CyberCatch and Ridge Canada partner to help SMOs get cyberinsurance
August 11, 2022 By SP&T Staff
CyberCatch and Ridge Canada Cyber Solutions Inc. say they’ve partnered to help Canadian SMOs obtain cyber insurance.
According to a statement put out by the companies, there are approximately 1.2 million SMOs in Canada and the majority of them do not have cyber insurance. For those businesses that do, many have reported difficulties in renewing their insurance due to the increased level of cyber risk posed to them in the modern cyber-environment.
To help mitigate cyber risk, CAN/CIOSC 104 prescribes implementing up to 55 cyber security controls. Canada’s CIO Strategy Council published CAN/CIOSC 104 with the support of Canada’s Ministry of Innovation, Science and Economic Development (ISED).
Earlier this year, the CIO Strategy Council selected CyberCatch’s Compliance Manager Solution to comply with CAN/CIOSC 104 and help protect against cyber threats.
Through a partnership with RCCS, Canadian SMOs can receive a discount to sign up for the Compliance Manager Solution and implement all prescribed cyber security controls.
The solution will then automatically and continuously test cyber security controls to ensure ongoing compliance and cyber risk mitigation. This will assist SMOs with obtaining cyber insurance coverage or renewing existing coverage. One of the cyber security controls prescribed in CAN/CIOSC 104 is obtaining and maintaining cyber insurance.
“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,” said Sai Huda, founder, chairman and CEO, CyberCatch in a statement.
Print this page