(Image credit: Siddhant Kumar.)
eSentire (Waterloo, Ontario), recognized globally as the Authority in Managed Detection and Response (MDR), and Guidewire Software, Inc. (San Mateo, Calif.) have announced that eSentire is using Guidewire Cyence’s market-leading, internet-scale cyber data listening and modeling capabilities to support in financially quantifying and reducing cyber risk.
“Cyber threats pose one of the greatest risks to businesses today, yet it is becoming increasingly harder to identify and protect against those risks – and secure insurance coverage,” comments Dustin Hillard, CTO, eSentire. “The combination of eSentire and Guidewire Cyence technologies and expertise fill a significant gap to help businesses assess, design, and implement cyber risk solutions – and quantify their security ROI and risk reduction.”
eSentire’s technical cybersecurity expertise in 24/7 threat detection and response to real-time and zero-day threats, combined with Guidewire’s strengths in economic modeling, will enable cybersecurity leaders to tie the efficacy of their security spends to security program return-on-investment, according to the joint statement.
The eSentire Atlas XDR platform, ingesting data from over 1,000 customers across 70 countries worldwide, automatically blocks more than 1 billion threats per year and learns from more than 2 million rapid, human-led investigations per year, yielding a significant proprietary data set that maps internal risk factors to security outcomes. Guidewire’s cyber risk modeling and scoring data for more than 600,000 businesses is now integrated with eSentire’s asset risk scoring, providing security recommendations through eSentire’s Insight Portal:
Business Risk Scoring: eSentire customers now have access to Guidewire’s Cyence Risk Rating within the eSentire Insight portal. This business risk rating predicts the probability of a public data breach in the next 12 months. Each business risk rating is contextualized based on industry, size, and revenue band in comparison to its segment peers.
Asset Risk Scoring: eSentire customers will benefit from eSentire’s own artificial intelligence risk models learned from targeted attacks defended across its global customer base to determine the probability of an internal security incident originating at the asset level over the next three months. eSentire leverages these insights to make proactive security recommendations on how to reduce each customer organization’s risk.
In March 2021, The Royal United Services Institute (London) reported that despite ransomware being the leading claim source for cyber insurers, many organizations are not approved due to open internet access, primarily through open Remote Desktop Protocols (RDP). Through their work together, eSentire and Guidewire report that they have identified and remediated several open RDP scenarios, thereby reducing risk and enabling the organizations to improve their cyber insurance risk profile. In fact, the companies say, eSentire and Guidewire have developed preferred cybersecurity insurance relationships with Guidewire customers that deliver improved deductibles and expansive coverage for eSentire customers.
Earning the Confidence of the Insurance Market
“eSentire customers now have the opportunity to engage with an expert Cyber Risk Advisor to build a proactive security plan tailored to reducing risk in their environment while considering business- and asset-specific insights,” adds eSentire’s Hillard. “As a result of our work together, we earn the confidence of the insurance market and our customers get improved cyber risk insurance pricing and policy coverage.”
“We are thrilled to join eSentire in making tangible, transparent, and quantifiable cyber risk reduction a reality for businesses worldwide,” says Guidewire Chief Innovation Officer Paul Mang. “We are committed to helping organizations manage the economic volatility associated with cyber threats, both through the efficient use of risk transfer insurance solutions and through proactive risk management actions.”