In recent years, finance and insurance organizations have become prime targets for cyberattacks, constituting 22.4% of all observed incidents in 2021.
According to Cybersecurity Ventures, ransomware alone will cost its victims around US$ 265 billion annually by 2031, a situation made drastically worse by the risks posed by emerging trends such as digital supply chain attacks, data destruction rather than encryption, social engineering, weaponization of Generative AI, to name just a few.
The rising threat landscape stems from vulnerable technology and critical system weaknesses that pose significant security threats.
Learn about how SemanticRisk is helping to unlock state-of-the-art digital asset protection and fraud prevention solutions, while strengthening operational resilience for midmarket financial and insurance firms.
NetraScale is developing a seamless, data-driven platform ecosystem that continuously adapts to the changing threat landscape, while supporting our clients on the regulatory compliance journey.
We're contextualizing risk by applying security-first design principles, human-centered automation, and adaptive cyber resilience frameworks, supported by community-driven innovation. This multi-faceted approach minimizes risk and strengthens operational resilience over the long-term.
SemanticRisk: The AI paradox
With cyber threats gaining in sophistication and posing varying levels of risk depending on the enterprise cyber maturity level and regulatory requirements in a given region, identifying, prioritizing, and mitigating key threats requires a nuanced approach.
While Generative AI brings game changing benefits to business and society at large, research by Blackberry shows that 71% of IT leaders believe that nation-states may already be leveraging ChatGPT for malicious purposes, with 51% predicting a successful attack less than a year from now.
The US Consumer Financial Protection Bureau highlights the risk of AI chatbots being used by bad actors to launch phishing attacks at scale.
With the unprecedented economic, operational, regulatory and cyber challenges facing financial and insurance firms, the added risk of AI fueled cyber attack vectors cannot be overstated.
Fortunately, AI can also be powerful tool in the fight against cybercrime, particularly when combined with a nuanced understanding of financial and insurance digital infrastructure.
SemanticRisk is building a new generation of proprietary AI/ML products aimed at elevating the cyber defense posture in a sustainable manner.
Think of it as a 24x7 virtual toolbox for cyber resilience and compliance.
Automating High-Risk Business Processes
In scenarios involving mission-critical systems, combatting cybercrime is most effectively achieved through the automation of manual-intensive security and other high-risk procedures.
This is especially true where highly complex digital ecosystems are in scope and advanced threat hunting skills are in short supply. Our SR Cyber Resilience & Compliance Framework connects you to the right automation partners, providing mission-critical systems with consistency, accuracy, and scalability.
OpenRiskLab: Driving Collective Risk Intelligence
As the ISACA points out, strengthening collaboration for cyber resilience is the key to security and resilience.
Fostering a culture of collaboration is essential for attaining comprehensive operational resilience in today's hyper-connected digital economy. This is particularly crucial for smaller organizations and startups that don't possess the vast datasets and advanced AI/ML skills required to safeguard digital assets.
Join Open Risk Lab today and prepare to unlock the advantages of countering cyber threats through shared technological advances, best practices, and collective intelligence.
Measuring the benefits of SemanticRisk
Rapid advances in technology, macroeconomic headwinds, consumer demands, new regulations and supply chain shocks mean financial and insurance firms face mounting operational risks, and potential disruption as they embrace digitalization.
How can SemanticRisk can help in this challenging environment:
- Pre-emptively detects, analyzes, and isolates both known and emerging threats using game-changing technologies.
- Where appropriate, neutralizes the cyber threat before damage is done.
- Bundled with our SemanticRisk Cyber Intel Dashboard (CID) tool which intelligently captures key data points, and uses contextualized analytics to deliver fresh operational insights and actionable reports.
- Our valued partnerships enable us to help you mitigate the risk posed by skilled cybersecurity staff shortages faced by many SMB and midmarket firms.
SR Cyber Resilience & Compliance Framework
The abundance of cybersecurity and risk frameworks and standards can overwhelm SMBs and midmarket financial and insurance firms, leading to complexity, resource constraints, compliance burdens, and significant costs.
To this end, our SR Cyber Resilience & Compliance Framework is tailored to the specific needs and regulatory requirements of financial and insurance firms.
With our comprehensive risk assessment, and regulatory analysis, customized capabilities, CRCF is tailored to the needs of your organization, ensuring alignment with your business objectives and regulatory obligations.
360 Degree Risk Intelligence
The diverse data sets we assess provides unique perspectives on threat detection, risk management, and mitigation controls.
Applying an unwavering holistic approach is important because as a 2022 report by the European Central Bank (ECB) found, vulnerabilities ultimately cluster around targets at the intersection of high technological dependence, weaker financial resilience and low awareness.
The ECB report goes onto conclude that large data gaps is one of the key challenges when designing policies tailored to mitigate risks associated with cyberattacks.
Through our partner network, NetraScale uses a variety of data engineering techniques and advanced technologies to help identify weak signals and data gaps that can lead to vulnerability exploitation by cybercriminals.
Helping financial and insurance firms embrace innovation and agility in cyber
According to McKinsey, malware such as ransomware can pose an existential threat to small and midsize businesses (SMBs) and midmarket companies in a way it often doesn’t to large enterprises.
For midmarket fintechs, challenger banks, payment providers, insurance providers, etc., the impact of a cyberattack can range from financial loss, increased cyber premiums, reputational damage and the irreversible loss of customer trust (an earlier study by McKinsey found that nearly 10% of respondents reported stopping business with a supplier after learning of a data breach).
Contact us to learn about NetraScale's track record in the financial and insurance services space, and how we can your organization address operational risk challenges in today's digital economy.
SR RiskAct: Your gateway to cyber fortification
Secure your spot in our SemanticRisk beta program today to gain early access to our cutting-edge AI/ML based solution that's set to redefine cyber resilience and compliance.
Designed for small to midmarket financial services and insurance organizations, SR RiskAct is your trusted digital partner for today's fast-moving inter-connected economy where every second counts during a zero day attack, data breach, supply chain attack or social engineering compromise.
Be ready to bolster your defenses and future-proof your operations.
SR ChainRegs: State-of-the-art fraud detection
Elevate your cyber security posture effortlessly with our upcoming ChainRegs fraud detection solution.
Targeted for launch in Q1 2024, this differentiated solution built on proprietary machine learning models with a highly intuitive user interfaces, and is aimed at midsize market financial services firms with high operational risk profiles.
We simplify cyber resilience and compliance, ensuring peace of mind for your customer's assets, while you focus on growth.
SR Quantum Advantage: Staying ahead of Cyber Threats
After eight years of following R&D projects in the quantum computing market, NetraScale understands the significant opportunities this technology brings to financial and insurance firms.
With an expanding cyber attack surface including financial market infrastructure, critical operations, sophisticated fraud networks, NetraScale's early experiments with quantum-enabled AI and risk modelling aims to help our clients stay ahead of the curve. Contact us to learn more.