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CyberCatch & Ridge Canada Announce Partnership To Enable SMO’s To Obtain Cyber Insurance

CyberCatch & Ridge Canada Announce Partnership To Enable SMO’s To Obtain Cyber Insurance

CyberCatch & Ridge Canada Announce Partnership To Enable SMO’s To Obtain Cyber Insurance

CyberCatch & Ridge Canada Announce Partnership To Enable SMO’s To Obtain Cyber Insurance

Ridge Canada Cyber Solutions Inc. (RCCS) and CyberCatch, a provider of cyber security software as a service (SaaS), have established a strategic alliance to make cyber insurance available to Canadian small and medium-sized businesses (SMOs).

There are roughly 1.2 million SMOs in Canada, and the majority of them do not have cyber insurance or are having trouble renewing it because of the increased level of cyber risk that is posed to them in the current environment and the impact that the lack of required controls has on risk transfer to the insurance providers.

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CAN/CIOSC 104, Canada’s National Standard for Baseline Cyber Security Policies for SMOs, however, recommends the use of up to 55 cyber security controls to reduce cyber risk. With the assistance of Canada’s Ministry of Innovation, Science, and Economic Development, the CIO Strategy Council published it (ISED).

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The CIO Strategy Council chose CyberCatch’s Compliance Manager Solution, a cutting-edge cybersecurity SaaS solution, earlier this year so that SMOs in Canada may swiftly and effectively comply with CAN/CIOSC 104 and stay secure from online threats.

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CyberCatch & Ridge Canada Announce Partnership To Enable SMO’s To Obtain Cyber Insurance

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.

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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.”

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CyberCatch & Ridge Canada Announce Partnership To Enable SMO’s To Obtain Cyber Insurance

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.

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“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.


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