RedShield to offer its clients a market leading insurance-cyber security solution
Website shielding and cyber security company RedShield, will now be providing their clients with a market leading cyber risk mitigation solution. The insurance and risk management service will be specifically available for companies that have RedShield's website and application defense service.
Key features of the RedShield service include:
- Performs a high-level cyber risk gap analysis on the organization against industry best practice
- Provides recommendations on any further risk discovery, any appropriate risk remediation controls and policy pre-requisites
- Company is required to place their applications behind RedShield's application shielding services, where:
- Generic or custom shields are developed, applied and tuned to mitigate all detected vulnerabilities.
RedShield's team of analysts, engineers, developers, ethical hackers and systems actively defend 24/7
By defining and mitigating identified technical risks, Marsh and Delta are able to optimize the required insurance coverage for the customer.
Andy Prow, CEO and Founder of RedShield, says: 'Digital crime and intellectual property theft currently costs between $375b to $575b per year, which eclipses the annual GDP of most nations.
This initiative is aimed at guiding New Zealand companies in taking the right steps to prepare, defend and recover from the increasing risk of cyber-attack. These attacks are estimated to have cost local companies over $625 million in the last 4 years, and forecast by the Government Communications Security Bureau (GCSB) to increase by 60% annually. Recent breach analysis has shown that web application security flaws are commonly used as a point of entry.
In developing this offering to their clients, RedShield has worked closely with Marsh, a global leader in insurance broking and risk management, and, Delta Insurance. This collaboration allows for these gaps in cyber risk control to be effectively managed through cyber security and insurance. Marsh has been actively raising awareness of cyber risk and implementing facilities such as their global online questionnaire Cyber Risk Self-Assessment Tool, to broadly determine the relevance of a cyber-event on an organization.
'It is important for clients to understand that insurance is not the only step in solving this issue, and that security technology also does not guarantee complete protection. This collaboration provides our clients with well-rounded advice on cyber risk,' says Marsh New Zealand Head of Specialties Frederic Boles.
Cyber insurance underwriters and reinsurers have become more concerned about an increasing trend to outsource cyber risk management controls and functions, and are now requiring deeper disclosure of the controls that organizations have in place. Ian Pollard, Managing Director of Delta Insurance says with the increasing number and sophistication of cyber attacks in recent years, there is a growing demand for cyber insurance policies.
'Traditionally the approach to cyber insurance has been fairly broad brush; policy exclusions and duty of care were lightly and inconsistently defined. 'A better, more detailed understanding of a client's security and cyber environment provides the opportunity to tailor insurance cover to manage the cyber risk a company could be exposed to, as well as potentially reducing the cost of cover,' he says.
Ian Pollard says: 'If we can provide more information to organizations on where we can help control cyber security risk, the outcome is a more tailored cyber insurance solution'.
Developed in 2009, RedShield is the world's first Cloud Solution to target complete vulnerability mitigation without touching customer source code. Focused on mitigation vulnerability findings, as opposed to building generic defenses, RedShield's Software With a Service solution has networks and customers spanning New Zealand, Australia, Europe and the United States. We protect thousands of of high-profile public and private sector web applications from cyber security threats and data breaches, whilst extending the life of their current applications and allowing them to meet new application launch dates and pass audits.
About Marsh New Zealand
Marsh is a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh's approximate 30,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. With 60,000 employees worldwide and annual revenue exceeding $13 billion, Marsh & McLennan companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @MarshGlobal, or on LinkedIn, Facebook and YouTube.
About Delta Insurance
Delta Insurance is proud to be the only locally owned and operated specialist liability underwriting agency in New Zealand. We provide comprehensive insurance coverage solutions with a range of liability products in both the financial lines and casualty insurance sectors. Delta Insurance, especially offers New Zealand's most comprehensive cyber insurance solution. Delta Insurance accesses capacity via Lloyd's of London as a Lloyd's Coverholder. As a local Kiwi company, we want to be a change leader in the local industry. Embrace Change!