Category Archives: Advisory

Filippo Passerini, Former CIO of Procter & Gamble, Joins Cyberwrite’s Advisory Board

  • imgWed, 16 Dec 2020
  • imgCyberwrite
Filippo Passerini - Cyberwrite

The move powers the company’s global expansion into the supply chain and vendor risk management market offering corporations the ability to calculate their tailored financial cyber exposure to 3rd party relationships.

December 16, 2020 09:00 AM Eastern Standard Time

NEW YORK–(BUSINESS WIRE)–Filippo Passerini, former CIO and President of Global Business Services at P&G, joins the cyber risk modeling firm’s Advisory Board, supporting the company’s global expansion into the supply chain and vendor risk management market.

“Filippo brings decades of experience in IT, data science, innovation, and corporate risk management.”Tweet this

Passerini has over 35 years of IT management experience, and currently serves on the board of multiple traded companies including United Rentals and Integer. At Procter & Gamble, Passerini powered the Global Business Services of the consumer goods giant with innovative models and capabilities. His strategies, principles and ideas have been the subject of numerous books, articles, and Harvard Business Review publications.

“I have been following Cyberwrite’s evolution for some time, and I am excited to support this team of innovators. As a CIO, I have seen first-hand the challenges organizations are facing with cyber risk and the impact it has on business. This platform is a game-changer that enables organizations to assess vendor risks in financial terms, not just scores,” said Passerini.

“We are thrilled to have a top executive of such magnitude joining Cyberwrite,” said Nir Perry, CEO of Cyberwrite. “Filippo brings decades of experience in IT, data science, innovation, and corporate risk management.”

“Many companies struggle with quantifying cyber risk caused by 3rd party relationships due to the use of generic risk scores. This is further compounded by the fact that the same vendor may pose a different risk to different organizations but is scored the same by security risk scoring companies. Using Cyberwrite, companies can quantify risk in financial terms they can understand and act upon, as well as getting a tailored risk analysis for each 3rd party relationship. Generic security scores leave organizations in the dark with regard to business impact and Cyberwrite solves exactly that. Insurance companies have been using our award-winning financial risk models for several years worldwide. We have now made these models available to corporates to enable better 3rd party risk management,” says Perry.

Cyberwrite’s solution enables risk managers to make sense of an immense amount of data related to 3rd parties in an automated manner and to sort the risk according to potential financial damage that may be caused to its operations. The platform is intuitive to use, requires zero-integration, and provides risk benchmarking based on both external and internal data, as well as inherent and residual financial risk analysis of companies worldwide.

About Cyberwrite

Cyberwrite provides cyber risk quantification solutions for corporates worldwide. In 2020, Cyberwrite was awarded the most innovative cyber risk modeling firm by Frost and Sullivan and was named a Gartner Cool Vendor in 2018. Cyberwrite’s technology is also used by multiple insurance companies to underwrite the impact and potential financial damage of cyber-attacks on businesses of all sizes. The platform is available in multiple languages.

Cyberwrite Awarded Most Innovative Cyber Risk Modeling Technology Firm by Frost & Sullivan.

  • imgTue, 18 Aug 2020
  • imgCyberwrite
Cyberwrite Awarded Most Innovative Cyber Risk Modeling Technology Firm by Frost & Sullivan.

Cyberwrite’s predictive analytics algorithms calculate the likelihood of a cyberattack specific to the company and predicts the type and amount of financial losses resulting from a cyberattack.

ANTA CLARA, Calif., Aug. 18, 2020 /PRNewswire/ — Based on its recent analysis of the global cyber risk modeling market, Frost & Sullivan recognizes Cyberwrite with the 2020 Global Technology Innovation Leadership Award for its real-time, on-demand Cyber Risk Quantification & Mitigation Platform. The company’s proprietary machine learning (ML)-based algorithms and actuarial science-powered solutions enable real-time and on-demand cyber risk analysis and financial impact assessment using advanced algorithms and a simple-to-understand reporting system suitable for businesses of any size. Cyberwrite’s software-as-a-service (SaaS) solution assesses cyber threats and exposure to first- and third-party cyber risks while proactively enabling data-driven decisions regarding cybersecurity improvements. The technology supports the cyber profiling of businesses of all sizes, including small- and medium-sized businesses (SMBs) and micro-companies.

