GridSecurity Inc., one of the leading managed security service providers to the US renewable energy sector, and DeNexus Inc, the leading provider of second-generation cyber risk quantification and management to large industrial facilities and the cyber risk transfer market, have partnered to allow GridSecurity customers to better identify, mitigate, and transfer their cybersecurity risk.
GridSecurity will be leveraging DeNexus’s cyber risk quantification and management platform, DeRISK, to its fleet of inverter-based renewable power generation plants and control centers.
“The power industry is behind in effectively managing and mitigating cyber risk,” said John Franzino, Chief Executive Officer of GridSecurity. “Juggling competing priorities and the complex nature of cyber risk have delayed some generators from executing these critical risk assessments. DeNexus’ risk modelling technology calculates the probability and financial impact of potential events and delivers the mitigation options available to reduce cyber risk. DeRISK allows GridSecurity to show our customers risk exposure and associated risk reduction measures in terms of dollars – and that is a language everyone can understand.”
“The potential insurance benefits are also compelling,” added Mr. Franzino. “Companies in the power industry are feeling the pain of increased premiums and reduced coverage. But by taking action on cyber risk and attempting to mitigate cyber security threats, our customers will be able to get better cybersecurity insurance products.”
“This collaboration is a powerful combination of technology, human expertise, and managed services,” said Jose Seara, Chief Executive Officer of DeNexus. “There is no real silver bullet for cybersecurity, but if the community works together, we can solve real issues facing asset owners. The DeRISK platform will allow GridSecurity customers to make informed decisions on cyber risk management, effectively allocate cyber mitigation resources and dollars, gain access to quantifiable risk data and analytics, and support their risk transfer efforts with evidence-based data.”
About DeNexus:
DeNexus Inc. is the leading provider of cyber risk modelling for industrial organizations, global (re)insurers and insurance linked securities (ILS) investors. Our flagship platform, DeRISK, is the world’s first evidence-based, data-driven, self-adaptive, cloud-based technology that helps Asset Owners gain visibility into their true cyber risk exposure, probability of loss, financial impact of a cyber event and guides risk stakeholders towards the best risk mitigation paths for their organization. https://www.denexus.io
About GridSecurity
GridSecurity Inc. provides network operations and managed security services for inverter-based renewable generators and control centers. Securing your critical infrastructure and protecting your investment requires many different skillsets and toolsets. Our team is here to help you reduce risk and improve operational availability with various services, from one-off security risk assessments and control center design services to ongoing managed services. https://www.gridsme.com/gridsecurity