Sausalito, CA, 07 December 2022: DeNexus Inc., a provider of cyber risk quantification and management tools for large industrial organizations, global (re)insurers and investors in insurance linked securities (ILS), its Spanish subsidiary DeNexus Tech, SL, and Madrid-based research university the Rey Juan Carlos University (URJC), have announced a grant of almost EUR 800,000 from the Spanish government to carry out a cyber resilience research program.
The research will explore specific aspects of industrial cyber risk related to evidence-based data sources, which can enable industrial corporations to quantify and manage cyber risk.
The grant is part of the Spanish State Plan for Scientific, Technical and Innovation Research 2021-2023, and is awarded to public/private programs which seek to promote scientific and technical research. It is part of the wider Recovery, Transformation and Resilience Plan financed by the European Union’s NextGenerationEU Plan, aimed at building a greener, more digital, and more resilient post-COVID-19 Europe.
DeNexus and URJC will jointly develop a project called“Dynamic Industrial Cyber Risk Modelling based on Evidence” (DICYME)" over a three-year period.
The project will look at how threats can differ based on the degree of vulnerability of the target’s infrastructure as well as the strength of its controls and external aspects such as the interest of the threat agent to conduct an attack. DICYME will also develop a web-based User Interface to visualize cyber risks, to support risk management and risk mitigation, which will be integrated in the User Interface of DeNexus´ flagship product DeRISK.
Mr. Jose Seara, DeNexus Founder & CEO said: “We are thrilled to work with the university Rey Juan Carlos again, and we are honored to have been granted funds from the European Union NextGenerationEU Plan. This will allow the combined DeNexus-URJC team to research additional sources of evidence-based cyber data for our DeRISK platform, the leading second-generation cyber risk quantification and management platform for industrial corporates and critical infrastructure owners and operators.”
Ms. Marta Beltrán Pardo, Associate Professor at URJC said: "We are very excited because this grant ensures that we will be able to expand the research we were conducting for DeNexus regarding the automation of cyber risk quantification and management. For us, the transfer of our research results to the industry is a priority, and this public-private collaboration will allow us to do so over the next three years with a highly respected partner."
DeNexus and URJC have previously worked together. DICYME will involve a team of 14 experts, including PhD holders, engineers, developers and experts in industrial cyber risk and cyber insurance (actuarial) sectors working to improve cyber resilience in industrial corporations and critical infrastructures.
DeNexus is the leading provider of cyber risk modeling for industrial organizations, global (re)insurers and insurance linked securities (ILS) investors. Our flagship platform, DeRISK, empowers the industrial enterprise and risk underwriters with the ability to quantify and manage cyber risk exposure on a continuous basis. DeRISK is the world’s first self-adaptive, cloud-based technology that predicts where cyber breaches are likely to occur, values their impact on business and guides risk stakeholders towards the best risk mitigation paths for their organization.
Rey Juan Carlos University is a Spanish public university located in Madrid. This year it celebrates the 25th Anniversary of its foundation. It is a young and dynamic institution providing quality training through a broad and excellent academic offer and contributing to the forefront of knowledge, the result of which is reflected in national and international rankings. Cybersecurity is one of its strategic lines of work from the point of view of education, research and innovation.