Cyberwrite

“In addition to customer-specific data which is monitored and collected in real time, Cyberwrite’s risk models also consider the external and inherent risk factors of a company, including its geography, sector, and operational risks, enabling an analysis of the actual risks posed to the company, not just technical-driven risks offered by legacy cyber risk solutions. Even if a company is not in the pool of companies Cyberwrite has already profiled, it can be added within minutes by any non-technical user, and a simple-to-understand report, including projected financial damages and risk scores, is delivered in real time. It is one of the few solutions that can also profile micro-companies and provide them with a financial loss estimation, even if a company does not have an online presence,” said Vinay Venkatesan, Program Manager at Frost & Sullivan. “Furthermore, as Cyberwrite’s ML technology can include new and updated risk scenarios, its platform remains accurate and relevant over time as cyber risks continue to evolve.

Cyberwrite’s solution automatically collects data from the Internet related to attack surface, the dark web, and proprietary cyber risk and digital risk-based data related to each entity, which is used as classifiers in its exclusive ML models and translated into benchmarked risk scores to similar industry peers, providing visibility of the company’s risk levels for each risk type. In addition, Cyberwrite utilizes data related to historical cyber damages and current regulatory fines and risks that organizations have to manage to construct a comprehensive cyber risk benchmarking report used for use cases, such as cyber insurance, supply chain vendor risk management, and financial analysis of cyber risks for companies of any size.

The multi-lingual platform available in five languages is used worldwide by corporations and insurance companies to assess cyber risks posed to their clients. Multiple insurance firms utilize Cyberwrite’s platform and application programming interfaces (APIs) to underwrite cyber insurance policies for SMBs and corporations in real time and to enable their agents and brokers to explain financial risks to customers for engagement purposes in a simple manner. Moreover, the platform is used for managing aggregated risks on different books of business. By assessing and scoring risks using the advanced algorithms verified by the insurance industry, the solution now enables corporations requiring a third-party vendor risk analysis to understand their exposure to both financial and technical cyber risks.

“As a company operating in an emerging market, Cyberwrite understands the challenges in gaining customers’ trust while providing accurate and actionable data on an ever-evolving environment,” noted Venkatesan. “With its innovative, unique technology-driven solutions, it allows clients to identify financial risks, mitigate those risks in an actionable manner, and understand the potential impact of a cyber incident and budget remediation actions.”

Each year, Frost & Sullivan presents this award to the company that develops a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.

Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Contact:
Kristen Moore
P: 210.247.3823
E: kristen.moore@frost.com

About Cyberwrite
Since 2017 Cyberwrite’s AI solution have enabled corporations worldwide to assess and quantify the probability and financial impact of cyberattacks. The company was founded by cyber security and insurance industry veterans and is backed by VC firms SpeedInvest, Plug&Play and 500startups. Cyberwrite has offices in New York and in Tel Aviv, Israel.  For more information visit www.cyberwrite.com.

SOURCE Frost & Sullivan


Cyberwrite Awarded Most Innovative Cyber Risk Modeling Technology Firm by Frost & Sullivan.

Get your report copy


* These fields are required.

