NEW YORK--(BUSINESS WIRE)--Advisen Cyber Risk Insights Conference – PivotPoint Risk Analytics announced today the launch of the company and its flagship solution CyVaR™, which quantifies cyber value-at-risk and gives Chief Information Security Officers (CISOs) and business leaders a common language to improve cyber investment decisions and reduce cyber risk.
Spun out of CyberPoint International, the new company will be led by security industry veteran Julian Waits. It will be the first to address the critical data gap required to accurately gauge potential losses due to cyber attacks, a necessary step toward reducing risk and insuring against losses from a breach.
CyberPoint started the creation of CyVaR nearly two years ago by combining its know-how in analytical science with deep expertise in cyber threat analysis to place a monetary value on the cost of a cyber breach. PivotPoint was formed to commercialize CyVaR and other analytical technologies focused on cyber value-at-risk. Value-at-risk is familiar to investment portfolio managers who manage financial risk. CyVaR applies advanced cyber threat models to statistical techniques for determining cyber value-at-risk.
“We believe the biggest threat to organizations today is the fuzzy picture of cyber risk that leads to misguided security investments. Throwing more money at security doesn’t make you more secure," said Julian Waits, president and CEO, PivotPoint. "CISOs can’t protect everything – but they can protect the assets most important to the company and secure the value of the business. PivotPoint was founded to change the way we think about cyber and commercialize the first technology to make security a boardroom level discussion.”
“CISOs have been unable to answer the most critical question today of how much a breach costs, not only due to the lack of historical breach data but also due to the lack of visibility into a company’s true risk profile. Estimates can vary wildly from $50M to $250M. By understanding cyber value-at-risk, we can understand the risks to our most important assets, model the impact of different security tools or controls to improve our security posture and make decisions on spend, and buy down the amount of cyber insurance that we need,” said Gary Hayslip, CISSP, CISA, CRISC, Deputy Director, Chief Information Security Officer, Department of Information Technology, City of San Diego. “CyVaR is the first solution we've used that makes sense, and transforms security-speak into a business language.”
“In the cyber domain arguably the single biggest challenge facing the insurance industry today is how to price risk. Insurers face the same problem as their buyers, a lack of data to model the exposure. PivotPoint's ability to help companies quantify cyber in dollar terms is a major step forwards not only helping boards understand how much to invest in mitigation but also in cyber insurance,” said Ben Beeson, Cybersecurity Strategic Risk Advisor, Lockton Companies LLC.
With a “Cyber Investment Portfolio Management” approach organizations can now identify return on investment, bringing security to a boardroom level discussion:
- CISOs can quantify and reduce cyber risk by understanding the impact of and prioritizing their security spending
- CEOs and Chief Financial Officers can collaborate with Chief Risk Officers, Chief Operating Offers and General Counsel to translate cyber risk into financial risk and continuously optimize their cyber insurance and security program costs
- Insurers can determine financial exposure for more accurate cyber risk assessments, insurance policy coverage and premium decisions
Available today, CyVaR is an enterprise-scale solution offered as SaaS starting at $50k annually depending on the size of the organization.
For more information or a demo visit http://pivotpointra.com/lp-request-a-demo/
About PivotPoint Risk Analytics
PivotPoint is the leading provider of cyber risk analytics that measure Cyber Value-At-Risk. In a world where conventional wisdom says you will get hacked, you bought one of everything to try to thwart the attack and protect your crown jewels. And as the threat—and business evolves—so does your cyber risk. Our customers, on any given day, can prove they have lowered the company’s cyber risk to secure the value of their business. Visit PivotPoint at www.pivotpointra.com, Twitter or LinkedIn.
