DeNexus, the provider of next-generation cyber-risk modelling for industrial organisations, reinsurers and investors in insurance-linked securities, has taken it to another level.

The company opened its Bermuda office this summer and is launching a new version of its evidence-based, data-driven cyber-risk quantification and management tool.

DeRISK 5.0 Platform aims to improve on how risk owners understand, mitigate and transfer the risks associated with cyber breaches.

The new version offers a uniquely integrated set of data from external sources and from the organisation’s internal Operational Technology infrastructure.

The company said it enabled executives to make reliably informed cyber-risk management decisions and allocate cyber resources more effectively, based on credible data.

And a new, intuitive user interface makes it easy to extract actionable cyber-risk insight.

Jose Seara, Founder and CEO of DeNexus said: “DeNexus represents the second generation of cyber modellers; using data from inside a client’s network contextualised with the underlying industrial process and the business layer, gives specific insight about risk exposures and their management.

“The second generation also understands the need for differentiation of type of cyber-risk, while the first generation of cyber modellers was non-specific and took a ‘one size fits all’ approach.”

DeRISK is the platform which goes inside the large industrial facilities leveraging telemetry to gather data. It calculates the facility owner’s financial exposure to cyber-risk and provides them with risk mitigation strategies, using broadly implemented cybersecurity frameworks.

“This is a significant upgrade from our previous version as it’s designed to meet the needs of risk owners (the industrial enterprises) and risk assumers (insurance, reinsurance and ILS firms),” said Srikant Rachakonda, director of product management at DeNexus.

“It’s a veritable one-stop-shop for the Cyber Risk Lifecycle from quantification to mitigation to management and transfer, including a detailed bottom-up portfolio level risk accumulation engine.”

Mitesh Chauhan, global VP of product management at DeNexus said: “Inside and Outside data accumulated in our DeNexus Knowledge Centre over the last two years has enabled a superior calibration of the enhanced modelling system in DeRISK 5.0 to deliver credible cyber-risk data to our clients.

“We can share that data in a secure and compliant manner through our proprietary DeNexus Trusted Ecosystem – a combination of data integrity, encryption and anonymisation tools, security standards and certifications, and trusted and certified infrastructure – to enable strict control over the dissemination of data.”

Renewal energy company, EDF Renewables, has been an early adopter of the DeRISK platform.

Jonathan Alexander, cybersecurity director, commented: “The DeNexus software acts as a bridge between the cybersecurity team and the executive leadership group, as it allows me to quantify risk with defendable probabilities, event loss amounts, risk reduction metrics, and ROIs. My executive group can set its risk tolerance and the cybersecurity team can deliver the risk reduction remediation needed to hit that target.”