By submitting this form you confirm that you agree to the storing and processing of your personal data by Conga as described in our Terms and Conditions

Cyberwrite Research for Mastercard Shows: Cyber-Attacks on Israeli Local Municipalities May Lead to an Aggregated 4.5B ILS in Damages

  • imgThu, 27 Feb 2020
  • imgCyberwrite

Cyberwrite Research for Mastercard Shows: Cyber-Attacks on Israeli Local Municipalities May Lead to an Aggregated 4.5B ILS in Damages

February 26, 2020 09:00 AM Eastern Standard Time

StartPath Cyberwrite

TEL AVIV, Israel–(BUSINESS WIRE)–Cyberwrite, in collaboration with Mastercard, shared insights from a recent cyber-risk financial impact research which reveals that cyber-attacks on local municipalities and regional councils in Israel may lead to aggregated damages estimated in 4.5 billion New Israeli Shekels.

Cyberwrite research for Mastercard shows that cyber-attacks on Israeli local municipalities may lead to an aggregated 4.5B ILS in damagesTweet this

Cyberwrite, a leading cyber risk modeling firm which is specialized in the quantification of financial damages caused by cyber-attacks, has utilized its technology to collect open-source intelligence and model the cyber risk municipalities are exposed to using its proprietary AI algorithms. Cyberwrite has recently been selected to participate in the Start Path, Mastercard’s award-winning startup engagement program and is providing its technology to businesses worldwide. The company’s solutions and technology are simple to use and involve zero-integration.

As part of this collaboration, Cyberwrite generated cyber-risk reports for 251 local municipalities and regional councils in Israel which include risk benchmarking and financial damage estimation for different risk types. The study found that 5 of Israel’s largest cities are exposed to potential aggregated damages valued at 650M ILS. The financial damages stem mainly from risks such as theft of residents’ information, loss of information records, digital theft, disabling public services and more.

The study also found that user login credentials of Israeli local municipalities’ employees and contractors were commonly found on the dark web. Municipalities are the first on the list with an average of 17 stolen user credentials, while regional councils had an average of 11 credentials found online.

Nir Perry, Cyberwrite’s CEO, mentioned that: “Municipalities in the United States and Europe are subject to constant cyber threats. In the first nine months of 2019, over 600 successful cyber-attacks on municipalities and urban authorities in the United States were identified. This is a global trend that is likely to affect municipalities world-wide and the privacy of their citizens alike. Many municipalities are also purchasing cyber insurance policies to cover some of the damages in case of a cyber incident.”

Omer Unger, Mastercard’s Israel manager, said: “Mastercard is expanding its cyber services to provide its global customers with the best and most innovative services. This is achieved by collaborating with Israeli Cyber companies, by the global acquisition of cyber companies, and through the establishment of cyber centers around the world, such as The Cyber Centre in Vancouver, Canada, which was announced by Mastercard in collaboration with the Canadian Government during last week’s World Economic Forum.”

About Cyberwrite

Founded in 2017 by cyber risk and insurance industry veterans, Cyberwrite is a leading technology provider enabling businesses world-wide to quantify their financial exposure to cyber risk using proprietary AI algorithms. Using the Cyberwrite solution, companies can predict their potential financial exposure to cyber-attacks and benchmark it to industry peers. Cyberwrite is backed by Austrian VC firm Speedinvest as well as by Silicon Valley based 500 Startups and Plug & Play Ventures. The company has offices in the US and Israel. Visit Cyberwrite at www.cyberwrite.com.

About Mastercard

Mastercard (NYSE:MA), www.mastercard.com, is a technology company in the global payments industry. Its global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow Mastercard on Twitter @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

Garrett Koehn, Group President at CRC Insurance joins Cyberwrite’s Advisory Board

  • imgThu, 13 Jul 2017
  • imgCyberwrite
Garrett Koehn

Mr. Koehn is advising CyberWrite’s leadership on different aspects of Cyber Insurance trends and challenges and InsurTech innovation. He have more than 20 years of complex commercial insurance experience in senior executive positions.

Garrett Koehn

Mr. Koehn was also a partner in 4 successful buy/sell private equity transactions and is a frequent speaker on innovation in Insurtech and Cyber Insurance in particular.