cytegic, we believe that companies are constantly measuring the performance of investments in current and proposed business activities. Good managers look at the upside revenue potential as well as known and unknown obstacles they may face. In recent years, cyber financial risks have become significant enough to be factored into overall business strategy. Cytegic strives to become the premier partner in helping organizations solve the highly challenging task of quantifying their cyber risk.

Describe your company and its cutting-edge cybersecurity solutions that address all the needs of your customers. Cytegic’s automated technology introduces Rapid Cyber Risk Quantification to the market to solve the complex challenges in obtaining quantified, contextual, and validated data needed to accurately assess & manage cyber risk with ease and visibility. Due to intensive labor and capital resources with scarce technical expertise, most companies often fail to identify all of the possible risk scenarios against each of their organizational assets. As a result, many organizations have a weak grasp of what their cyber risk means to the business and how they can optimize their security budget between risk mitigation vs. risk transfer. Cytegic’s platform immediately provides companies of all sizes with actionable insights into their financial risk exposure, the risk to each organizational asset, and the critical controls the insured can remediate to lower the financial impact of their cyber risk.

Further, the biggest challenge for organizations is not technical, it’s organizational. Traditional, siloed and manual assessments in cumbersome Excel documents constrain resources and are not effective for understanding risk across industry standards and regulations. This, unfortunately,

With 4 US Granted Patents, Cytegic's innovative, mature cyber risk platform introduces Rapid Cyber Risk Quantification as industry's first, end-to-end solution automating cyber risk management and quantifying its financial impact across the entire cyber risk value chain. “

shifts the focus to a more defensive approach in complying with regulations instead of determining actionable insights needed to enhance cyber maturity. Within the same platform and assessment, Cytegic’s Rapid Cyber Risk Quantification enables organizations to dynamically view their risk through the lens of ISO 27001K, NIST CSF, NIST 800-53, HIPAA, GDPR, PCI DSS, NY DFS 500 and more with the immediate reporting capabilities.

What technologies are you leveraging to make your solutions resourceful? When evaluating an enterprise to determine cyber financial risk, Acro ingests several internal and external data/intelligence to calculate a specific company’s cyber risk exposure. Primary sources include contextual strategic environmental intelligence (based on its location, sector, and business assets), and the company’s defensive posture by collecting internal control maturity scores (analyzed by the system). The risk methodology leverages known industry good practices such as ISO27005, Intel TARA, FAIR as well as Cytegic’s patented methodology, to derive the specific cyber risk financial impact per business asset then aggregating for total company quantification.

About the Leader Elon Kaplan is the Founder and CEO of Cytegic, a cuttingedge cyber-risk quantification solution predicated on the idea that enterprise risk is a combination of four key elements: people, process, technology & the complex, inherent risk that every organization faces with respect to its customer, and supplier ecosystems. This philosophy forms the foundation of ACRO (Automated Cyber Risk Officer), the SaaS-based platform specifically designed to keep up with the rapidly changing digital world & provide executive decision-makers, insurers, and business advisers with a financial representation of cyber risks. Elon brings the combined expertise of a serial entrepreneur and scientist. As

www.insightssuccess.com Elon Kaplan CEO Cytegic a business leader, he excels at building exceptional teams & driving innovative breakthroughs. As an applied behavioral scientist, he is trained in specific modeling and statistical methodologies, specializing in digesting very complex baseline information to predict critical outcomes.

How are you contributing to the evolution of the cybersecurity industry? The security industry is currently amidst a shift from cybersecurity to cyber risk management, and more so, towards business and ecosystem resilience – that is, the ability to recover from a bad event. At the core of optimizing cyber risk management and achieving business, resilience is cyber risk quantification. Cyber risk quantification translates this complex risk into a common language understood by both technicians and business executives, sitting at the core of all strategic cyber decisions. Cytegic is advancing this forward by automating the tedious processes often required for a cyber risk quantification exercise and making it scalable and accessible to companies of all sizes, often through the cyber insurance process. As a lot of the work we are doing these days is with global insurance companies leveraging our platform to displace the traditional paper-based applications, offering significant transparency for the insurance community and their insureds. We’re shifting the industry forward as the market has started to harden with more demands from the insured’s regarding their cyber posture.