Ontario, Canada (CU)_ CyberCatch and Ridge Canada Cyber Solutions have established a collaborative agreement to provide Canadian SMOs with a simple, yet intelligent approach to purchasing cyber insurance. According to reports, Canada has nearly 1.2 million SMOs, and most of them lack cyber insurance or are having trouble renewing it owing to the high level of cyber risk faced by them in the current environment and the risk transfer impact on insurance providers due to the absence of required controls.
CAN/CIOSC 104, Canada’s National Standard for Baseline Cyber Security Controls for SMOs, mandates the implementation of up to 55 cyber security controls to reduce cyber risk. It was released by the CIO Strategy Council of Canada with the support of the Canadian Ministry of Innovation, Science, and Economic Development (ISED). At the beginning of the year, the CIO Strategy Council picked CyberCatch’s Compliance Manager Solution, which is a cutting-edge cybersecurity SaaS solution for Canadian SMOs to effectively comply with CAN/CIOSC 104 and remain secure from cyber attacks.
Canadian SMOs will now enjoy a discount to register for the Compliance Manager Solution and quickly execute all required cyber security procedures as a result of the collaboration with RCCS. The Solution will then evaluate cyber security measures automatically and constantly to ensure continuing compliance and cyber risk minimization. This will facilitate adequate cyber risk reduction and make it easier for SMOs to get or renew cyber insurance coverage. In general, obtaining and maintaining cyber insurance is one of the cyber security measures mandated by CAN/CIOSC 104.
Sai Huda, founder, chairman, and CEO of CyberCatch, expressed delight over the partnership. He said, “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”. He added, “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 of Ridge Canada, expressed optimism over the collaboration. He said, “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”. He added, “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”.
