Security ratings transform how organisations evaluate cyber risk and implement innovative solutions for continuous monitoring.
GM Sectec, a global leader in cyber defence laser-focused on the payments space, and SecurityScorecard, the global leader in security ratings, announced a design partnership to accelerate the worldwide expansion and adoption of security ratings in more than 55 countries around the world.
The partnership with SecurityScorecard provides GM Sectec’s network of over 50,000 customers and end-users globally with instant visibility into the security posture of vendors and business partners and the capability to do self-assessments.
COVID-19 has resulted in the increased use of digital tools and data creation, as The World Bank estimates that annual total Internet traffic will have increased by 50 per cent from 2020 by year-end, reaching 4.8 zettabytes.
The issue highlights the interconnection of business and how increased digitisation has thrust the global population into a new trajectory of cyber threats and attacks. The recent rise in ransomware demonstrates the speed and scale of cyber risk compared to other insurable risks. In the past year, ransomware attacks increased by 150 per cent, with total ransoms paid up 311 per cent.
The dramatic rise in frequency and severity resulted in a record high loss ratio of 67 per cent for insurance carriers.
“Enhancing our existing alliance with SecurityScorecard, supports organisations anywhere in the world in hardening their security posture and achieving the adoption of secure technologies and practices,” said Héctor Guillermo Martínez, president of GM Sectec.
“Organisations need to understand their true cyber risk and be able to respond quickly and efficiently to strengthen their position.”
SecurityScorecard offers the market-leading platform for security ratings and is utilised globally by thousands of companies. The company’s strong growth has been accompanied by expanding use cases across vendor risk management, self-monitoring, board reporting, cybersecurity insurance underwriting, and M&A due diligence.
“Organisations look to SecurityScorecard to transform the way they understand, mitigate, and communicate cybersecurity risk,” said Aleksandr Yampolskiy, CEO and co-founder of SecurityScorecard. “Partnering with GM Sectec delivers value to organisations around the world by providing clearer visibility to their cyber postures and dramatically improving their ability to communicate, mitigate and respond to risks.”
