OTORIO and HSB Launch Warranty That Leverages Risk Management Strategies to Enhance Insurability and Protect Operational Efficiency
Thursday, October 5, 2023
OT Cybersecurity Provider and Insurance Leader Forge Collaboration to Provide Customers with a Limited Performance Warranty for Digital Resiliency on Their Operational Network
TEL AVIV, Israel and HARTFORD, Conn., Sept. 27, 2023 /PRNewswire/ -- OTORIO, the leading provider of operational technology (OT) cyber and digital risk management solutions, and HSB, a specialty insurer, today announced a joint effort to raise awareness of OT security and risk reduction as crucial strategies for insurability. To launch the collaboration, HSB and OTORIO have developed a limited performance warranty supporting the implementation of OTORIO's OT security cyber risk management solutions into various business applications.
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"Cyber events in OT settings can result in physical damage, operational disruptions, and safety hazards," said John Riggs, HSB CTO & SVP Allied Technology Solutions, and President of Meshify. "Improved preparedness, response, and recovery from disruptive events are critical for reducing OT risk, and this is where OTORIO excels."
The warranty covers OT equipment that is protected by OTORIO's Risk Assessment, Monitoring and Management (RAM²) platform or has undergone an OTORIO spOT risk assessment and has been optimized as recommended.
During the agreement term, if a customer purchases the warranty and experiences either of the following, they can make a warranty claim for lost performance if the Otorio products fail to perform as follows:
1. Cyber Event on a Warrantied Operational Network: The customer suffers a
cyber attack after implementing RAM² protection or following spOT
assessment recommendations.
1. Operational Network Damage as a Direct Result of OTORIO Operational
Resilience Services: The customer experiences damage to its operational
network due to RAM² deployment or spOT assessment.
"Businesses have suffered significant losses due to the ever-changing risk created by internet-connected OT equipment," said Daniel Bren, Co-Founder and CEO, OTORIO. "By merging our technological prowess with HSB's engineering, technology, and insurance expertise, we are empowering businesses to navigate the complex landscape of cyber threats and safeguard their operational resilience, bolstering insurability and enabling a more secure digital future."
To support this initiative, HSB and OTORIO have co-authored a whitepaper to address crucial insurability challenges in today's evolving interconnected landscape. It explains the critical roles of risk reduction in preventing operational and business disruptions and outlines preventative measures to improve insurability and lower premiums.
The white paper is available for download here: https://www.otorio.com/partners/hsb-otorio/?utm_source=otorio&utm_medium=pr&utm_id=HSB_announcement
About OTORIO
OTORIO has pioneered an industrial-native OT security platform that enables its customers to achieve an integrated, holistic security strategy for industrial control systems (ICS) and cyber-physical systems (CPS). Together with its partners, OTORIO empowers operational security practitioners to proactively manage cyber risks and ensure resilient operations.
The company's platform provides automated and consolidated visibility of the entire operational network, enabling companies to take control of their security posture, eliminate critical risks, and deliver immediate business value across the organization. OTORIO's global team combines the extensive mission-critical experience of top nation-state cyber security experts with deep operational and industrial domain expertise. To learn more, visit OTORIO.com.
About Hartford Steam Boiler
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150-year history HSB's mission has been to help clients prevent loss, advance sustainable use of energy, and build deeper relationships that benefit business, public institutions, and consumers. HSB holds A.M. Best Company's highest financial rating, A++ (Superior). Connect with HSB on LinkedIn, Twitter and Facebook.
Logo: https://mma.prnewswire.com/media/2004395/4272499/Otorio_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/otorio-and-hsb-launch-warranty-that-leverages-risk-management-strategies-to-enhance-insurability-and-protect-operational-efficiency-301939549.html
SOURCE OTORIO
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