Axio, a leading SaaS provider of cyber risk quantification solutions, and Dragos, the global leader in cybersecurity for operational technology (OT) environments, announced a partnership that addresses two critical challenges: quantifying the financial impact of OT cyber risks and enabling accurate underwriting for cyber-physical insurance coverage.
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Through the partnership, Axio’s Cyber Risk Quantification (CRQ) models will integrate Dragos threat intelligence and risk reduction metrics from the Dragos Platform. This combination enables Chief Information Security Officers and Risk Managers to translate complex OT threats into financial terms for board-level decision making, demonstrate measurable ROI from security investments, and support more accurate insurance underwriting for operational disruption, business interruption, and cyber-physical damage. These risks have historically been among the most difficult to assess due to their complexity and potential severity.
This collaboration comes at a time when concerns about operational and industrial cybersecurity are rapidly increasing. From an enterprise standpoint, leveraging Axio insights and Dragos capabilities will help Chief Information Security Officers make informed decisions and Risk Managers more effectively understand the organizations risk posture.
With respect to the cyber insurance industry, the combination of Axio and Dragos insights will help partner brokers and insurers to deliver advanced cyber insurance policies that cover losses from operational disruptions and cyber physical damage. These types of risks have been amongst the most vexing to underwrite due to the complexity of the risk. The unique partnership between Axio and Dragos is designed to solve that challenge for the industry.
“It’s an honor to partner with the world’s leading industrial security company,’ especially at this moment in time. We’re seeing significantly increased demand for cyber physical insurance products, and this partnership will help our broker and insurer partners to deliver advanced cyber risk transfer solutions”, said Scott Kannry, co-founder and CEO of Axio. “We’re also excited to help Dragos more effectively evidence the risk reduction impact of its products, in an era with increased scrutiny on security spending.”
“Helping industrial organizations quantify and qualify their risks is a strategic imperative of Dragos, and it became clear that partnering with Axio to help translate our intelligence into financial insights would immediately benefit our customers,” says Mark Stacey, VP of Risk and Resilience Solutions. “We’re excited to help organizations make more confident, evidence-based decisions with respect to operational resilience. Just as importantly, this partnership empowers cyber insurers to better understand and address the OT underwriting challenge.”
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