CRISIL Global Research & Risk Solutions, the world’s largest and top-ranked provider of high-end risk, data analytics and research services, has partnered with US-based Maxxsure, a leading provider of cyber risk management software-as-a-service (SaaS) solutions, to offer global clients a comprehensive cyber risk and cyber insurance analytics solution.
An analysis by CRISIL and Maxxsure shows how large institutions are attractive targets for cyber hackers globally and face a higher probability of loss.
CRISIL’s leading-edge risk and compliance solutions, domain expertise and consulting offerings across cyber risk assessment, strategy and governance integrate seamlessly with Maxxsure’s M-Score, a fully integrated proprietary technology that identifies a company’s current and potential cyber risks, evaluates their preparedness and resiliency against a cyber event, and estimates potential financial loss.
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Maxxsure identifies sources of cyber loss and estimates the associated costs and resulting liabilities. Using breach information, the proven algorithm determines the potential severity of cyber incidents based on the probability of a cyber event. The probability of a cyber loss is correlated with a company’s industry and revenue size.
The new solution thus offers corporate leaderships clarity, visibility and transparency for real-time, data-driven decision-making.
Says Charu Madaan, Global Head – Non-Financial Risk, CRISIL Global Research & Risk Solutions, “We are pleased to launch this joint initiative with a company that focuses on delivering easy-to-use holistic solutions to address the ever-changing cyber risks that banking and financial services organisations face, globally. Our offering is designed to help businesses of all shapes and sizes in the banking and financial services industry keep pace with today’s rapidly changing cyber risk environment.”
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Says Shawn Wiora, CEO and Co-founder, Maxxsure, “We are excited to partner with CRISIL and its global team of risk experts. CRISIL’s non-financial risk domain expertise and cyber risk management capabilities make it a proven one-stop shop for global entities in this space. The combined products and services will provide firms with fully automated processes to stay on top of continuously changing cyber risks, while offering a proactive view of cyber insurance opportunities to transfer cyber risks.
Other factors that enhance the value proposition of this team-up include:
- Deep domain expertise across multiple financial services verticals, ranging from banking to wealth management to asset management and insurance
- Strong research and data analytics background providing insights into the most pressing cyber risks
- Benchmarking data against industry peers’ cyber-related risks and insights into potential financial loss scenarios
- Global scale and a team of industry practitioners across more than 10 delivery locations
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