Page 198 - Cyber Defense eMagazine July 2024

Simply put: Do you know how much sensitive information you have and how much it would cost if it were
found outside your custody? Riskassure does.

Several years ago, we identified a significant data deficiency in the cyber insurance underwriting space.
We believe that businesses and insurance companies need to understand the amount or value of the
data they want to insure or protect. With today’s standard practices and available tools, at best, they are
guessing the appropriate amount of insurance coverage they need. This uncertainty has resulted in many
businesses needing help to obtain cyber insurance or in being drastically under- or over-insured.

RiskAssure’s work has identified a substantial amount of “off-balance sheet” liability that businesses
maintain in the form of sensitive information value, should their data be breached and found outside their
custody by regulators.

To address this issue, we developed RiskAware, which can be installed for free, or with a nominal annual
per-device cost for our most frequent and robust reporting features. All subscription types can be mixed
and matched to cover your specific needs and budget. Our solution, designed with simplicity and
affordability in mind, helps you scan every machine it is installed on, identifying every instance of PII and
PHI and calculating the precise finable value of that data down to the penny. Depending on the
subscription level, our software can perform scans every six months, weekly, or in real-time, giving
business leaders control over their data valuation and protection level. We’re balancing scanning
frequency, which increases computational cost, against budget, making our solution extraordinarily
accessible and affordable to every business size. This granular resolution down to the device level gives
insurance underwriters the ability to deliver unique and innovative insurance products like key-device,
department-level or even variable cyber policies rather than today’s ‘all-or-nothing’ offerings.

RiskAware also identifies duplicates of sensitive information (files) and local repositories of cloud files,
and provides precise file path locations that enables users to find and delete data that is less frequently
used. It includes capabilities for detecting anomalous activity, such as significant movements of sensitive
data on and off a monitored device, and alerts users to potential issues. Fully secure and end-to-end
encrypted, our solution does not duplicate data or create additional potential breach liability, ensuring
that data transmission is completely protected.

Dan: What is the nature of the problem you solve? What should we be worried about?

In today's digital landscape, cybersecurity fears are at an all-time high, with the frequency and
sophistication of cyberattacks continually rising. RiskAware directly addresses these concerns, providing
robust analysis and a much-needed peace of mind. The total cost of cybercrime globally reached $8
trillion in 2023 — and is predicted to hit $10.5 trillion by 2025, per the 2023 Ipsos Poll. Furthermore, the
global average cost of a single data breach is at $4.45M, according to IBM. These attacks not only cause
immediate financial damage but also inflict long-term reputational harm.

Our solution not only empowers carrier underwriters up-front during a discovery and underwriting
process, but also empowers business leaders on an ongoing basis by offering continuous monitoring and
real-time updates on the volume and value of a company's sensitive data. This proactive approach
ensures that they are always prepared and protected, putting them in control of their sensitive information

Cyber Defense eMagazine – July 2024 Edition 198
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