DeNexus releases DeRISK 5.0 Platform
DeNexus has launched DeRISK 5.0 Platform, a new version of its evidence-based, data-driven cyber risk quantification and management tool that aims to help risk owners–industrial organisations, underwriters, reinsurers, and insurance-linked securities (ILS) investors–better understand, mitigate and transfer the risks associated with cyber breaches.
DeRISK 5.0 offers a “uniquely integrated” set of data from external sources and from the organisation’s internal OT (Operational Technology) infrastructure. This enables executives to make “reliably informed” cyber risk management decisions and allocate cyber resources more effectively, based on credible data. In addition, DeRISK 5.0’s new intuitive user interface makes it easy to extract actionable cyber risk insight.
“DeNexus represents the second generation of cyber modellers; using data from inside a client’s network contextualised with the underlying industrial process and the business layer gives specific insight about risk exposures and their management,” said Jose Seara, founder and chief executive officer of DeNexus.
“The second generation also understands the need for differentiation of type of cyber risk, whilst the first generation of cyber modellers was non-specific and took a ‘one size fits all’ approach.”
DeRISK goes inside the large industrial facilities leveraging telemetry to gather data. It calculates the facility owner’s financial exposure to cyber risk and provides them with risk mitigation strategies, using broadly implemented cyber security frameworks.
“This is a significant upgrade from our previous version as it’s designed to meet the needs of risk owners (the industrial enterprises) and risk assumers (insurance, reinsurance and ILS firms),” said Srikant Rachakonda, director of product management at DeNexus.
“It’s a veritable one-stop-shop for the Cyber Risk Lifecycle from quantification to mitigation to management and transfer, including a detailed bottom-up portfolio level risk accumulation engine.”
“Inside and Outside data accumulated in our DeNexus Knowledge Center over the last two years has enabled a superior calibration of the enhanced modelling system in DeRISK 5.0 to deliver credible cyber risk data to our clients,” said Mitesh Chauhan, Global VP Product Management at DeNexus.
“We can share that data in a secure and compliant manner through our proprietary DeNexus Trusted Ecosystem–a combination of data integrity, encryption and anonymisation tools, security standards and certifications, and trusted and certified infrastructure–to enable strict control over the dissemination of data,” he added.
EDF Renewables has been an early adopter of the DeRISK platform.
Jonathan Alexander, cybersecurity director at EDF Renewables North America, said the DeNexus software “acts as a bridge” between the cybersecurity team and the executive leadership group, as it allows him to quantify risk with defendable probabilities, event loss amounts, risk reduction metrics, and ROIs.
“My executive group can set its risk tolerance and the cybersecurity team can deliver the risk reduction remediation needed to hit that target,” he said.
