Cyber security software-as-a-service (SaaS) company CyberCatch has announced a strategic partnership with Ridge Canada Cyber Solutions Inc. (RCCS) to enable Canadian small and medium organisations (SMOs) to obtain cyber insurance.
Approximately, there are 1.2 million SMOs in Canada and the majority of them do not have cyber insurance, or those that do are having difficulty renewing due to the increased level of cyber risk posed to them in today’s environment and the risk transfer impact to the insurance providers due to lack of required controls.
However, to mitigate cyber risk, CAN/CIOSC 104, Canada’s National Standard for Baseline Cyber Security Controls for SMOs prescribes implementing up to 55 cyber security controls. It was published by Canada’s CIO Strategy Council with the support of Canada’s Ministry of Innovation, Science and Economic Development (ISED).
Earlier this year, the CIO Strategy Council selected CyberCatch’s Compliance Manager Solution, a state-of-the-art cybersecurity SaaS solution for SMOs in Canada to quickly and easily comply with CAN/CIOSC 104 and stay safe from cyber threats.
Through the partnership with RCCS, Canadian SMOs will receive a discount to sign up for the Compliance Manager Solution and easily implement all prescribed cyber security controls.
The Solution will automatically and continuously test cyber security controls to ensure ongoing compliance and cyber risk mitigation, which will enable proper cyber risk mitigation and facilitate SMOs obtaining cyber insurance coverage or renewing existing coverage.
Sai Huda, founder, chairman and CEO, CyberCatch, commented: “SMOs in Canada are definitely vulnerable and the level of cyber risk faced is increasing. CyberCatch’s Small and Medium-Sized Businesses Vulnerabilities Report (SMBVR) which involved scans of 12,050 SMOs revealed that nearly 8 out of 10 SMOs in Canada have vulnerabilities that can be easily exploited by attackers.
“SMOs have limited resources and generally don’t know what cyber security controls to implement or how to implement in order to be secure from cyber threats, the Compliance Manager Solution is a one-stop-shop for SMOs. We are delighted to partner with RCCS to provide an easy but smart way to mitigate cyber risk for both the SMO but also the insurer.”
Greg Markell, CEO, Ridge Canada , added: “This partnership allows us to help our broker partners with clients who are still in the assessment and control phases of the enterprise risk management process. Recognizing that many underwriting requirements harmonize with CAN/CIOSC 104, it will give many organizations guidance on where they can start, and our broker partners a solution when market feedback is that their client is not ready for cyber risk transfer as well as for existing clients looking for assistance on staying secure.
“We are delighted to partner with CyberCatch and provide an affordable and effective cyber risk mitigation solution at a discount, which supports compliance and alignment with Canada’s national cyber security standard.”