Axio Global has unveiled a solution designed to show organizations the potential impact of cyber-physical damage.
The company showcased the solution at the conclusion of the Lloyd's Lab 10th Cohort, a 10-week incubator program focused on the development of new solutions for the insurance industry, the company announced.
Why Organizations Need to Protect Against Cyber-Physical Attacks
During a cyber-physical attack, a cybercriminal can take over computer systems for electrical, water, natural gas and other critical infrastructure. In doing so, the criminal can cause both cyber and physical damage.
Research indicates that cybercriminals increasingly targeted critical infrastructure sectors in 2022. In fact, Gartner reported cyberattacks against critical infrastructure organizations increased 3,900% between 2013 and 2020.
Cybercriminals may continue to launch cyber-physical attacks against critical infrastructure organizations moving forward, who must plan accordingly for cyber-physical attacks.
What Axio Global's Cyber-Physical Attack Quantification Solution Offers
Axio's cyber-physical attack quantification solution helps critical infrastructure organizations understand their risk of suffering cyber-physical damage, the company said. The solution gives these organizations insights to identify and address any security gaps and purchase the right cyber insurance coverages.
Dale Gonzalez, Axio's chief innovation officer and insurance lead, commented on his company's cyber-physical attack quantification solution and how critical infrastructure organizations can benefit from it:
"There's a fear cyber risk can't be priced with any level of confidence owing to a lack of usable data, however owing to the needs of organizations who desperately desire this type of coverage – many of them are owners and operators of critical infrastructure and are clients of ours – then being able to articulate and then find insurance cover for cyber-physical attacks are a top concern. We've worked with the insurance market through Lloyd's Lab to build a solution."
Axio Global Helps Organizations Balance Their Financial and Security Controls
Currently, Axio offers the Axio360 platform to help organizations analyze, manage and optimize their security posture.
Organizations can use Axio360 to calculate the financial of a successful cyberattack on their business and its third parties, the company said. They also can adjust their security controls and view the financial impact of multiple risk scenarios.
Axio offers a partner program for MSSPs, MSPs and other technology providers. By joining the program, partners can use Axio360 to help their customers make evidence-based decisions to reduce cyber risk, the company noted.