Security ratings are transforming how organizations evaluate cyber risk and implement innovative solutions for continuous monitoring
NEW YORK and SAN JUAN, Puerto Rico, March 16, 2022
GM Sectec, a global leader in cyber defense laser-focused on the payments space, and SecurityScorecard, the global leader in security ratings, today announced a design partnership to accelerate the worldwide expansion and adoption of security ratings in more than 55 countries around the world.
The partnership with SecurityScorecard provides GM Sectec's network of over 50,000 customers and end users globally with instant visibility into the security posture of vendors and business partners, as well as the capability to do self-assessments.
COVID-19 has resulted in the increased use of digital tools and the creation of data, as The World Bank estimates that annual total Internet traffic will have increased by 50% from 2020 by year end, reaching 4.8 zettabytes. The issue highlights the interconnection of business and how increased digitization has thrust the global population into a new trajectory of cyber threats and attacks. The recent rise in ransomware demonstrates the speed and scale of cyber risk in contrast to other insurable risks. In the past year, ransomware attacks increased by 150%1 with total ransoms paid up 311%2. The dramatic rise in frequency and severity resulted in a record high loss ratio of 67%3 for insurance carriers.
"Enhancing our existing alliance with SecurityScorecard, supports organizations anywhere in the world in hardening their security posture and achieving the adoption of secure technologies and practices," said Héctor Guillermo Martínez, president of GM Sectec. "Organizations need to understand their true cyber risk and be able to respond quickly and efficiently to strengthen their position."
SecurityScorecard offers the market leading platform for security ratings and is utilized globally by thousands of companies. The company's strong growth has been accompanied by expanding use cases across vendor risk management, self-monitoring, board reporting, cybersecurity insurance underwriting, and M&A due diligence.
"Organizations look to SecurityScorecard to transform the way they understand, mitigate, and communicate cybersecurity risk," said Aleksandr Yampolskiy, CEO and co-founder of SecurityScorecard. "Partnering with GM Sectec delivers value to organizations around the world by providing clearer visibility to their cyber postures and dramatically improving their ability to communicate, mitigate and respond to risks."
GM Sectec has more than 50,000 customers and users worldwide as well as four Critical Incident Response and Replication Centers (CIRRCs), three in the United States and one in Mexico, which provide managed detection and security services to their customers 24 hours a day, seven days a week, 365 days a year. The company has been recognized for its high standards of Security, Availability, and Confidentiality, having passed the strictest world class certifications, such as SOC 2 Type 2 Service Organization, TMA Certified, authorized to use CERT, PCI Qualified Security Assessor, PCI Approved Scanning Vendor, PCI Point-to-Point-Encryption (P2PE), PCI PIN, PCI PFI, UL Listed, Visa Preferred Partner in Cybersecurity and FIRST Incident Response team member.
Funded by world-class investors including Evolution Equity Partners, Silver Lake Waterman, Sequoia Capital, GV, Riverwood Capital, and others, SecurityScorecard is the global leader in cybersecurity ratings with more than 12 million companies continuously rated. Founded in 2013 by security and risk experts Dr. Aleksandr Yampolskiy and Sam Kassoumeh, SecurityScorecard's patented rating technology is used by over 30,000 organizations for enterprise risk management, third-party risk management, board reporting, due diligence, cyber insurance underwriting, and regulatory oversight. SecurityScorecard continues to make the world a safer place by transforming the way companies understand, improve and communicate cybersecurity risk to their boards, employees and vendors. Every organization has the universal right to their trusted and transparent Instant SecurityScorecard rating. For more information, visit securityscorecard.com or connect with us on LinkedIn.