A slow and reactive approach to cyberthreats is costing companies millions of dollars — and it can be avoided
MINNEAPOLIS, Minn. (Sept. 1, 2021) — According to the Ponemon Institute’s 2021 “Cost of a Data Breach” report, the average total cost of a data breach in the United States is $9.05 million — up from $8.64 million in 2020 and more than twice the global average.
Those numbers don’t consider another cost — that of time. The report goes on to say that it takes an average of 287 days to identify and contain a data breach. To put that into perspective, a breach that occurred on New Year’s Day 2021 may not be fully contained until October 14.
Those are astounding numbers, considering a cyberattack can often result from something as simple as a single compromised password or software vulnerability. Colonial Pipeline hackers gained entry to the company’s computer network through a VPN that wasn’t using multifactor authentication, using a leaked password found on the dark web. Authentication controls were also a factor in the recent Kaseya ransomware attack, where a vulnerability in the Kaseya VSA web interface was leveraged against multiple managed service providers and their customers. These are just two of several large-scale hacks that have already occurred in 2021.
These kinds of stories are reported with so much frequency that data-rich companies — and the chief information security officers (CISOs) responsible for their IT network security — have resigned themselves to the certainty that they will become the target of a cybersecurity breach. An attack will happen — it’s just a matter of when. And the cybersecurity technology currently on the market is promising more than they can deliver.
The current approach of reactively hunting for a breach after the fact isn’t working. The key is proactive, predictive, and anticipatory CyberSafefy — where companies use technology to fully automate the trifecta of risk awareness, risk control, and risk transfer. CloudCover®, an automated intelligence (AI)-driven cybersecurity platform, has a new solution — one that’s proven to be 99.9999999% accurate in threat detection and response.
Utilizing advanced mathematics for deep learning and predictive analysis, CloudCover’s CyberSafety CC/B1 Platform™ is over a decade in the making. It relies on a patented SOAR (security orchestration, automation, and response) technology that collects threat data from all corners of an organization’s network and streamlines it to create a clear, easily seen picture of their cloud data landscape. Acting as a nearly impenetrable cover of protection for an organization’s existing network security, implementing CC/B1 is like having an immediate Firewall Everywhere™. The platform inspects, analyzes, anticipates, and reacts to threats using multilayered security algorithms at microsecond speeds, with near-perfect accuracy.
“Speed and accuracy are the two biggest assets when it comes to IT security technology,” says Stephen Cardot, co-founder and CEO of CloudCover. “If you don’t protect the network in the right way — or if you don’t stop a threat quickly — a threat will take over your entire network and create a lot of damage and chaos in the process. Our CC/B1 Platform deploys in minutes and starts to demonstrate its value within 72 hours. Once it starts to protect a network, it’s able to detect and eliminate threats in real time (microseconds) and can also predict future security breaches.”
“There are plenty of IT security executives out there who believe a cybersecurity attack is inevitable, but we can imagine the day when companies don’t need to spend millions of dollars to ensure the integrity of their systems — and our platform is the embodiment of how we’re bringing that day closer.”
The CC/B1 Platform recently went through a series of rigorous testing by the industry-leading Eaton Cybersecurity SAFE (Security Assessment and Forensic Examination) Lab at the Rochester Institute of Technology. The lab’s assessment shows the platform provides “significant defensive capabilities” and “successfully defended vulnerable systems” against common cyberthreats and attack scenarios.
This validation is a key part of the company’s next offering — assurance for current clients in the form of financial loss protection and risk transfer. This fall, the company will extend a $1 million ransomware warranty to both new and current clients — a rare offering for a cybersecurity company.
For more information about the CyberSafety CC/B1 Platform, visit https://cloudcover.cc.
About CloudCover
CloudCover®, an AI-driven cybersecurity platform, has reimagined reactive CyberSecurity into proactive, anticipatory CyberSafety — delivering real-time extended threat detection and response (X/NDR) through patented, math-based security orchestration automated response (SOAR) risk-aware and risk control. The SOAR system accumulates data between an organization’s diverse security technologies and environments and streamlines them for a holistic action on potential risks. Our CC/B1 Platform provides an ever-evolving, protective layer to your existing cybersecurity tech stack — meaning network threats are detected with 99.9999999% accuracy and eliminated in microseconds. With CloudCover, the elusive “single pane of orchestration” capability of an organization’s network security isn’t a myth — it’s reality. To learn more, visit cloudcover.cc or follow us on LinkedIn.
