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DeNexus Expands Cyber Risk Management Solution

January 2024 by Marc Jacob

DeNexus announced the extension of its Cyber Risk Quantification and Management (CQRM) solution, DeRISK, to the Manufacturing and Electricity Transmission & Distribution (T&D) sectors, adding to DeRISK for critical infrastructures in the electricity Power Generation sector. This strategic expansion brings industry-specific cyber risk modeling to these new industries served by DeNexus enabling companies to proactively manage their cyber risk, prioritize risk mitigation projects, and make informed cybersecurity investment decisions.

DeRISK enables Manufacturing and T&D companies to proactively address cyber threats by providing evidence-based analysis for risk prioritization. This facilitates informed decision-making for CISOs and CFOs when planning cybersecurity investments. DeRISK equips CISOs with the necessary tools, analysis, and reports to present to CFOs and boards, justifying risk mitigation and cybersecurity investments. Additionally, this initiative plays a direct role in ensuring compliance with recently issued cybersecurity regulations, including those mandated by the U.S. Securities and Exchange Commission (SEC) and similar regulations in the European Union.

The manufacturing sector, highly targeted by ransomware, faces escalating cyber threats while 2023 witnessed a notable increase in cyberattacks on utilities, including the energy grid, as highlighted by the International Energy Agency. Without effective cyber risk quantification, CFOs lack the necessary insights to prioritize the funding of cybersecurity projects, exposing manufacturing companies to substantial financial losses for business interruption and penalties for unmet contractual obligations. Downtimes in Energy Transmission & Distribution (T&D) companies not only impact their financial stability but also directly disrupt their consumers, causing significant disruptions in services.

DeNexus is uniquely focused on OT and ICS ­environments, working together with risk owners to help them identify cyber exposures and prioritize risk mitigation strategies. The recently released DeRISK freemium version gives users a complimentary entry point to comprehend their cyber risk using. The premium version enhances risk assessment with inside-out data, including network topology and cybersecurity controls allowing CISOs and CFOs in building robust security investment plans.

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